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<SEC-DOCUMENT>0000930413-04-001787.txt : 20040413
<SEC-HEADER>0000930413-04-001787.hdr.sgml : 20040413
<ACCEPTANCE-DATETIME>20040413154553
ACCESSION NUMBER:		0000930413-04-001787
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20040413

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:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114428
		FILM NUMBER:		04730590

	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>F-3
<SEQUENCE>1
<FILENAME>c31946_f3.htm
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<A name="page_1"></A>

<P align="center">
<B><FONT size=2 face="serif"> 	As filed with the Securities and Exchange Commission on April 13, 2004 </FONT></B>
</P>
<P align="right">
<B><FONT size=2 face="serif">Registration No. 333-_____</FONT></B></P>
<hr noshade>
<hr noshade>
<P align="right">&nbsp; </P>
<P align="center">
<B><FONT size=4 face="serif">UNITED STATES </FONT></B>
<br>
<B><FONT size=4 face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT></B>
<br>
<B><FONT size=2 face="serif">Washington, D.C. </FONT></B><B><FONT size=2 face="serif">20549</FONT></B><B><FONT size=2 face="serif"> </FONT></B></P>
<hr width="150" noshade>
<P align="center">
<B><FONT size=4 face="serif">FORM F-3 </FONT></B>
<br>
<B><SUP><FONT size=2 face="serif">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</FONT></SUP></B><FONT size=2 face="serif"> </FONT></P>
<hr width="150" noshade>
<P align="center">
<B><FONT size=4 face="serif">NUR MACROPRINTERS LTD.</FONT></B><FONT size=4 face="serif"> </FONT>
<br>
<B><FONT size=1 face="serif">(Exact Name of Registrant as Specified in Its Charter) </FONT></B></P>
<hr width="150" noshade>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="51%" align="center"><div align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Israel</FONT></B></div></TD>
   <TD align="center" width="49%"><div align="center"><B><FONT size=2 face="serif">Not Applicable</FONT></B></div></TD>
</TR>
<TR>
   <TD><div align="center">&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="serif">(State or Other Jurisdiction of</FONT></B></div></TD>
   <TD width="49%"><div align="center"><B><FONT size=1 face="serif">(I.R.S. Employer</FONT></B></div></TD>
</TR>
<TR>
   <TD><div align="center"><B><FONT size=1 face="serif">Incorporation or Organization)</FONT></B></div></TD>
   <TD width="49%"><div align="center"><B><FONT size=1 face="serif">Identification No.)</FONT></B></div></TD>
</TR>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">12 Abba Hillel Silver Street <br>
P.O. Box 1281, Lod 71111 <br>
Israel </FONT></B>
<br>
<B><FONT size="1" face="serif">(Address of Principal Executive Offices) </FONT></B></P>
<hr width="150" noshade>
<FONT face="serif"> </FONT>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">CT Corporation System <br>
1633 Broadway <br>
New York, New York 10019<br>
(212) 246-5070 </FONT></B>
<br>
<B><FONT size=1 face="serif">(Name, Address and Telephone </FONT></B><font size="1">
<br>
<B><FONT face="serif">Number of Agent For Service)</FONT></B><FONT face="serif"> </FONT></font>
</P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Copy to</FONT></I></B><B><FONT size=2 face="serif">: <br>
Lawrence Fisher, Esq. </FONT></B>
<br>
<B><FONT size=2 face="serif">Orrick, Herrington &amp; Sutcliffe LLP</FONT></B><br>
<B><FONT size=2 face="serif">666 Fifth Avenue <br>
New York, New York 10103<br>
(212) 506-5000 (Phone)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (212) 506-5151 (Fax) </FONT></B>
</P>
<P>
<B><FONT size=1 face="serif">Approximate date of commencement of proposed sale to the public: </FONT></B>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">As soon as practicable after the effective date of this Registration Statement. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">If the only securities being registered on this Form are to be offered pursuant to dividend or interest reinvestment plans, please check the following box: </FONT><FONT size=1
face="sans-serif">[  &nbsp;&nbsp;&nbsp;]</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box:
[&nbsp;X&nbsp;] </FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">If this Form is filed to register additional securities
    for an offering pursuant to Rule 462(b) under the Securities Act, please
    check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. </FONT><FONT size=1 face="sans-serif">[&nbsp;&nbsp;&nbsp;  ]</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif"> If this Form is a post-effective amendment filed pursuant to Rule
462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT size=1 face="sans-serif">[&nbsp;&nbsp;&nbsp;  ]</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1
face="serif"> If delivery of the prospectus is expected to be made pursuant to
    Rule 434, please check the following box. </FONT><FONT size=1 face="sans-serif">[&nbsp;&nbsp;&nbsp; ]</FONT>
</P>
<P align="center">
<B><FONT size=2 face="serif">CALCULATION OF REGISTRATION FEE</FONT></B><FONT size=2 face="serif"> </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="11" align="center"><HR noshade size=2>
    <HR noshade size=2></TD>
  </TR>
<TR>
   <TD align="center">&nbsp;</TD>
   <TD align="center" width="25%"><B><FONT size=1 face="serif">Amount</FONT></B></TD>
   <TD align="center" colspan=2 width="7%"><B><FONT size=1 face="serif">Proposed</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="13%"><B><FONT size=1 face="serif">Proposed</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="5%"><B><FONT size=1 face="serif">Amount of</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD align="center">&nbsp;</TD>
   <TD align="center" width="25%"><B><FONT size=1 face="serif">To Be</FONT></B></TD>
   <TD align="center" colspan=2 width="7%"><B><FONT size=1 face="serif">Maximum Offering</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="13%"><B><FONT size=1 face="serif">Maximum Aggregate</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="5%"><B><FONT size=1 face="serif">Registration</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD align="center">&nbsp;&nbsp;&nbsp;<b><font size=1 face="serif">Title Of
    Securities To Be Registered</font></b></TD>
   <TD align="center" width="25%"><B><FONT size=1 face="serif">Registered (1)</FONT></B></TD>
   <TD align="center" colspan=2 width="7%"><B><FONT size=1 face="serif">Price Per Share (2)</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="13%"><B><FONT size=1 face="serif">Offering Price (2)</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="5%"><B><FONT size=1 face="serif">Fee</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan="11"><HR noshade size=2>               </TD>
  </TR>
<TR>
   <TD><FONT size=1 face="serif">Ordinary shares,</FONT></TD>
   <TD width="25%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">NIS 1.0 nominal value per share</FONT></TD>
   <TD align="center" width="25%"><FONT size=1 face="serif">4,659,415 shares</FONT><SUP><FONT size=1 face="serif">(3)</FONT></SUP></TD>
   <TD colspan="2"><div align="center"><FONT size=1 face="serif">$</FONT><FONT size=1 face="serif">1.51</FONT></div></TD>
   <TD width="3%"><div align="center"></div></TD>
   <TD colspan="2"><div align="center"><FONT size=1 face="serif">$</FONT><FONT size=1 face="serif">7,035,717</FONT></div></TD>
   <TD width="3%"><div align="center"></div></TD>
   <TD colspan="2" align="center"><div align="center"><FONT size=1 face="serif">$</FONT><FONT size=1 face="serif">892</FONT></div></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan="11"><HR noshade size=2></TD>
  </TR>
</TABLE>
<TABLE>
<TR>
   <TD valign="top" width="5%"><FONT size=1 face="serif">(1)</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=1 face="serif">Pursuant to Rule 416, this registration statement shall be deemed to cover an indeterminate number of additional shares of common stock in the event the number of outstanding shares of the Company is
increased by stock split, stock dividend and/or similar transactions.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%"><FONT size=1 face="serif">(2)</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=1 face="serif">Pursuant to Rule 457(c), the proposed maximum offering price per share and the proposed maximum aggregate offering price have been calculated on the basis of $1.51 per share, the average of the bid and
asked prices of the ordinary shares on the Nasdaq SmallCap Market on April 12, 2004.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%"><FONT size=1 face="serif">(3)</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT size=1 face="serif">Includes 869,094 shares underlying warrants.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" colspan="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="serif">The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file
a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this Registration Statement shall become effective
on such date as the Commission, acting pursuant to said Section 8(a), may determine.</FONT></B><BR></td>
</tr>
</TABLE>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_2"></A>

<P>
<I><FONT color="#FF0000" face="serif">The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an
offer to sell these securities and is not an offer to buy these securities in any state where the offer or sale is not permitted. </FONT></I>
</P>
<P align="center"><font color="#FF0000">
<B><FONT face="serif">SUBJECT TO COMPLETION DATED APRIL 13, 2004 </FONT></B>
</font></P>
<P><font color="#FF0000">
<B><FONT face="serif">PRELIMINARY PROSPECTUS </FONT></B></font>
</P>
<P align="center">
<B><FONT face="serif">4,659,415 </FONT></B>
</P>
<P align="center">
<B><FONT face="serif">NUR MACROPRINTERS LTD. </FONT></B>
</P>
<P align="center">
<B><FONT face="serif">ORDINARY SHARES </FONT></B>
</P>
<P align="center">
<FONT face="serif"><BR>----------------- <BR></FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The selling security holders identified in this prospectus are offering up to 4,659,415 of our ordinary shares. Our ordinary shares are traded on the Nasdaq SmallCap Market under the symbol
&#147;NURM.&#148; The last reported sale price for our ordinary shares on the Nasdaq SmallCap Market on April 12, 2004 was $1.51 per share. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We will not receive any proceeds from the sale of ordinary shares by the selling security holders. We are not offering any ordinary shares for sale under this prospectus. See &#147;Selling Security
Holders&#148; beginning on page 17 for a list of the selling security holders. See &#147;Plan of Distribution&#148; beginning on page 20 for a description of how the ordinary shares can be sold. </FONT>
</P>
<P align="center">
<FONT face="serif"><BR>----------------- <BR></FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">Investing in our ordinary shares includes risks. For more information, please see "Risk Factors" beginning on page 10. </FONT></B>
</P>
<P align="center">
<FONT face="serif"><BR>----------------- <BR></FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined whether this prospectus is truthful or complete. Any
representation to the contrary is a criminal offense. </FONT></B>
</P>
<P align="center">
<FONT face="serif"><BR>----------------- <BR></FONT>
</P>
<P align="center">
<FONT face="serif">The date of this prospectus is ____________, 2004 </FONT></P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_3"></A>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD colspan="3"><div align="center"><B><FONT face="serif">TABLE OF CONTENTS</FONT></B></div></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" width="37%">&nbsp;</TD>
   <TD align="center" width="9%"><div align="right"><FONT face="serif">PAGE</FONT></div></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
  </TR>
<TR>
   <TD><FONT face="serif">Available Information</FONT></TD>
   <TD width="37%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT face="serif">2</FONT></TD>
  </TR>
<TR>
   <TD><FONT face="serif">Incorporated Documents</FONT></TD>
   <TD width="37%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT face="serif">3</FONT></TD>
  </TR>
<TR>
   <TD><FONT face="serif">The Company</FONT></TD>
   <TD width="37%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT face="serif">4</FONT></TD>
  </TR>
<TR>
   <TD><FONT face="serif">Risk Factors</FONT></TD>
   <TD width="37%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT face="serif">10</FONT></TD>
  </TR>
<TR>
   <TD colspan=2 width="88%"><FONT face="serif">Special Note Regarding Forward-Looking Statements</FONT></TD>
   <TD align="right" width="9%"><FONT face="serif">16</FONT></TD>
  </TR>
<TR>
   <TD><FONT face="serif">Use of Proceeds</FONT></TD>
   <TD width="37%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT face="serif">16</FONT></TD>
  </TR>
<TR>
   <TD><FONT face="serif">Selling Security Holders</FONT></TD>
   <TD width="37%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT face="serif">17</FONT></TD>
  </TR>
<TR>
   <TD><FONT face="serif">Plan of Distribution</FONT></TD>
   <TD width="37%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT face="serif">20</FONT></TD>
  </TR>
<TR>
   <TD><FONT face="serif">Legal Matters</FONT></TD>
   <TD width="37%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT face="serif">21</FONT></TD>
  </TR>
<TR>
   <TD><FONT face="serif">Experts</FONT></TD>
   <TD width="37%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT face="serif">21</FONT></TD>
  </TR>
<TR>
   <TD colspan=2 width="88%"><FONT face="serif">SEC Position on Indemnification for Securities Act Liabilities</FONT></TD>
   <TD align="right" width="9%"><FONT face="serif">22</FONT></TD>
  </TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">You should rely only on the information incorporated by reference or provided in this prospectus or any supplement. We have not authorized anyone else to provide you with different information. The
ordinary shares are not being offered in any state where the offer is not permitted. You should not assume that the information in this prospectus or any supplement is accurate after the date of such document.</FONT>
</P>
<P align="center">
<B><FONT face="serif">AVAILABLE INFORMATION </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We are subject to the information reporting requirements of the Securities and Exchange Act of 1934 as a foreign private issuer as defined in Rule 3b-4 of the Exchange Act. In accordance with these
reporting requirements, we will file reports and other information with the Securities and Exchange Commission. Such reports and other information can be inspected and copied at the Public Reference Room of the Commission, 450 Fifth Street, N.W.,
Washington, D.C. 20549, at prescribed rates. The Commission also maintains a web site that contains reports, proxy and information statements and other information regarding registrants, such as ourselves, that file electronically with the
Commission. The address of such web site is </FONT><FONT color="#1b1b1b" face="serif"><U>http://www.sec.gov</U>. </FONT><FONT face="serif">You may also obtain information from the Public Reference Room by calling the Commission at 1-800-SEC-0330. In
addition, our ordinary shares are quoted on the Nasdaq SmallCap Market System, so our reports and other information can be inspected at the offices of the National Association of Securities Dealers, Inc. at 1735 K Street, N.W., Washington, D.C.
20006. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We intend to furnish our security holders with annual reports containing additional financial statements and a report thereon by independent certified public accountants prior to each of our annual
meetings. </FONT>
</P>
<P align="center">
<FONT face="serif">2</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_4"></A>

<TABLE>
<tr>
   <td valign="top" colspan="3"><div align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">INCORPORATED DOCUMENTS</FONT></B><BR>
   </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Securities and Exchange Commission allows us to "incorporate by reference" information into this prospectus. This means that we can disclose important information
to you by referring you to another document filed by us with the Commission. Information incorporated by reference is deemed to be part of this prospectus, except for any information superseded by this prospectus.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The following documents are incorporated herein by reference:</FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT face="serif">(a)</FONT><BR>&nbsp;&nbsp;</td>
   <TD valign="top"><FONT face="serif">Our Annual Report on Form 20-F for the fiscal year ended December 31, 2003 as filed with the Commission on March 31, 2004;</FONT><BR></TD>
</TR>
<TR>
   <td valign="top" width="3%">&nbsp;</td>
   <TD valign="top" width="5%"><FONT face="serif">(b)</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT face="serif">Our Current Report on Form 6-K as filed with the Commission on April 2, 2004; and</FONT><BR></TD>
</TR>
<TR>
   <td valign="top" width="3%">&nbsp;</td>
   <TD valign="top" width="5%"><FONT face="serif">(c)</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT face="serif">The description of our ordinary shares contained in the registration statements under the Exchange Act on Form 8-A as filed with the Commission on July 25, 1995 and September 15, 1995, and including any
subsequent amendment or report filed for the purpose of updating such description.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In addition, all documents we have filed or subsequently file under Sections 13(a), 13(c) and 15(d) of the Exchange Act, before the termination of this offering, are
incorporated by reference.</FONT><BR></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We will provide without charge to any person (including any beneficial owner) to whom this prospectus has been delivered, upon the oral or written request of such
person a copy of any document incorporated by reference in the registration statement (not including exhibits to the information that is incorporated by reference unless such exhibits are specifically incorporated by reference into the information
that the registration statement incorporates), of which this prospectus forms a part. Such requests should be directed to David Seligman, Chief Financial Officer, NUR Macroprinters Ltd., P.O. Box 1281, Lod 71111, Israel. Our telephone number at that
location is 972-8-914-5555. Our corporate web site address is http:/www.nur.com. The information on our web site is not intended to be a part of this prospectus.</FONT><BR></td>
</tr>
</TABLE>
<P align="center">
<FONT face="serif">3</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_5"></A>

<P align="center">
<B><FONT face="serif">THE COMPANY </FONT></B>
</P>
<P>
<B><FONT face="serif">Introduction </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">NUR Macroprinters Ltd. ("NUR") is a leading supplier of wide format and super wide format digital printing systems worldwide. We develop, manufacture, sell and service digital color printers for the
printing of large images such as billboards, posters and banners, point of purchase displays, exhibition and trade show displays as well as decorations and backdrops for construction scaffolding covers, showrooms, television and film studios,
museums and exhibits. We also supply our customers with inks and solvents for use with our printers. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In July 2000, we acquired substantially all assets and specified liabilities of Salsa Digital, Ltd. and related entities, previously one of our competitors in the digital printing market. Under the
terms of our agreement, we acquired the assets for $30 million, which consisted of $20 million in cash and 666,667 ordinary shares valued at approximately $10 million, based upon the closing price of the ordinary shares on the Nasdaq National Market
on May 15, 2000. In 1998 and 1999, the business we acquired from Salsa Digital had revenues of $25 million and $33 million, respectively, compared with our revenues during the same periods of $36 million and $61 million. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In December 2000, we relocated our main facilities in Israel to a building consisting of approximately 50,000 square feet in a high-tech industrial zone in Lod, Israel. We use this facility as our
headquarters and for research and development. We have invested a total of approximately $2 million in building out these facilities. The initial five-year lease of the Lod facility, which commenced November 20, 2000, provides for monthly rent of
approximately $63,000. The lease agreement grants NUR an option to continue the lease term for two consecutive periods of 2.5 years each.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">During 2001, we consolidated our U.S. operations. NUR America, Inc. in Boston, Massachusetts and Salsa Digital Printers Ltd. in San Antonio, Texas were integrated into a single facility in San
Antonio, Texas. We further consolidated and streamlined our ink manufacturing operations. Our ink research and development operations, then located in Israel, Belgium and San Antonio, Texas were consolidated into a single facility in
Louvain-la-Neuve, Belgium. Total restructuring costs in 2001 amounted to $3.2 million. In addition, we incurred one-time inventory write-offs of approximately $4.0 million in the first quarter of 2001. We associate the inventory write-offs with more
efficient product rationalization, such as, among other things, the decrease of spare parts inventory. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In January 2002, we raised $7 million through the private placement of 2,333,333 of our ordinary shares to the Investment Corp. of United Mizrahi Bank Ltd. at a price of $3.00 per share. The
Investment Corp. of United Mizrahi Bank Ltd. also received warrants to purchase an additional 612,500 ordinary shares at an exercise price of $4.50 per warrant share, exercisable until January 17, 2006. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">On May 17, 2002, we filed a tender offer with the Securities and Exchange Commission pursuant to which option holders had the right to cancel and exchange certain options granted to them under NUR's
2000 Stock Option Plan, 1997 Stock Option Plan and 1995 Israel Stock </FONT>
</P>
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<P>
<FONT face="serif">Option Plan. Pursuant to the terms and conditions of the tender offer, the new options were to be granted six months and one day from the date the old options were canceled, at an exercise price equal to the market price on the
date of the new grant. In order to receive the new options, option holders were required to continue to have a service relationship with NUR or any of its subsidiaries until the new grant date. 2,027,166 ordinary shares, representing 93% of the
outstanding options under NUR's 2000 Stock Option Plan, 1997 Stock Option Plan and 1995 Israel Stock Option Plan, were available for exchange under the tender offer. The tender offer expired on June 15, 2002 and resulted in the cancellation of
1,245,316 options with varying exercise prices. On December 17, 2002 we fulfilled our obligation to the participants in the tender offer and granted 1,219,584 options to purchase our ordinary shares at an exercise price of $0.72 per share. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In November 2002, we appointed the Computer And Sign Technology Co. Ltd (CAST) as our exclusive distributor for the NUR Fresco product line in the Peoples Republic of China. Based in Shanghai, CAST is
one of the largest suppliers of sign materials and digital printing systems in China. As our exclusive distributor in China, CAST was responsible for sales and support of the NUR Fresco product line to new customers throughout the Chinese market. At
the time we appointed CAST, we also transferred our Asia Pacific headquarters to Hong Kong consolidating the Shanghai operations into our new headquarters in Hong Kong.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">This
restructuring process resulted in the termination of approximately twenty employees, mainly in Shanghai. In year 2003 we ceased our operations in the Chinese market and the engagement of CAST as an exclusive distributor in China was
terminated.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">On April 1, 2003, Erez Shachar resigned his position as President and Chief Executive Officer of NUR. David Amir, who has been working with NUR as a consultant for over a year, and was responsible for
the restructuring of our service and support organizations, replaced Erez Shachar. Prior to joining NUR, David Amir served in various senior executive positions with Scitex, including Corporate Vice-President for Business Development; Vice-President
Customer Services of Scitex Europe; and Manager of International Customer Support. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In May 2003, we signed an agreement to acquire the remaining 50% shares of NUR Pro Engineering, our subcontractor for the assembly and manufacturing of our printers, from Ogen Dialogix Ltd., for the
price of $0.85 million. Under the terms of the agreement the transfer of the shares became effective on March 31, 2004. As of April 2004 the parties fulfilled their material commitments and undertakings under the agreement. Upon completion of the
transaction, NUR Pro Engineering shall become a wholly owned subsidiary of NUR. During the third quarter of 2003, we completed a consolidation process of our global machinery manufacturing operations of the Salsa Printers in San Antonio, Texas with
those of all other NUR printers in NUR Pro Engineering, into a single large manufacturing facility in Rosh Ha'Ayin, Israel. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In July 2003 we announced our decision to exit the substrate business. As the digital wide format printers have become more widespread, substrates have become a low margin commodity that is no longer
profitable for NUR to resell. We believe terminating this business will allow us to more strongly focus on our proprietary specialty inks. </FONT>
</P>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">On October 1, 2003, David Seligman joined NUR as Chief Financial Officer succeeding Hilel Kremer. Prior to joining NUR, David Seligman served as Chief Financial Officer for RADVISION Ltd. (Nasdaq:
RVSN) and LanOptics Ltd. (Nasdaq: LNOP). </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In September 2003, NUR completed its consolidation process of the machinery manufacturing facilities in San Antonio, Texas and Rosh Ha'Ayin, Israel. NUR now manufactures all of its printers in a
single plant located in Rosh Ha'Ayin, Israel. The Ink manufacturing facilities, also previously located in San Antonio, Texas were relocated to a new manufacturing plant in Ashkelon, Israel. We now produce all of our solvent-based inks in a single
manufacturing facility in Ashkelon, Israel. We are now near completion of the transfer of a substantial portion of the research and development activities from Belgium to Israel. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In October 2003, NUR announced the opening of its new North American headquarters and training center in Moonachie, New Jersey. The 11,000 square feet facility replaces NUR's former facility in San
Antonio, Texas.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">The new headquarters houses NUR's North American sales, marketing, administrative, and support staff and includes a fully equipped training center and demo site. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">On July 30, 2003, NUR secured a convertible loan commitment from several investors pursuant to which the investors undertook to provide NUR with a convertible loan in the aggregate amount of $3.5
million. Under the terms of the loan agreement, the loan was convertible at any time into an aggregate of 5,645,160 ordinary shares of NUR at a conversion rate of $0.62 per share. In consideration for the loan undertaking, NUR agreed to pay a cash
commitment fee and issued to the investors five-year warrants to purchase an aggregate of up to 1,009,614 ordinary shares of NUR at an exercise price of $0.52 per share. NUR also issued five-year warrants to its placement agent to purchase an
aggregate of 180,211 ordinary shares at an exercise price of $0.52 per share and paid the placement agent a cash fee of $70,000. On December 31, 2003, the investors elected to convert $2 million of the loan into 3,225,805 ordinary shares at the
conversion rate of $0.62 per share. On March 31, 2004, the investors elected to convert the remaining $1.5 million of the loan into 2,419,355 ordinary shares at the conversion rate of $0.62 per share. NUR&#146;s chairman and largest shareholder, Dan
Purjes, provided $1.3 million of the loan and received an aggregate of 1,854,839 ordinary shares and warrants to purchase up to 331,731 ordinary shares. Mr. Purjes is the chairman of one of the other investors, Y Securities Management, Ltd., which
provided $50,000 of the loan and received an aggregate of 80,645 ordinary shares and warrants to purchase up to 14,423 ordinary shares. Mr. Purjes is also the chairman of X Securities Ltd., which received placement agent warrants to purchase 111,799
ordinary shares. David Amir, NUR's president and chief executive office, provided $50,000 of the loan and received an aggregate of 80,645 ordinary shares and warrants to purchase up to 14,423 ordinary shares. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">On March 31 and April 1, 2004, NUR issued 2,586,140 ordinary shares to several investors for $1.16 per share for proceeds of $2,999,923 in a private placement. The investors also received five-year
warrants to purchase an aggregate of up to 646,536 ordinary shares at an exercise price of $1.54 per share, exercisable until March 31, 2009. NUR also issued five-year warrants to its placement agent to purchase an aggregate of up to 129,310
ordinary shares at an exercise price of $1.16 per share and paid the placement agent a cash fee of $150,000. Mr. </FONT>
</P>
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<P>
<FONT face="serif">Purjes is the chairman of one of the investors, X Securities Ltd., which purchased 81,897 ordinary shares for $95,000 and received warrants to purchase 20,474 ordinary shares. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Our shares are listed on the Nasdaq SmallCap Market under the symbol NURM. There is no non-United States trading market for our shares. </FONT>
</P>
<P>
<B><FONT face="serif">Our products </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Our printers allow customers to print large color images on demand, generally in substantially less time, with less labor and at a lower cost than traditional methods of printing. </FONT>
</P>
<P>
<B><FONT face="serif">Super wide format printers </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In the super wide category we offer the NUR Ultima&#153; 5000, commercially released in July 2003. The NUR Ultima medium volume production printing printers are designed to provide high levels of
productivity while offering simplified maintenance procedures and improved ease-of-use. They are also designed to provide reduced ink consumption to ensure low operating expenses in high speed printing modes. The Ultima printers use piezo
drop-on-demand inkjet technology to produce photorealistic quality. The Ultima printers feature apparent print resolution up to 600 dpi and are capable of speeds up to 810 square feet (76 square meters) per hour. The NUR Ultima 5000 outputs in
widths of up to 5 meters (or approximately 16 feet wide). </FONT>
</P>
<P>
<B><FONT face="serif">Wide format printers </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Our wide format printers are headed by the NUR Fresco&#153; family of wide format printers. The NUR Fresco printer was commercially released in February 2000. The NUR Fresco printers are designed to
provide a digital alternative to conventional screen printing on short and medium run jobs. The NUR Fresco printers use piezo continuous drop-on-demand inkjet technology to produce high quality graphics for a wide range of applications. These
include, among other things, point-of-purchase displays, banners, billboards, bus shelter graphics, posters, shopping mall displays and airport terminal displays. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The NUR Fresco printers print on a wide variety of substrates in roll-to-roll or roll-to-sheet modes &#151; the 1800 model outputs in widths up to 1.83 meters (approximately 6 feet); the 3200 model
outputs in widths up to 3.2 meters (approximately 10 feet). </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In September 2002, we released the latest version of the Fresco series &#151; the NUR Fresco HiQ 8C models. The NUR Fresco HiQ 8C is based on the previous model which was modified to print using eight
colors mode instead of the standard 4-color mode. Modifications to the printer included changes to the ink system to accommodate eight colors and a new switch box that enables fast and easy switching between the 4-color and the 8-color printing
modes. NUR's software has also been modified to support 8-color printing. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The NUR Ultima printer described above is also available in a wide format, the NUR Ultima HiQ 3200 (3.2 meters or approximately 10 feet wide). </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In September 2003, we commercially released the NUR Tempo&#153; flatbed digital printer. The NUR Tempo uses UV-curable inks that give it the flexibility to print on almost any type of </FONT>
</P>
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<p><FONT face="serif">substrate. These include corrugated
    board, foam-core paperboard, acrylic sheets, PVC, polycarbonate, fluted polypropylene,
  glass, wood and standard rolled media. It also features a large format table
  (10 &frac12; ft. x 6
&frac12; ft. / 3.2m x 2m) to accommodate a wide variety of applications and job
  formats. It can handle both rigid and rolled substrates with fast and easy
changeover between the two for ultimate flexibility. The printer offers 4 and
8 color printing
  modes, delivering a combination of high speed and photo-realistic image quality.
  The printer's fully encapsulated construction enables it to remove the gases
  exhausted during the printer's operation out of the working premises, thus
ensuring a
  comfortable working environment. The NUR Tempo is designed to eliminate the
extra steps involved in lamination and cutting/trimming processes common to other
traditional
  methods of printing graphics on rigid surfaces.</FONT><br>
  <BR>
  <B><FONT
face="serif"><FONT face="serif"></FONT>Consumables</FONT></B><br>
  <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  <FONT face="serif">We also sell specialized inks for use with our printers. The inks sold by NUR to our customers for use with the NUR Fresco, the NUR Ultima and the NUR Tempo
  printers are resistant to water and ultraviolet rays and are well suited for indoor and outdoor use without lamination.</FONT><br>
  <BR>
  <B><FONT face="serif">Our customers</FONT></B><br>
  <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  <FONT face="serif">We sell our printers
  and related products primarily to commercial digital printers, design and service firms, screen printers, commercial photo labs, outdoor media companies and trade shops. The NUR Printers are installed in more than 700 sites throughout Europe, North
  and South America, Africa and Asia.</FONT><br>
  <BR>
  <B><FONT face="serif">Our strategy</FONT></B><br>
  <BR>
  <FONT face="serif">NUR's strategy is to:</FONT><br>
</p>
<UL><LI><font face="serif">strengthen our position as a world leader in the wide
      format and super wide format digital printing markets by supplying the
      most productive and cost-effective wide format and super wide format digital
      printers and totally digitally-based printing solutions for the out-of-home
      advertising market;<br>
</font></LI>
  <LI><FONT face="serif">enable the printers to produce digitally a large portion of the graphics currently produced with screen printing processes;</FONT><BR>
  </LI>
  <LI><FONT face="serif">be our customers' vendor of choice for their ink needs;</FONT><BR></LI>
<LI><FONT face="serif">enable our customers to develop new ways to profit from our printing systems; and</FONT><BR></LI>
<LI><FONT face="serif">provide our customers with highly responsive and capable support, service and supplies.</FONT><BR></LI>
</UL>
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<FONT face="serif">8</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
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<P>
<FONT face="serif">Where you can obtain additional information: </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD><div align="center"><FONT face="serif">Mailing Address</FONT></div></TD>
   <TD align="center" width="51%"><FONT face="serif">Executive Office</FONT></TD>
</TR>
<TR>
   <TD><HR width="100" size=2 noshade></TD>
   <TD><HR width="100" size=2 noshade></TD>
</TR>
<TR>
   <TD><div align="center"><FONT face="serif">12 Abba Hillel Silver Street</FONT></div></TD>
   <TD width="51%"><div align="center"><FONT face="serif">12 Abba Hillel Silver Street</FONT></div></TD>
</TR>
<TR>
   <TD><div align="center">&nbsp;&nbsp;&nbsp;<FONT face="serif">P.O. Box 1281, Lod 71111</FONT></div></TD>
   <TD width="51%"><div align="center"><FONT face="serif">P.O. Box 1281, Lod 71111</FONT></div></TD>
</TR>
<TR>
   <TD><div align="center"><FONT face="serif">Israel</FONT></div></TD>
   <TD width="51%"><div align="center"><FONT face="serif">Israel</FONT></div></TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD><div align="center"></div></TD>
</TR>
<TR>
   <TD><div align="center"></div></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><div align="center"><FONT face="serif">Telephone: 972-8-914-5555</FONT></div></TD>
   <TD align="center" width="51%"><FONT face="serif">Website: </FONT><FONT color="#1b1b1b" face="serif"><u>http://www.nur.com</u></FONT></TD>
</TR>
</TABLE>
<P>
<FONT face="serif">The information on our web site is not intended to be a part of this prospectus. </FONT>
</P>
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<P align="center">
<B><FONT face="serif">RISK FACTORS </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Investing in our securities is very risky. You should be able to bear a complete loss of your investment. To understand the level of risk, you should carefully consider the following risk factors, as
well as the other information found in this form. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">We depend on a few key products in a business subject to rapid technological change. </FONT></B><FONT face="serif">We are highly dependent upon the sale of our principal products &#151; the NUR Fresco
printers, the NUR Ultima printers and the NUR Tempo printers and upon the sale of ink products. Rapid changes in technology, customer preferences and evolving industry standards continue to characterize the market for our printers. Our future
financial performance will depend upon our ability to update our current products and develop and market new products to keep pace with technological advances in the industry. During 2001, 2002 and 2003, we invested approximately $10.9 million, $9.2
million and $7.2 million, respectively, in research and development projects. Although we plan to continue to invest in research and development, our business could seriously suffer if we fail to anticipate or respond adequately to changes in
technology and customer preferences, or if our products are delayed in their development or introduction. We cannot assure you that we will successfully develop any new products. If our competitors introduce new products, the sales of our existing
products and our financial results could be harmed. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">We currently have no commitments for additional financing. </FONT></B><FONT face="serif">We have incurred operating losses during the last several quarters. We may need additional funds if we seek
to expand our operations or if we do not meet our expected revenues in future quarters. If we are unable to raise funds through public or private financing of debt or equity, we will be unable to increase expenditures that could ultimately improve
our financial results, such as research and development or the production and marketing of our products. The amount of money we may need depends on numerous factors, including the success of our marketing and customer service efforts, our research
and development activities and the demand for our products and services. We currently have no commitments for additional financing. We cannot guarantee that additional financing will be available or that, if available, will be obtained on terms we
find favorable. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">We must comply with covenants concerning our bank loans. </FONT></B><FONT face="serif">If we do not meet certain covenants provided for in our loan agreements with Bank Hapoalim B.M ("Bank
Hapoalim"), Bank Leumi Le Israel Ltd. ("Bank Leumi") and Israel Discount Bank Ltd. ("Bank Discount"), we may be required by the banks to immediately repay our debts. In July 2003, we amended the financial ratios governing our loan agreements with
Bank Hapoalim, Bank Leumi and Bank Discount. During 2003, we failed to meet some of these financial ratios. The banks have agreed in writing not to act upon their contractual rights pursuant to our default. Those financial ratios were further
amended on February 2004. There can be no assurance that we will be able to comply with the bank covenants in the future. Our failure to comply with the bank agreements could have a material adverse effect on our business and financial results.
</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">We depend on sole source suppliers for the inkjet printheads for our printers. </FONT></B><FONT face="serif">We currently purchase all of the inkjet printheads used in our NUR Fresco, NUR Ultima
and NUR Tempo printers from sole suppliers. If any of these sole suppliers experience problems that result </FONT>
</P>
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<FONT face="serif">in production delays, our sales to new customers and existing customers that rely on our inkjet components to operate their printers could be hurt. Production delays could result from fire, flood or other casualty, work stoppages,
production problems or other unforeseen circumstances. Although we have not experienced any major production delays to date, there can be no assurance that such delays will not occur in the future. Because the success of our business depends on the
sale of our printers, supply problems could have a material adverse effect on our financial results. Also, if any of our sole suppliers reduce or change the credit or payment terms they extend to us, our business could also be harmed. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">We rely on subcontractors to help us manufacture our products. </FONT></B><FONT face="serif">We employ a limited number of unaffiliated subcontractors to manufacture components for our printers. To
date, we have been able to obtain adequate supplies of the components and raw materials necessary to produce our printers and we have not had any material supply problems with our subcontractors. Because we rely on subcontractors, however, we cannot
be sure that we will be able to maintain an adequate supply of components or products. Moreover, we cannot be sure that any of the components we purchase will satisfy our quality standards and be delivered on time. Our business could suffer if we
fail to maintain our relationships with our subcontractors or fail to develop alternative sources for our printer components. We cannot guarantee that we will develop alternative sources of production for our products. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">The market for our printers is very competitive. </FONT></B><FONT face="serif">The printing equipment industry is extremely competitive and many of our competitors may have greater management,
financial, technical, manufacturing, marketing, sales, distribution and other resources than we do. We compete against several companies that market digital printing systems based on electrostatic, drop-on-demand and continuous drop-on-demand
inkjet, and other technologies. Three of our principal competitors in the wide format digital printing arena are Vutek, Scitex Vision Ltd. and Gandi Innovations. These companies have introduced products that compete with the NUR Fresco and NUR
Ultima printers, and in certain cases with the NUR Tempo. In the market for printers utilizing UV curable ink our main competitors are Durst Phototechnik, Inca Digital Printers, 3M Image Graphics Scitex Vision and Vutek. These companies have
introduced products that compete with the NUR Tempo printers. We have also witnessed continued growth of a local Chinese market where approximately 15 local competitors are developing, manufacturing and selling inexpensive printers, mainly to the
local Chinese market, but these Chinese manufacturers have also begun penetrating the international market. Our ability to compete depends on factors both within and outside of our control, including the performance and acceptance of our current
printers and any products we develop in the future. We also face competition from existing conventional wide format and super wide format printing methods, including hand painting, screen printing and offset printing. Our competitors could develop
new products, with existing or new technology, that could be more competitive in our market than our printers. We cannot assure you that we can compete effectively with any such products. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">We face strong competition in the market for printing supplies. </FONT></B><FONT face="serif">We also compete with independent manufacturers in the market for printer supplies. In 2001, 2002 and
2003, ink sales accounted for 26.1%, 25.7% and 26.9% of our total revenues, respectively. We cannot guarantee that we will be able to remain the exclusive or even principal ink manufacturer for our printers. We cannot assure you that we will be able
to compete effectively or achieve significant revenues in the ink business. During 2003, we discontinued our operations in the substrate </FONT>
</P>
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<FONT face="serif">business, a highly competitive market and characterized by a large number of suppliers worldwide. In 2001, 2002 and 2003 substrate revenues accounted for 10.4%, 12.2% and 3.5% of our total sales, respectively.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">We depend on our executive officers and other key employees. </FONT></B><FONT face="serif">Our success depends to a significant extent upon the contributions of key personnel, and especially our
executive officers. Our senior management has recently undergone significant changes. On April 1, 2003, Erez Shachar, our former President and Chief Executive Officer resigned his position and was replaced by David Amir. On October 1, 2003, David
Seligman joined NUR as Chief Financial Officer succeeding Hilel Kremer. During the second and third quarters of 2003, new managing directors were appointed for NUR Asia Pacific and NUR Europe and the former managing director of NUR Europe relocated
to New Jersey to serve as the President of NUR America. On December 25, 2003, Roni Zomber joined NUR as VP Operations succeeding Michael Dayan. Our business could seriously suffer if one or more of our key personnel were to leave our company. In
addition, we do not have, and do not contemplate getting, "key-man" life insurance for any of our key employees. Our future success will also depend in part on our continuing ability to attract highly qualified employees. We cannot assure our
continued success in attracting or retaining highly qualified personnel. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">We rely on trade secrets, licenses and patents to protect our proprietary rights. </FONT></B><FONT face="serif">We rely on a combination of trade secrets, licenses, patents and non-disclosure and
confidentiality agreements to establish and protect our proprietary rights in our products. We cannot guarantee that our existing patents or any future patents will not be challenged, invalidated, or circumvented, or that our competitors will not
independently develop or patent technologies that are substantially equivalent or superior to our technology. We cannot be sure that we will receive further patent protection in Israel, the United States, or elsewhere, for existing or new products
or applications. Even if we do secure further patent protection, we cannot guarantee it will be effective. Also, although we take precautionary measures to protect our trade secrets, we cannot guarantee that others will not acquire equivalent trade
secrets or steal our exclusive technology. For example, in some countries, meaningful patent protection is not available. We are not aware of any infringement claims against us involving our proprietary rights. Third parties may assert infringement
claims against us in the future, however, and the cost of responding to such assertions, regardless of their validity, could be significant. In addition, such claims could be found to be valid and result in large judgments against us. Even if such
claims are not valid, the cost to protect our patent rights could be substantial. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">We may be subject to environmental related liabilities due to our use of hazardous materials such as methyl ethyl-ketone solvent. </FONT></B><FONT face="serif">We mix the ink used in some of our
printers with a methyl ethyl-ketone solvent. Methyl ethyl-ketone solvent is a hazardous substance and is subject to various government regulations relating to its transfer, handling, packaging, use and disposal. We store the ink at warehouses in
Europe, the United States and Israel, and a shipping company ships it at our direction. We face potential responsibility for problems that may arise when we ship the ink to customers. We believe that we are in material compliance with all applicable
environmental laws and regulations. If we fail to comply with these laws or an accident involving our ink waste or methyl ethyl-ketone solvent occurs, however, then our business and financial results could be harmed. </FONT>
</P>
<P align="center">
<FONT face="serif">12</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
</P>

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<PAGE>
<A name="page_14"></A>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">We benefit from government grants, tax benefits and other funding from third parties. </FONT></B><FONT face="serif">We benefit from certain Israeli and Belgian Government programs and tax
legislation principally related to research and development grants and capital investment incentives. Our operations could be adversely affected if these funding programs and tax benefits are reduced or eliminated and not replaced with equivalent
benefits, or if our ability to meet the conditions to benefit from such funding programs and tax benefits were significantly reduced. We cannot assure you that favorable tax legislation will continue in the future or that the available benefits will
not be reduced. In addition, to receive such grants and tax benefits, we must comply with a number of conditions. If we fail to comply with these conditions, the grants and tax benefits that we receive could be partially or fully canceled and we
would be forced to refund the amount of the canceled benefits received, in whole or in part, adjusted for inflation and interest. We are now near completion of the transfer of a substantial portion of the research and development activities
conducted by NUR Media Solutions from Belgium to Israel. In addition, until recently, NUR supplied substrates for use with our printers and ink through our wholly owned subsidiary in Belgium, NUR Media Solutions. In July 2003 we announced our
decision to exit the substrate business. We believe that prior to and following the cessation of operation of NUR Media Solutions we have operated and will continue to operate in compliance with the required conditions mentioned above, although we
cannot be sure. </FONT>
</P>
<P>
<B><FONT face="serif">Political instability in Israel may disrupt important operations and our business.</FONT></B>

<FONT face="serif">Our headquarters and research facilities, operations and some of our subcontractors are located in the State of Israel. Although most of our sales are currently made to customers outside of Israel, we are nonetheless directly
influenced by the political, economic and military conditions affecting Israel. Our business could be harmed by any major hostilities involving Israel, the interruption or curtailment of trade between Israel and its trading partners, or a
significant downturn in the economic condition of Israel. The prospect of peace in the Middle East is uncertain and has recently deteriorated due to violent conflicts between Israelis and Palestinians. Furthermore, several countries restrict
business with Israeli companies. We could be adversely affected by further setbacks to the peace process or by restrictive laws or policies directed toward Israel or Israeli businesses. In addition, all nonexempt male adult citizens of Israel,
including some of our officers and employees, are obligated to perform military reserve duty and are subject to being called for active duty under emergency circumstances. While we have operated effectively under these requirements since our
incorporation, we cannot predict the full impact of such conditions on us in the future, particularly if emergency circumstances occur. If many of our employees are called for active duty, our operations in Israel may be slowed and our business may
be harmed. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">You may have difficulty enforcing U.S. judgments against us in Israel. </FONT></B><FONT face="serif">We are organized under the laws of Israel and our headquarters are in Israel. Most of our
officers and directors reside outside of the United States. Therefore, you may not be able to enforce any judgment obtained in the U.S. against us or any of such persons. You may not be able to enforce civil actions under U.S. securities laws if you
file a lawsuit in Israel. However, we have been advised by our Israeli counsel that subject to certain limitations, Israeli courts may enforce a final judgment of a U.S. court for liquidated amounts in civil matters after a hearing in Israel. If a
foreign judgment is enforced by an Israeli court, it will be payable in Israeli currency. </FONT>
</P>
<P align="center">
<FONT face="serif">13</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
</P>

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<PAGE>
<A name="page_15"></A>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">Our operating results fluctuate from period-to-period. </FONT></B><FONT face="serif">The results of our operations for any quarter are not necessarily indicative of results to be expected in future
periods. Our operating results have in the past been, and will continue to be, subject to quarterly fluctuations as a result of factors such as the integration of people, operations and products from acquired businesses and/or technologies,
increased competition in the printing equipment and ink industry, the introduction and market acceptance of new technologies and standards, changes in general economic conditions and changes in economic conditions specific to our industry. Further,
our revenues may vary significantly from quarter to quarter as a result of, among other factors, the timing of new product announcements and releases by our competitors and us. We do not typically have a material backlog of orders at the beginning
of each quarter. We generally ship and record a significant portion of our revenues for orders placed within the same quarter, primarily in the last month of the quarter. We may not learn of shortfalls in sales until late in, or shortly after the
end of, such fiscal period. As a result, our quarterly earnings may be subject to significant variations. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">Our business is subject to risks from international operations. </FONT></B><FONT face="serif">We conduct business globally. Accordingly, our future results could be materially adversely affected by
a variety of uncontrollable and changing factors including, among others, foreign currency exchange rates, regulatory, political, or economic conditions in a specific country or region, trade protection measures and other regulatory requirements,
business and government spending patterns, and natural disasters. Any or all of these factors could have a material adverse impact on our future international business. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">Currency fluctuations are a risk we face on a daily basis. </FONT></B><FONT face="serif">Because we generate revenues and expenses in various currencies, including the U.S. dollar, the NIS and the
Euro, our financial results are subject to the effects of fluctuations of currency exchange rates. We cannot predict, however, when exchange or price controls or other restrictions on the conversion of foreign currencies could impact our business.
Currency fluctuations could hurt our profitability. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">Our stock price may be volatile. </FONT></B><FONT face="serif">Our ordinary shares have experienced substantial price volatility, particularly as a result of variations between our anticipated and
actual financial results, the published expectations of analysts, and announcements by our competitors and us. In addition, the stock market has experienced extreme price and volume fluctuations that have negatively affected the market price of many
technology and manufacturing companies, in particular, and that have often been unrelated to the operating performance of these companies. These factors, as well as general economic and political conditions, may materially adversely affect the
market price of our ordinary shares in the future. Additionally, volatility or a lack of positive performance in our stock price may adversely affect our ability to retain key employees, all of whom have been granted stock options. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">We may not comply with The Nasdaq SmallCap Market standards</FONT></B><FONT face="serif">. On March 24, 2004, we received a compliance notice from The Nasdaq Stock Market, Inc., stating that we are
not in compliance with Marketplace Rule 4310(c)(2). The continued listing requirements of The Nasdaq SmallCap Market, Marketplace Rule 4310(c)(2), require listed companies to meet one of the following three standards to remain listed on The Nasdaq
SmallCap Market: (i) stockholders&#146; equity equal to a minimum of $2.5 million; (ii) market value of listed securities to equal a minimum of $35 million; or (iii) net income from continuing operations (in the latest fiscal year </FONT>
</P>
<P align="center">
<FONT face="serif">14</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_16"></A>

<P>
<FONT face="serif">or two of the last three fiscal years) to equal a minimum of $500,000. In previous years we have fulfilled this requirement because we had stockholders&#146; equity in excess of $2.5 million. As of December 31, 2003, we have
negative stockholders equity of $1.5 million. We have been asked to provide a plan to The Nasdaq Stock Market, Inc. by April 7, 2004 setting forth how we intend to achieve and sustain compliance with The Nasdaq SmallCap Market listing requirements.
On April 5, 2004, we responded to The Nasdaq Stock Market, Inc.'s letter, stating that we believe we are in compliance with the stockholders' equity and market value of listed securities standards due to the issuance of (i) 3,225,805 shares on
December 31, 2003 pursuant to the conversion of a portion of the convertible loan at US $0.62 per share for aggregate proceeds of $2.0 million, (ii) 2,419,355 shares pursuant to the conversion of the remainder of the convertible loan at $0.62 per
share for aggregate proceeds of $1.5 million and (iii) 2,586,140 ordinary shares at $1.16 per share in the private placement for aggregate proceeds of $2,999,923, and that we believe we will be in compliance with the net income from continuing
operations in 2004. If The Nasdaq Stock Market, Inc. determines that we nevertheless fail to meet the continued listing requirements, any trading in our ordinary shares will be conducted in the over-the-counter market on the NASD's OTC Electronic
Bulletin Board or in the "pink sheets." </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If our ordinary shares are removed from quotation on The Nasdaq SmallCap Market, the liquidity of our ordinary shares and the coverage of our ordinary shares by securities analysts and the media could
be reduced, which could result in lower prices for the ordinary shares than might otherwise prevail and larger spreads between the bid and asked prices for our ordinary shares. Additionally, certain investors will not purchase securities that are
not quoted on The Nasdaq SmallCap Market, which could materially impair our ability to raise funds through the issuance of our ordinary shares. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">If our ordinary shares are removed from quotation on Nasdaq and the trading price of our ordinary shares is less than $5.00 per share, trading in our ordinary shares would also be subject to the
requirements of Rule 15g-9 promulgated under the Securities Exchange Act of 1934, as amended. Pursuant to Rule 15g-9, brokers and dealers who recommend such low-priced securities to persons other than established customers and accredited investors
must satisfy special sales practice requirements, including a requirement that they make an individualized written suitability determination for the purchaser and receive the purchaser's written consent prior to the transaction. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Securities Enforcement Remedies and Penny Stock Reform Act of 1990 also requires additional disclosure in connection with any trades involving a stock defined as a penny stock (generally,
according to recent regulations adopted by the Securities and Exchange Commission, any equity security not traded on an exchange or quoted on Nasdaq or the OTC Bulletin Board that has a market price of less than $5.00 per share, subject to certain
exceptions), including the delivery, prior to any penny stock transaction, of a disclosure schedule explaining the penny stock market and the risks associated therewith. Such requirements could severely limit the market liquidity of our ordinary
shares. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">There can be no assurance that we can continue to meet the continued listing requirements of The Nasdaq SmallCap Market. If we fail to meet such requirements our ordinary shares may be removed from
quotation on Nasdaq or treated as a penny stock.</FONT><B><FONT face="serif"> </FONT></B>
</P>
<P align="center">
<FONT face="serif">15</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
</P>

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<PAGE>
<A name="page_17"></A>

<P align="center">
<B><FONT face="serif">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This prospectus, and the other reports we have filed from time to time with the Securities and Exchange Commission, contain forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. Forward-looking statements deal with our current plans, intentions, beliefs and expectations and statements of future economic performance. Statements containing terms like "believes," "does not
believe," "plans," "expects," "intends," "estimates," "anticipates," and other phrases of similar meaning are considered to imply uncertainty and are forward-looking statements. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from what is currently anticipated. We make
cautionary statements throughout this prospectus, including under "Risk Factors." You should read these cautionary statements as being applicable to all related forward-looking statements wherever they appear in this prospectus, the materials
referred to in this prospectus, the materials incorporated by reference into this prospectus and our press releases. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We cannot guarantee our future results, levels of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy and completeness of these statements.
</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We are under no duty to update any of the forward-looking statements after the date of this prospectus. </FONT>
</P>
<P align="center">
<B><FONT face="serif">USE OF PROCEEDS </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We will not receive any of the proceeds from the sale of ordinary shares by the selling security holders. </FONT>
</P>
<P align="center">
<FONT face="serif">16</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_18"></A>

<P align="center">
<B><FONT face="serif">SELLING SECURITY HOLDERS </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Our ordinary shares to which this prospectus relates are being registered for resales by the selling security holders. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The selling security holders may resell all, a portion or none of such ordinary shares from time to time. The table below sets forth with respect to each selling security holder, based upon
information available to us as of April 1, 2004, the number of ordinary shares beneficially owned, the number of ordinary shares registered by this prospectus and the number and percent of outstanding ordinary shares that will be owned after the
sale of the registered ordinary shares assuming the sale of all of the registered ordinary shares. </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="52%">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Shares Beneficially</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Shares Beneficially</FONT></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Owned Before</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">Owned After</FONT></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">the Offering</FONT></B><B><SUP><FONT size=2 face="serif">(1) (2)</FONT></SUP></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><B></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=2 face="serif">the Offering</FONT></B><B><SUP><FONT size=2 face="serif">(1) (3)</FONT></SUP></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><div align="right"><b><font size=2 face="serif">Shares</font></b></div></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=2></TD>
</TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Holder and address</FONT></B></div></TD>
   <TD align="center" width="8%"><B><FONT size=2 face="serif">Shares</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><B><FONT size=2 face="serif">Percent</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><div align="right"><B><FONT size=2 face="serif">Offered</FONT></B></div></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><B><FONT size=2 face="serif">Shares</FONT></B></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><B><FONT size=2 face="serif">Percent</FONT></B></TD>
</TR>
<TR>
   <TD><HR align="left" width="105" size=2 noshade></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Amir, David (4)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">228,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">95,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">133,000</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Bridges and PIPES, LLC (5)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">570,409</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">2.2</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">570,409</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Drake Investments Ltd. (6)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">95,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">95,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">First Purjes Descendants, LP (7)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">110,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">95,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">15,000</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Fuchs, David (8)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">795,321</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">3.1</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">63,412</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">731,909</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Gelman, Gary (9)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">190,136</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">190,136</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">2.8</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">JM Hull Associates, L.P. (10)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">190,136</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">190,136</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Knappmiller, Len (11)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">95,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">95,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Norton, Matthew (12)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">5,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">5,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Ornstein, Richard (13)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">190,136</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">190,136</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Poalim Capital Markets  Ltd. (14)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">11,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">11,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Second Purjes Descendants, LP (15)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">110,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">95,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">15,000</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Stoller, Barbara (16)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">14,423</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">14,423</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">The Purjes Foundation (17)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">95,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">95,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">United European Bank and Trust (Nassau) Ltd. (18)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">570,409</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">2.2</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">570,409</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Wittenstein, Mark (19)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">95,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">95,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Wittenstein, Myles (20)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,982,011</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">7.6</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,982,011</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">80,645</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">X Securities, Ltd. (21)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">111,799</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">111,799</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Y Securities Management, Ltd. (22)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">247,149</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">1.0</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">95,068</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">152,131</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="serif">*</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%">
  <tr>
    <td colspan="2" valign="top"><hr align="left" width="200" size="1" noshade></td>
  </tr>
  <tr>
    <td valign="top" width="3%"><FONT size=2 face="serif">*</FONT></td>
    <td valign="top">&nbsp;<FONT size=2 face="serif">Less than 1% </FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font size=2 face="serif">(1) </font><font size=2 face="serif">&nbsp;</font></td>
    <td valign="top"><font size=2 face="serif">As used in this table, &#147;beneficial
        ownership&#148; means the sole or shared voting and investment power
        of ordinary shares. Unless otherwise indicated, each selling security
        holder listed below has sole voting and investment power with respect
        to the ordinary shares indicated as beneficially owned thereby. A person
        is deemed to have &#147;beneficial ownership&#148; of any ordinary shares
        that such person has a right to acquire within sixty days of the date
        of this prospectus. In accordance with Rule 13d-3 of the Exchange Act,
        any ordinary shares that any selling security holder has the right to
        acquire within sixty days of April 1, 2004 are deemed to be outstanding
        for the purpose of computing the beneficial ownership percentage of such
        selling security holder, but have not been deemed outstanding for the
    purpose of computing the percentage for any other selling security holder. </font> </td>
  </tr>
</TABLE>
<P>&nbsp;
</P>
<P>&nbsp;</P>
<P align="center">
<FONT face="serif">17</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_19"></A>

<TABLE>
<tr valign="top">
   <td><FONT size=2 face="serif">(2)</FONT></td>
   <td><font size=2 face="serif">These ordinary shares include an
       aggregate of 869,094 ordinary shares which may be acquired by the selling
       security holders within sixty days of April 1, 2004 upon the exercise
    of warrants granted by us.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td><FONT size=2 face="serif">(3)</FONT></td>
   <td><font size=2 face="serif">With respect to the selling security
       holders, it has been assumed that all ordinary shares so offered will
    be sold.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td><FONT size=2 face="serif">(4)</FONT></td>
   <td><font size=2 face="serif">Mr. Amir is the President and Chief
       Executive Officer of NUR. Mr. Amir's address is 82 Brenner Street, Herzeliya,
    Israel 46427.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td><FONT size=2 face="serif">(5)</FONT></td>
   <td><font size=2 face="serif">Bridges and PIPES, LLC's address
       is 830 Third Avenue, 14th Floor, New York, New York 10022, United States
    of America.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td><FONT size=2 face="serif">(6)</FONT></td>
   <td><font size=2 face="serif">Drake Investments Ltd.'s address
       is c/o Continental Management Limited, Century House, 16 Par-la-ville
    Road, Hamilton, Bermuda HM08</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td><FONT size=2 face="serif">(7)</FONT></td>
   <td><font size=2 face="serif">First Purjes Descendants, LP's
       address is 830 Third Avenue, 14th Floor, New York, New York 10022, United
    States of America.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td><FONT size=2 face="serif">(8)</FONT></td>
   <td><font size=2 face="serif">Mr. Fuch's address is 135 Rogers
    Drive, New Rochelle, New York 10804, United States of America.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td><FONT size=2 face="serif">(9)</FONT></td>
   <td><font size=2 face="serif">Mr. Gelman's address is 162 Wildwood
    Road, Kings Point, New York 11024-1112, United States of America.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td width="3%"><FONT size=2 face="serif">(10)</FONT></td>
   <td><FONT size=2 face="serif">JM Hull Associates, L.P.'s address is 78 Forest Avenue, Locust Valley, New York 11560, United States of America.</FONT></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td width="3%"><FONT size=2 face="serif">(11)</FONT></td>
   <td><FONT size=2 face="serif">Mr. Knappmiller's address is P.O. Box 136, Center Rutland, Vermont 05736, United States of America.</FONT></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td width="3%"><FONT size=2 face="serif">(12)</FONT></td>
   <td><FONT size=2 face="serif">Mr. Norton's address is 43-19 41st Street, Apt. 3C, Sunnyside, New York 11104, United States of America.</FONT></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td width="3%"><FONT size=2 face="serif">(13)</FONT></td>
   <td><FONT size=2 face="serif">Mr. Ornstein's address is 524 Fisherman's Bend, Virginia Beach, Virginia 23451, United States of America.</FONT></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td width="3%"><FONT size=2 face="serif">(14)</FONT></td>
   <td><FONT size=2 face="serif">Poalim Capital Markets  Ltd.'s address
    is Alrov Tower, 46 Rothschild Boulevard, Tel Aviv 66883, Israel.</FONT></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td width="3%"><FONT size=2 face="serif">(15)</FONT></td>
   <td><FONT size=2 face="serif">Second Purjes Descendants, LP's address is 830 Third Avenue, 14th Floor, New York, New York 10022, United States of America.</FONT></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td width="3%"><FONT size=2 face="serif">(16)</FONT></td>
   <td><FONT size=2 face="serif">Ms. Stoller's address is 1050 Park Avenue, Apt. 10A, New York, New York 10028, United States of America.</FONT></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td width="3%"><FONT size=2 face="serif">(17)</FONT></td>
   <td><FONT size=2 face="serif">The Purjes Foundation's address is 830 Third Avenue, 14th Floor, New York, New York 10022, United States of America.</FONT></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td width="3%"><FONT size=2 face="serif">(18)</FONT></td>
   <td><FONT size=2 face="serif">United European Bank and Trust (Nassau) Ltd.'s address is Scotiabank Building, Suite 302, Rawson Square, P.O. Box N-4915, Nassau, Bahamas.</FONT></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td width="3%"><FONT size=2 face="serif">(19)</FONT></td>
   <td><FONT size=2 face="serif">Mr. Mark Wittenstein's address is 733 Castlewood Drive, Dresher, Pennsylvania 19025, United States of America.</FONT></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td width="3%"><FONT size=2 face="serif">(20)</FONT></td>
   <td><FONT size=2 face="serif">Mr. Myles Wittenstein's address is 1050 Park Avenue, Apt. 10A, New York, New York 10028, United States of America.</FONT></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td width="3%"><FONT size=2 face="serif">(21)</FONT></td>
   <td><FONT size=2 face="serif">Dan Purjes is the Chairman of X Securities, Ltd. and the Chairman of NUR. X Securities, Ltd.'s address is 830 Third Avenue, 14th Floor, New York, New York 10022, United States of America.</FONT></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
   <td width="3%"><FONT size=2 face="serif">(22)</FONT></td>
   <td><FONT size=2 face="serif">Dan Purjes is the Chairman of Y Securities Management, Ltd. and the Chairman of NUR. Y Securities Management, Ltd.'s address is 830 Third Avenue, 14th Floor, New York, New York 10022, United States of
America.</FONT></td>
</tr>
<tr>
  <td valign="top" colspan="2">&nbsp;</td>
</tr>
<tr>
   <td valign="top" colspan="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The information provided in the table above with respect to the selling security holders has been obtained from such selling security holders.</FONT><BR></td>
</tr>
</TABLE>
<P align="center">
<FONT face="serif">18</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_20"></A>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Except as otherwise disclosed above or in documents incorporated herein by reference, the selling security holders have not within the past three years had any position, office or other material
relationship with our company. Because the selling security holders may sell all or some portion of the ordinary shares beneficially owned by them, only an estimate (assuming the selling security holders sells all of the shares offered hereby) can
be given as to the number of ordinary shares that will be beneficially owned by the selling security holders after this offering. In addition, the selling security holders may have sold, transferred or otherwise disposed of, or may sell, transfer or
otherwise dispose of, at any time or from time to time since the dates on which they provided the information regarding the ordinary shares beneficially owned by them, all or a portion of the ordinary shares beneficially owned by them in
transactions exempt from the registration requirements of the Securities Act.</FONT>
</P>
<P align="center">
<FONT face="serif">19</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_21"></A>

<P align="center">
<B><FONT face="serif">PLAN OF DISTRIBUTION </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This prospectus covers the sale of ordinary shares by the selling security holders. As used herein, &#147;selling security holders&#148; include donees, pledgees, transferees or other successors in
interest selling shares received from a selling security holder after the date of this prospectus as a gift, pledge, partnership distribution or other non-sale related transfer. Any distribution of any such securities by the selling security holders
in interest may be effected from time to time in one or more of the following transactions:</FONT></P>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;</font></td>
    <td width="95%"><font face="serif">to underwriters who will acquire securities for their
        own account and resell them in one or more transactions, including negotiated
        transactions, at a fixed public offering price or at varying prices determined
        at the time of sale (any public offering price and any discount or concessions
    allowed or reallowed or paid to dealers may change from time to time);</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;</font></td>
    <td><font
face="serif">through brokers, acting as principal or agent, in transactions (which
        may involve block transactions) on the Nasdaq SmallCap Market or on such
        other market or exchange on which the securities are then listed, in
        special offerings, exchange distributions pursuant to the rules of the
        applicable exchanges or in the over-the-counter market or otherwise,
        at market prices prevailing at the time of sale, at prices related to
    such prevailing market prices, at negotiated prices or at fixed prices;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;</font></td>
    <td><font face="serif">directly or through brokers or agents in private sales
    at negotiated prices;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;</font></td>
    <td><font face="serif">through put or call options transactions relating
        to the ordinary shares, or through short sales of ordinary shares at
        market prices prevailing at the time of sale or at negotiated prices;
    or</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;</font></td>
    <td><font face="serif">by any other legally available means. </font></td>
  </tr>
</table>
<P><FONT face="sans-serif"> 	</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We will not receive any proceeds from the sale of the ordinary shares. The aggregate proceeds to the selling security holders from the securities offered hereby will be the offering price less
applicable commissions or discounts, if any. We do not know if the selling security holders will sell any of the securities offered hereby. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The selling security holders and such underwriters, brokers, dealers or agents, upon effecting a sale of securities, may be considered &#147;underwriters&#148; as that term is defined in the
Securities Act. The selling security holders will be subject to the prospectus delivery requirements because the selling security holders may be deemed to be &#147;underwriters&#148; within meaning of Section 2(11) of the Securities Act. Sales
effected through agents, brokers or dealers will ordinarily involve payment of customary brokerage commissions although some brokers or dealers may purchase such securities as agents for others or as principals for their own account. The selling
security holders will pay any sales commissions or similar selling expenses applicable to the sale of ordinary shares. A portion of any proceeds of sales and discounts, commissions or other sellers&#146; compensation may be deemed to be underwriting
compensation for purposes of the Securities Act. </FONT>
</P>
<P align="center">
<FONT face="serif">20</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_22"></A>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Selling security holders also may resell all or a portion of the ordinary shares in open market transactions in reliance upon Rule 144 under the Securities Act, provided they meet the criteria and
conform to the requirements of such rule. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Pursuant to applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the securities offered hereby may not simultaneously engage in market activities for the
ordinary shares for a period of five business days prior to the commencement of such distribution. In addition, each selling security holder and any other person who participates in a distribution of the securities will be subject to applicable
provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which provisions may limit the timing of purchases and may affect the marketability of the securities and the ability of any person to engage in market
activities for the ordinary shares. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">At the time a particular offering of securities is made, to the extent required, a prospectus supplement will be distributed which will set forth the number of securities being offered and the terms
of the offering, including the purchase price or the public offering price, the name or names of any underwriters, dealers or agents, the purchase price paid by any underwriters for securities purchased from the selling security holders, any
discounts, commissions and other items constituting compensation from the selling security holders and any discounts, commissions or concessions allowed or reallowed or paid to dealers. In addition, we will file a supplement to this prospectus upon
a selling security holder notifying us that a donee, pledgee, transferee or other successor-in-interest intends to sell more than 500 shares. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In order to comply with the securities laws of certain states, if applicable, the securities will be sold in such jurisdictions, if required, only through registered or licensed brokers or dealers. In
addition, in certain states the securities may not be sold unless the securities have been registered or qualified for sale in such state or an exemption from registration or qualification is available and the conditions of such exemption have been
satisfied. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We have agreed that we will bear all costs, expenses and fees in connection with the registration or qualification of the ordinary shares under federal and state securities laws. We and each selling
security holder have agreed to indemnify each other and certain other persons against certain liabilities in connection with the offering of the securities, including liabilities arising under the Securities Act. </FONT>
</P>
<P align="center">
<B><FONT face="serif">LEGAL MATTERS </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The validity of the ordinary shares offered hereby will be passed upon for NUR by Barnea &amp; Co. and Doron Faibish. </FONT>
</P>
<P align="center">
<B><FONT face="serif">EXPERTS </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Kost Forer &amp; Gabbay, a member of Ernst &amp; Young
International, independent auditors, have audited our consolidated financial
statements as of December 31, 2002, and 2003 and for each of the three years
in the period ended December 31, 2003 included in our annual report on Form 20-F,
as set forth in their report, which is incorporated by reference in this prospectus
and elsewhere in the registration statement. Our financial statements
are incorporated by reference in reliance on Kost Forer &amp; Gabbay's report,
given on their authority as experts in accounting and auditing.</FONT>
</P>
<P align="center">
<FONT face="serif">21</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_23"></A>

<P align="center">
  <B><FONT face="serif">SEC POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, we
have been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by us of expenses incurred or paid by one of our directors, officers or controlling persons in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by us is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </FONT>
</P>
<P align="center">
<FONT face="serif">22</FONT>&nbsp;<FONT size=1 face="serif"> </FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<p><A name="page_24"></A>
</p>
<hr size="3" noshade>
<hr size="2" noshade>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp; </p>
<P align="center">
<B><FONT face="serif">4,659,415 </FONT></B>
</P>
<P align="center">&nbsp;</P>
<P align="center">
<B><FONT face="serif">NUR MACROPRINTERS LTD.</FONT></B><FONT face="serif"> </FONT>
</P>
<P align="center">&nbsp;</P>
<P align="center">
<B><FONT face="serif">ORDINARY SHARES </FONT></B>
</P>
<P align="center">&nbsp;</P>
<P align="center">
<FONT size=2 face="serif"><BR>_______________ </FONT>
</P>
<P align="center">
<FONT size=2 face="serif">PROSPECTUS <BR>_______________</FONT></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center"><FONT size=2 face="serif"><BR>
</FONT></P>
<P align="center">
<FONT size=2 face="serif">, 2004 </FONT>
</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
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<PAGE>
<A name="page_25"></A>

<P align="center">
<B><FONT face="serif">PART II </FONT></B>
</P>
<P align="center">
<B><FONT face="serif">INFORMATION NOT REQUIRED IN PROSPECTUS </FONT></B>
</P>
<P>
<B><FONT face="serif">Item 14. 	 	Other Expenses of Issuance and Distribution </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The following are the estimated expenses expected to be incurred by NUR Macroprinters Ltd. (on behalf of itself and the selling security holders) in connection with this offering. </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="67%" align="center"><div align="left"><B><FONT face="serif">Nature of Fees and Expenses</FONT></B></div></TD>
   <TD align="center" width="17%">&nbsp;</TD>
   <TD colspan=3 align="center"><b><font face="serif">Amount to be</font></b></TD>
  </TR>
<TR>
   <TD><HR align="left" width="200" size=2 noshade></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3 align="center"><b><font face="serif">Paid</font></b></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="17%">&nbsp;</TD>
   <TD colspan=3><HR noshade size=2>
   </TD>
  </TR>
<TR>
   <TD><FONT face="serif">SEC Registration Fee</FONT></TD>
   <TD width="17%">&nbsp;</TD>
   <TD align="right" width="2%"><div align="right"><FONT face="serif">$</FONT></div></TD>
   <TD align="right" width="9%"><FONT face="serif">892</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT face="serif">Legal Fees, Accounting Fees and Expenses</FONT></TD>
   <TD align="center" width="17%">&nbsp;</TD>
   <TD align="right" width="2%"><div align="right"><font face="serif">$</font></div></TD>
   <TD align="right" width="9%"><font face="serif">15,000</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT face="serif">Printing Expenses</FONT></TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="2%"><div align="right"><font face="serif">$</font></div></TD>
   <TD align="right" width="9%"><FONT face="serif">2,000</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT face="serif">Miscellaneous</FONT></TD>
   <TD width="17%">&nbsp;</TD>
   <TD width="2%"><div align="right"><font face="serif">$</font></div></TD>
   <TD align="right" width="9%"><FONT face="serif">5,000</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT face="serif">Total</FONT></TD>
   <TD align="center" width="17%">&nbsp;</TD>
   <TD align="right" width="2%"><div align="right"><font face="serif">$</font></div></TD>
   <TD align="right" width="9%"><font face="serif">22,892</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>
<P>
<B><FONT face="serif">Item 15. 	 	Indemnification of Directors and Officers </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Pursuant to NUR&#146;s Amended and Restated Articles of Association, NUR may indemnify its office holders for (a) a monetary liability imposed upon an office holder for the benefit of another person
by a judgment, including a judgment giving effect to a compromise and an arbitration award approved by a court, with respect to an act performed by same office holder in his capacity as an office holder of NUR, and (b) reasonable litigation
expenses, including attorney's fees, incurred by an office holder or imposed upon him by a court, in a proceeding brought against him by NUR or on its behalf or by another person, or in a criminal proceeding in which he was acquitted, or in a
criminal proceeding in which he was convicted of a crime that does not require proof of criminal intent, and all with respect to an act thereby performed in his capacity as an office holder of NUR. NUR's Amended and Restated Articles of Association
further provide that NUR may undertake in advance to indemnify an office holder, provided that the undertaking be limited to categories of events which in the opinion of NUR's board of directors can be foreseen when the undertaking to indemnify is
given, and to an amount established by the board of directors as reasonable under the circumstances; or indemnify the office holder retroactively. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Israeli Companies Law, 5759-1999 (the "Israeli Companies Law") defines &#147;office holder&#148; to include directors, general manager, chief executive officer, executive vice president, vice
president, other manager directly subordinate to the general manager and any person assuming the responsibilities of the foregoing positions without regard to such person&#146;s title. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In addition, pursuant to the Israeli Companies Law, indemnification of, and procurement of insurance coverage for, an office holder of NUR is permitted if it is permitted by NUR&#146;s Amended and
Restated Articles of Association and if it is approved by NUR&#146;s Audit Committee and Board of Directors. NUR's Amended and Restated Articles of Association permit such indemnification and procurement of insurance coverage. In certain
circumstances, the Israeli </FONT>
</P>
<P align="center">
<FONT face="serif">1</FONT>&nbsp;<FONT face="sans-serif"> </FONT>
</P>

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<PAGE>
<A name="page_26"></A>

<P>
<FONT face="serif">Companies Law also requires approval of such indemnification and insurance by NUR&#146;s shareholders. The approval of indemnification agreements and procurement of insurance for all of NUR&#146;s directors requires shareholder
approval. In addition, the approval of indemnification and procurement of insurance for certain directors who may be deemed to hold 25% or more of the share capital of NUR requires the consent of disinterested shareholders subject and pursuant to
the Israeli Companies Law. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">At the Annual Shareholders meeting held on February 12, 2002, NUR'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. According to the terms of the indemnification agreements (as amended), NUR shall, subject to the provisions
of the indemnification agreement, indemnify each director for the following: </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a) 	 monetary liabilities imposed on the director for the benefit of another person pursuant to a final judgment by a competent court relating to acts performed by the director in his/her capacity as
a director or officer of NUR or its subsidiaries; and </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b) 	reasonable litigation expenses.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The indemnification undertaking shall be limited 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>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">NUR has purchased directors&#146; and officers&#146; liability insurance policy insuring its office holders with respect to those matters permitted by the Israeli Companies Law. </FONT>
</P>
<P>
<B><FONT face="serif">Item 16. 	 	Exhibits. </FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="9%"><B><FONT face="serif">Exhibit</FONT></B></TD>
   <TD width="92%">&nbsp;</TD>
</TR>
<TR>
   <TD width="9%"><B><FONT face="serif">Number</FONT></B></TD>
   <TD align="center" width="92%"><div align="left"><B><FONT face="serif">Name</FONT></B></div></TD>
</TR>
<TR>
   <TD><HR align="left" width="50" size=2 noshade></TD>
   <TD><HR align="left" width="50" size=2 noshade></TD>
</TR>
<TR>
   <TD align="center" width="9%"><div align="left"><FONT face="serif">4.1</FONT></div></TD>
   <TD width="92%"><FONT face="serif">Memorandum of Association of the Registrant, in Hebrew with a translation to</FONT></TD>
</TR>
<TR>
   <TD width="9%"><div align="left"></div></TD>
   <TD width="92%"><FONT face="serif">English (1)</FONT></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center" width="9%"><div align="left"><FONT face="serif">4.2</FONT></div></TD>
   <TD width="92%"><FONT face="serif">Amended and Restated Articles of Association of the Registrant (2)</FONT></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center" width="9%"><div align="left"><FONT face="serif">4.3</FONT></div></TD>
   <TD width="92%"><FONT face="serif">Certificate of Name Change (3)</FONT></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center" width="9%"><div align="left"><FONT face="serif">4.4</FONT></div></TD>
   <TD width="92%"><FONT face="serif">Specimen Certificate for ordinary shares (1)</FONT></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center" width="9%"><div align="left"><FONT face="serif">4.5</FONT></div></TD>
   <TD width="92%"><FONT face="serif">Form of Warrant Agreement, dated November 21, 2002 between the Registrant</FONT></TD>
</TR>
<TR>
   <TD width="9%"><div align="left"></div></TD>
   <TD width="92%"><FONT face="serif">and Poalim Capital Markets Ltd. (f/k/a
       Poalim Capital Markets &amp; Investment
       Ltd.) (4)</FONT></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center" width="9%"><div align="left"><FONT face="serif">4.6</FONT></div></TD>
   <TD width="92%"><FONT face="serif">Form of Registration Rights Agreement, dated November 7, 2002 between the</FONT></TD>
</TR>
<TR>
   <TD width="9%"><div align="left"></div></TD>
   <TD width="92%"><FONT face="serif">Registrant and Poalim Capital Markets Ltd.
    (f/k/a Poalim Capital Markets &amp; Investment Ltd.) (4)</FONT></TD>
</TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center" width="9%"><div align="left"><FONT face="serif">4.7</FONT></div></TD>
   <TD width="92%"><FONT face="serif">Form of Convertible Loan and Warrant Agreement, dated July 2003 between</FONT></TD>
</TR>
<TR>
   <TD width="9%">&nbsp;</TD>
   <TD width="92%"><FONT face="serif">Registrant and certain investors (5)</FONT></TD>
</TR>
</TABLE>
<P align="center">
<FONT face="serif">2</FONT>&nbsp;<FONT face="sans-serif"> </FONT>
</P>

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<PAGE>
<A name="page_27"></A>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="8%"><FONT face="serif">4.8</FONT></TD>
   <TD width="92%"><FONT face="serif">Form of Warrant Agreement, dated October 15, 2003 between the Registrant and</FONT></TD>
</TR>
<TR>
   <TD width="8%">&nbsp;</TD>
   <TD width="92%"><FONT face="serif">certain investors (5)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="8%"><FONT face="serif">4.9</FONT></TD>
   <TD width="92%"><FONT face="serif">Form of Registration Rights Agreement, dated July, 2003 between the Registrant</FONT></TD>
</TR>
<TR>
   <TD width="8%">&nbsp;</TD>
   <TD width="92%"><FONT face="serif">and certain investors (5)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="8%"><FONT face="serif">4.10</FONT></TD>
   <TD width="92%"><FONT face="serif">Form of Warrant Agreement, dated October 15, 2003 between the Registrant and</FONT></TD>
</TR>
<TR>
   <TD width="8%">&nbsp;</TD>
   <TD width="92%"><FONT face="serif">the Placement Agent (X Securities Ltd.) (5)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="8%"><FONT face="serif">4.11</FONT></TD>
   <TD width="92%"><FONT face="serif">Form of Warrant Agreement, dated October 15, 2003 between the Registrant and</FONT></TD>
</TR>
<TR>
   <TD width="8%">&nbsp;</TD>
   <TD width="92%"><FONT face="serif">the Placement Agent (Matthew Norton) (5)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="8%"><FONT face="serif">4.12</FONT></TD>
   <TD width="92%"><FONT face="serif">Form of Warrant Agreement, dated October 15, 2003 between the Registrant and</FONT></TD>
</TR>
<TR>
   <TD width="8%">&nbsp;</TD>
   <TD width="92%"><FONT face="serif">the Placement Agent (David Fuchs) (5)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="8%"><FONT face="serif">4.13</FONT></TD>
   <TD width="92%"><FONT face="serif">Form of Warrant Agreement, dated March 31, 2004 between the Registrant and</FONT></TD>
</TR>
<TR>
   <TD width="8%">&nbsp;</TD>
   <TD width="92%"><FONT face="serif">the Placement Agent (X Securities Ltd.)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="8%"><FONT face="serif">4.14</FONT></TD>
   <TD width="92%"><FONT face="serif">Form of Warrant Agreement, dated March 31, 2004 between the Registrant and</FONT></TD>
</TR>
<TR>
   <TD width="8%">&nbsp;</TD>
   <TD width="92%"><FONT face="serif">the Place Agent (Matthew Norton)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="8%"><FONT face="serif">4.15</FONT></TD>
   <TD width="92%"><FONT face="serif">Form of Warrant Agreement, dated March 31, 2004 between the Registrant and</FONT></TD>
</TR>
<TR>
   <TD width="8%">&nbsp;</TD>
   <TD width="92%"><FONT face="serif">the Placement Agent (David Fuchs)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="8%"><FONT face="serif">5.1</FONT></TD>
   <TD width="92%"><FONT face="serif">Opinion of Barnea &amp; Co.</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="8%"><FONT face="serif">5.2</FONT></TD>
   <TD width="92%"><FONT face="serif">Opinion of Doron Faibish.</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="8%"><FONT face="serif">23.1</FONT></TD>
   <TD width="92%"><FONT face="serif">Consent of Krost Forer Gabbay &amp; Kasierer</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="8%"><FONT face="serif">23.2</FONT></TD>
   <TD width="92%"><FONT face="serif">Consent of Barnea &amp; Co. (included in Exhibit 5.1)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="8%"><FONT face="serif">23.3</FONT></TD>
   <TD width="92%"><FONT face="serif">Consent of Doron Faibish (included in Exhibit 5.2)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="8%"><FONT face="serif">24.1</FONT></TD>
   <TD width="92%"><FONT face="serif">Power of Attorney (filed on the signature page hereto)</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%">
<TR>
  <TD colspan="2" valign="top">&nbsp;</TD>
</TR>
<TR>
  <TD colspan="2" valign="top"><hr align="left" width="200" size="1" noshade></TD>
  </TR>
<TR>
   <TD valign="top" width="5%"><FONT size=2 face="serif">(1)</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">Previously filed with NUR's F-1 (File No. 33-93160) and incorporated by reference herein.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%"><FONT size=2 face="serif">(2)</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">Previously filed with NUR's Form 20-F for the year ended December 31, 2000 and incorporated by reference herein.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%"><FONT size=2 face="serif">(3)</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">Previously filed with NUR's Form 6-K dated January 7, 1998 and incorporated by reference herein.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%"><FONT size=2 face="serif">(4)</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">Previously filed with NUR's Form 20-F for the year ended December 31, 2002 and incorporated by reference herein.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%"><FONT size=2 face="serif">(5)</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT size=2 face="serif">Previously filed with NUR's Form 20-F for the year ended December 31, 2003 and incorporated by reference herein.</FONT><BR>   </td>
</tr>
</TABLE>
<P align="center">
<FONT face="serif">3</FONT>&nbsp;<FONT face="sans-serif"> </FONT>
</P>

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<PAGE>
<A name="page_28"></A>

<TABLE>
<tr>
   <td valign="top"><B><FONT face="serif">Item 17.	Undertakings</FONT></B><BR></td>
</tr>
<tr>
   <td height="42" valign="top"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT>&nbsp;&nbsp;<FONT face="serif">The undersigned NUR hereby undertakes:</FONT><BR>
   </td>
  </tr>
<tr>
   <td valign="top"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</FONT>&nbsp;&nbsp;&nbsp;<FONT face="serif">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</FONT><BR>
   </td>
  </TR>
<TR>
   <td valign="top"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">to include any prospectus required by Section 10(a)(3) of the Securities Act;</FONT><BR>
   </td>
  </TR>
<TR>
   <td valign="top"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set for the in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement;</FONT><BR>
   </td>
  </TR>
<TR>
   <td valign="top"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)</FONT>     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">to include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in
the registration statement;provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports
filed with or provided to the Commission by NUR pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement.</FONT></td>
  </tr>
<tr>
   <td valign="top"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></td>
  </tr>
<tr>
   <td valign="top"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the
offering.</FONT><BR>
   </td>
  </tr>
<tr>
   <td valign="top"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">To file a post-effective amendment to the registration statement to include any financial statements required by Rule 3-19 of Regulation S-X at the start of any delayed
offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided, that NUR includes in the prospectus, by means of a post-effective
amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the
foregoing, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act or Rule 3-19 of Regulation S-X if such financial statements and information are contained in
periodic reports</FONT><BR>
   </td>
  </tr>
<tr>
   <td valign="top"><div align="center"><FONT face="serif">4</FONT><BR>
   </div></td>
</tr>
</TABLE>

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<PAGE>
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<P>
<FONT face="serif">filed with or furnished to the commission by NUR pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b) 	The undersigned NUR hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of NUR&#146;s annual report pursuant to Section 13(a) or Section 15(d)
of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c) 	Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of NUR pursuant to the foregoing provisions, or
otherwise, NUR has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by NUR of expenses incurred or paid by a director, officer or controlling person of NUR in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, NUR will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT>
</P>
<P align="center">
<FONT face="serif">5</FONT>&nbsp;<FONT face="sans-serif"> </FONT>
</P>

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<PAGE>
<A name="page_30"></A>

<P align="center">
<B><FONT size=2 face="serif">SIGNATURES</FONT></B><FONT size=2 face="serif"> </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of the Securities Act of 1933, NUR Macroprinters Ltd. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in The State of Israel, on April 13, 2004.</FONT><FONT face="serif"> </FONT>
</P>
<table width="100%" border="0">
  <tr>
    <td>&nbsp;</td>
    <td><b><font size=2 face="serif">NUR MACROPRINTERS LTD. </font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">By:	/s/ David Amir </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" width="200" size="1" noshade>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">David Amir </font></td>
  </tr>
  <tr>
    <td width="49%">&nbsp;</td>
    <td width="51%"><font size=2 face="serif">President and Chief Executive Officer </font></td>
  </tr>
</table>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints David Amir and David Seligman, and either of such persons acting alone, as his or
her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to (i) act on, sign and file with the Securities and Exchange Commission
any and all amendments (including post-effective amendments) to this Registration Statement together with all schedules and exhibits thereto, (ii) act on, sign and file with the Securities and Exchange Commission any registration statement relating
to this Offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, (iii) act on, sign and file with the Securities and Exchange Commission any exhibits to such registration statement or
pre-effective or post-effective amendments, (iv) act on, sign and file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection there with, (v) act on and file any supplement to any prospectus
included in this registration statement or any such amendment and (vi) take any and all actions which may be necessary or appropriate in connection therewith, granting unto such agents, proxies and attorneys-in-fact, and each of them, full power and
authority to do and perform each and every act and thing necessary or appropriate to be done (including any prospectus included in this registration statement), as fully for all intents and purposes as he or she might or could do in person, hereby
approving, ratifying and confirming all that such agents, proxies and attorneys-in-fact, any of them or any of his, her or their substitute or substitutes may lawfully do or cause to be done by virtue hereof. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons in the capacities and on the dates
indicated.</FONT><FONT face="serif"> </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD colspan="2" align="center"><b><font size=2 face="serif">Signature</font></b></TD>
   <TD align="center" width="6%"><B></B></TD>
   <TD align="center" width="42%"><B><FONT size=2 face="serif">Title of Capacities</FONT></B></TD>
   <TD align="center" width="25%"><B><FONT size=2 face="serif">Date</FONT></B></TD>
</TR>
<TR>
   <TD colspan="2"><hr width="75" size=2 noshade>
   </TD>
   <TD>&nbsp;</TD>
   <TD><HR width="125" size=2 noshade></TD>
   <TD><HR width="50" size=2 noshade></TD>
</TR>
<TR>
   <TD width="6%" align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">/s/ Dan Purjes</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"><FONT size=2 face="serif">Chairman of the Board of Directors</FONT></div></TD>
   <TD width="25%"><div align="center"><FONT size=2 face="serif">April 9, 2004</FONT></div></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">Dan Purjes</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="21%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">/s/ David Amir</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"><font size=2 face="serif">President and
    Chief Executive Officer</font></div></TD>
   <TD width="25%"><div align="center"><font size=2 face="serif">April 13, 2004</font></div></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">David Amir</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="21%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">/s/ David Seligman</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"><font size=2 face="serif">Chief Financial
    Officer</font></div></TD>
   <TD width="25%"><div align="center"><font size=2 face="serif">April 13, 2004</font></div></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">David Seligman</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="21%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">/s/ Robert F. Hussey</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"><font size=2 face="serif">Director</font></div></TD>
   <TD width="25%"><div align="center"><font size=2 face="serif">April 12, 2004</font></div></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">Robert F. Hussey</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="21%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">/s/ Oded Askelrod</FONT></TD>
   <TD>&nbsp;</TD>
   <TD width="42%"><div align="center"><font size=2 face="serif">Director</font></div></TD>
   <TD width="25%"><div align="center"><font size=2 face="serif">April 9, 2004</font></div></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">Oded Askelrod</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="21%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">/s/ Lauri Hanover</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"><font size=2 face="serif">Director</font></div></TD>
   <TD width="25%"><div align="center"><font size=2 face="serif">April 13, 2004</font></div></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">Lauri Hanover</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="21%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan="2"><FONT size=2 face="serif">/s/</FONT><FONT size=2 face="serif"> Koby
       Shtaierman</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"><font size=2 face="serif">Director</font></div></TD>
   <TD width="25%"><div align="center"><font size=2 face="serif">April 13, 2004</font></div></TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">Koby Shtaierman</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="21%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan="2"><FONT size=2 face="serif">/s/ </FONT><FONT size=2 face="serif">Ilan
       Ben Gigi</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"><font size=2 face="serif">Director</font></div></TD>
   <TD width="25%"><div align="center"><font size=2 face="serif">April 13, 2004</font></div></TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><div align="center"></div></TD>
   <TD><div align="center"></div></TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">Ilan Ben Gigi</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="42%"><div align="center"></div></TD>
   <TD width="25%"><div align="center"></div></TD>
</TR>
</TABLE>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_31"></A>

<P align="center">
<B><FONT face="serif">EXHIBIT INDEX </FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="13%"><B><FONT face="serif">Exhibit</FONT></B></TD>
   <TD width="87%">&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><B><FONT face="serif">Number</FONT></B></TD>
   <TD align="center" width="87%"><div align="left"><B><FONT face="serif">Name</FONT></B></div></TD>
</TR>
<TR>
   <TD><HR align="left" width="50" size=2 noshade></TD>
   <TD><HR align="left" width="50" size=2 noshade></TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.1</FONT></TD>
   <TD width="87%"><FONT face="serif">Memorandum of Association of the Registrant, in Hebrew with a translation to</FONT></TD>
</TR>
<TR>
   <TD width="13%">&nbsp;</TD>
   <TD width="87%"><FONT face="serif">English (1)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.2</FONT></TD>
   <TD width="87%"><FONT face="serif">Amended and Restated Articles of Association of the Registrant (2)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.3</FONT></TD>
   <TD width="87%"><FONT face="serif">Certificate of Name Change (3)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.4</FONT></TD>
   <TD width="87%"><FONT face="serif">Specimen Certificate for ordinary shares (1)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.5</FONT></TD>
   <TD width="87%"><FONT face="serif">Form of Warrant Agreement, dated November 21, 2002 between the Registrant</FONT></TD>
</TR>
<TR>
   <TD width="13%">&nbsp;</TD>
   <TD width="87%"><FONT face="serif">and Poalim Capital Markets Ltd. (f/k/a
       Poalim Capital Markets &amp; Investment Ltd.) (4)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.6</FONT></TD>
   <TD width="87%"><FONT face="serif">Form of Registration Rights Agreement, dated November 7, 2002 between the</FONT></TD>
</TR>
<TR>
   <TD width="13%">&nbsp;</TD>
   <TD width="87%"><FONT face="serif">Registrant and Poalim Capital Markets Ltd.
    (f/k/a Poalim Capital Markets &amp; Investment Ltd.) (4)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.7</FONT></TD>
   <TD width="87%"><FONT face="serif">Form of Convertible Loan and Warrant Agreement, dated July 2003 between</FONT></TD>
</TR>
<TR>
   <TD width="13%">&nbsp;</TD>
   <TD width="87%"><FONT face="serif">Registrant and certain investors (5)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.8</FONT></TD>
   <TD width="87%"><FONT face="serif">Form of Warrant Agreement, dated October 15, 2003 between the Registrant and</FONT></TD>
</TR>
<TR>
   <TD width="13%">&nbsp;</TD>
   <TD width="87%"><FONT face="serif">certain investors (5)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.9</FONT></TD>
   <TD width="87%"><FONT face="serif">Form of Registration Rights Agreement, dated July, 2003 between the Registrant</FONT></TD>
</TR>
<TR>
   <TD width="13%">&nbsp;</TD>
   <TD width="87%"><FONT face="serif">and certain investors (5)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.10</FONT></TD>
   <TD width="87%"><FONT face="serif">Form of Warrant Agreement, dated October 15, between the Registrant and the</FONT></TD>
</TR>
<TR>
   <TD width="13%">&nbsp;</TD>
   <TD width="87%"><FONT face="serif">Placement Agent (X Securities Ltd.) (5)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.11</FONT></TD>
   <TD width="87%"><FONT face="serif">Form of Warrant Agreement, dated October 15, between the Registrant and the</FONT></TD>
</TR>
<TR>
   <TD width="13%">&nbsp;</TD>
   <TD width="87%"><FONT face="serif">Placement Agent (Matthew Norton) (5)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.12</FONT></TD>
   <TD width="87%"><FONT face="serif">Form of Warrant Agreement, dated October 15, between the Registrant and the</FONT></TD>
</TR>
<TR>
   <TD width="13%">&nbsp;</TD>
   <TD width="87%"><FONT face="serif">Placement Agent (David Fuchs) (5)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.13</FONT></TD>
   <TD width="87%"><FONT face="serif">Form of Warrant Agreement, dated March 31, 2004 between the Registrant and</FONT></TD>
</TR>
<TR>
   <TD width="13%">&nbsp;</TD>
   <TD width="87%"><FONT face="serif">the Placement Agent (X Securities Ltd.)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.14</FONT></TD>
   <TD width="87%"><FONT face="serif">Form of Warrant Agreement, dated March 31, 2004 between the Registrant and</FONT></TD>
</TR>
<TR>
   <TD width="13%">&nbsp;</TD>
   <TD width="87%"><FONT face="serif">the Placement Agent (Matthew Norton)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">4.15</FONT></TD>
   <TD width="87%"><FONT face="serif">Form of Warrant Agreement, dated March 31, 2004 between the Registrant and</FONT></TD>
</TR>
<TR>
   <TD width="13%">&nbsp;</TD>
   <TD width="87%"><FONT face="serif">the Placement Agent (David Fuchs)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">5.1</FONT></TD>
   <TD width="87%"><FONT face="serif">Opinion of Barnea &amp; Co.</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">5.2</FONT></TD>
   <TD width="87%"><FONT face="serif">Opinion of Doron Faibish.</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">23.1</FONT></TD>
   <TD width="87%"><FONT face="serif">Consent of Kost Forer Gabbay &amp; Kasierer</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">23.2</FONT></TD>
   <TD width="87%"><FONT face="serif">Consent of Barnea &amp; Co. (included in Exhibit 5.1)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">23.3</FONT></TD>
   <TD width="87%"><FONT face="serif">Consent of Doron Faibish (included in Exhibit 5.2)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%"><FONT face="serif">24.1</FONT></TD>
   <TD width="87%"><FONT face="serif">Power of Attorney (filed on the signature page hereto)</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%">
  <TR>
    <TD colspan="2" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="2" valign="top"><hr align="left" width="200" size="1" noshade></TD>
  </TR>
  <TR>
    <TD valign="top" width="3%"><FONT size=2 face="serif">(1)</FONT><BR>
&nbsp;&nbsp;</TD>
    <TD width="97%" valign="top"><FONT size=2 face="serif">Previously filed with NUR's F-1
        (File No. 33-93160) and incorporated by reference herein.</FONT><BR>
    </TD>
  </TR>
</TABLE>
<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_32"></A>

<TABLE width="100%">
<TR>
   <TD valign="top" width="3%"><FONT size=2 face="serif">(2)</FONT><BR>&nbsp;&nbsp;</TD>
   <TD width="97%" valign="top"><FONT size=2 face="serif">Previously filed with NUR's Form 20-F for the year ended December 31, 2000 and incorporated by reference herein.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="3%"><FONT size=2 face="serif">(3)</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">Previously filed with NUR's Form 6-K dated January 7, 1998 and incorporated by reference herein.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="3%"><FONT size=2 face="serif">(4)</FONT><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><FONT size=2 face="serif">Previously filed with NUR's Form 20-F for the year ended December 31, 2002 and incorporated by reference herein.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="3%"><FONT size=2 face="serif">(5)</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><FONT size=2 face="serif">Previously filed with NUR's Form 20-F for the year ended December 31, 2003 and incorporated by reference herein.</FONT><BR>   </td>
</tr>
</TABLE>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.13
<SEQUENCE>3
<FILENAME>c31946_ex4-13.htm
<TEXT>

<html>
<head>
<title>Untitled Document</title>

</head>

<body>
<P align="right">
<U><FONT face="serif">Exhibit 4.13</FONT></U>
</P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Form of Warrant Agreement, dated March 31, 2004 <br>
between the Registrant and the Placement Agent (X Securities Ltd.)</FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_2"></A>

<P align="center">
<B><U><FONT face="serif">WARRANT</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P align="justify">
<B><FONT face="serif">THIS WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT (the "SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (the "SECURITIES ACT") OR QUALIFIED UNDER ANY STATE OR
FOREIGN SECURITIES LAW, AND THE WARRANT MAY NOT BE EXERCISED AND THE WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE MAY NOT BE SOLD, TRANSFERRED, PLEDGED, ASSIGNED OR HYPOTHECATED, UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT COVERING THIS WARRANT AND/OR SUCH SECURITIES, OR THE HOLDER RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THE WARRANT AND/OR SUCH SECURITIES SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, PLEDGE, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE SECURITIES ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE LAW. </FONT></B>
</P>
<P align="center">
<FONT face="serif">to purchase </FONT>
<br>
<B><FONT face="serif">Ordinary Shares </FONT></B></P>
<P align="center"><FONT face="serif">of </FONT>
</P>
<P align="center">
<B><FONT face="serif">NUR MACROPRINTERS LTD. </FONT></B><FONT face="serif"><br>
at a price of $0.62 per share </FONT>
</P>
<P align="center">
<FONT face="serif">VOID AFTER 17:00 p.m. (prevailing Tel Aviv time) <br>
On the Expiration Date (as hereinafter defined) </FONT>
</P>
<P align="center">
<FONT face="serif">in favor of </FONT>
</P>
<P align="right">
<FONT face="serif"> 	March 31, 2004 </FONT>
</P>
<P align="justify">
<B><FONT face="serif">NUR MACROPRINTERS LTD.,</FONT></B><FONT face="serif"> an Israeli company with its principal offices at 12 Abba Hillel Silver Street, Lod, Israel (the "</FONT><B><FONT face="serif">Company</FONT></B><FONT face="serif">"), hereby
grants to X Securities Ltd. (the "</FONT><B><FONT face="serif">Holder</FONT></B><FONT face="serif">"), the right to purchase, subject to the terms and conditions hereof, up to seventy nine thousand one hundred forty-five (79,145) of the Company's
Ordinary Shares, par value NIS 1.00 per share ("</FONT><B><FONT face="serif">Ordinary Shares</FONT></B><FONT face="serif">"), exercisable at any time from time to time, on or after the date hereof (the "</FONT><B><FONT face="serif">Effective
Date</FONT></B><FONT face="serif">"), and until the fifth anniversary of such date (the "</FONT><B><FONT face="serif">Expiration Date</FONT></B><FONT face="serif">"). </FONT>
</P>
<P align="justify">
<FONT face="serif">Hereinafter: (i) the Ordinary Shares purchasable hereunder or any other securities which may be issued by the Company in substitution therefor, are referred to as the "</FONT><B><FONT face="serif">Warrant Shares</FONT></B><FONT
face="serif">"; (ii) the price of sixty two cents ($0.62) payable hereunder for each of the Warrant Shares, as adjusted in the manner set forth hereinafter, is referred to as the "</FONT><B><FONT face="serif">Exercise Price</FONT></B><FONT
face="serif">" and (iii) this Warrant and all warrants hereafter issued in exchange or substitution for this Warrant are referred to as the "</FONT><B><FONT face="serif">Warrants</FONT></B><FONT face="serif">". The Exercise Price and the number of
Warrant Shares are subject to adjustment as hereinafter provided. </FONT>
</P>

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<PAGE>
<A name="page_3"></A>

<P>
<FONT face="serif">1.</FONT>&nbsp;<U><FONT face="serif">Warrant Period; Exercise of Warrant</FONT></U>
</P>
<TABLE>
<TR>
  <TD valign="top"><div align="justify"><font face="serif">&nbsp;&nbsp;&nbsp;1.1.&nbsp;&nbsp;&nbsp;(a)</font> </div></TD>
  <td width="92%" valign="top"> <div align="justify"><font face="serif">This
        Warrant may be exercised in whole at any time, or in part from time to
        time, beginning on the date
        hereof until the Expiration Date (the "</font><b><font face="serif">Warrant
        Period</font></b><font face="serif">"), by the surrender of this Warrant
        (with a duly executed exercise form in the form attached at the end hereof
        as </font><b><u><font face="serif">Exhibit A</font></u></b><font face="serif">),
        along with the Exercise Certificate or the Exercise Opinion (each as defined
        in Section 1.1(b) below), at the principal office of the Company, set forth
        above, together with proper payment of the Exercise Price multiplied by
        the number of Warrant Shares for which the Warrant is being exercised.
        Payment for Warrant Shares shall be made by certified or official bank
        check or checks, payable to the order of the Company or by wire transfer
        to an account to be designated in writing by the Company. Payments shall
    be made in United States dollars. </font> </div></td>
</tr>
<TR>
  <TD valign="top"><div align="justify"></div></TD>
  <td valign="top"><div align="justify"></div></td>
</tr>
<TR>
   <TD valign="top" width="8%"><div align="justify"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT></div></TD>
   <td valign="top"><div align="justify"><FONT face="serif">In addition to the
         method of exercise set forth in Section 1.1(a) hereof, each Holder shall
         have the right to exercise the Warrant in whole or in part and, upon
         such exercise, to receive for each Warrant surrendered a fraction of
         one Ordinary Share as shall be determined by the formula set forth below,
         with no cash payment required other than a payment of Equivalent Par
         Value (as defined below) for each Ordinary Share issued upon the exercise
         of the
  Warrant in accordance with this Section 1.1(b). The number of Ordinary Shares
         the Holder shall be entitled to receive shall upon the exercise of the
         Warrant and surrender of the related warrant certificate in accordance
         with this Section 1.1(b) shall be equal to the product of (x) the total
         number of Ordinary Shares exchangeable for the Warrants being exercised
         (assuming exercise in accordance with Section 1.1(a)) multiplied by
         (y) a fraction, the numerator of which is the aggregate Market
  Price (as defined below) of such Ordinary Shares plus Equivalent Par Value
         less the aggregate Exercise Price therefore, and the denominator of
         which is such aggregate Market Price. Upon exercise of the Warrants
         pursuant to this Section 1.1(b), the warrants so exercised shall no
         longer be exercisable. Solely for the purpose of this paragraph, "</FONT><B><FONT face="serif">Equivalent Par Value</FONT></B><FONT face="serif">" shall
         be an amount in U.S. Dollars equal to NIS 1.0 based on the Representative
         Rate of the U.S. Dollar as published by the Bank of Israel on the date
         of payment. Solely for the purposes of this paragraph, Market Price
         shall be calculated as the average of the five trading days immediately
         preceding the date on
  which the form of exercise attached (Exhibit A) is deemed to have been sent
         to the Company. For the purposes of this paragraph, "</FONT><B><FONT face="serif">Market Price</FONT></B><FONT face="serif">" shall
         be deemed to be the last reported sale price of the Ordinary Shares,
         or if no such reported sale takes place on such day, the average of
    the last reported sale prices for the last three (3) trading days.</FONT></div></td>
</tr>
<tr>
  <td valign="top"><div align="justify"></div></td>
  <td valign="top"><div align="justify"></div></td>
</tr>
<tr>
   <td valign="top" width="8%"><div align="justify"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT></div></td>
   <td valign="top"><div align="justify"><FONT face="serif">The Holder of a Warrant, by its acceptance thereof, covenants and agrees that the Warrants described herein are being acquired as an investment and not with a view to the distribution thereof and such Holder
  further covenants</FONT></div></td>
</tr>
</TABLE>

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<PAGE>
<A name="page_4"></A>

<P>&nbsp;
</P>
<TABLE>
  <tr>
    <td valign="top" width="8%"><div align="justify"></div></td>
    <td valign="top"><div align="justify"><FONT face="serif">and agrees that it will not sell, transfer,
          pledge, assign, or hypothecate the Warrant or the ordinary shares issueable
          upon exercise of the Warrant unless there is an effective registration
          statement under the Securities Act of 1933 covering the Warrant or the
          ordinary shares issueable upon exercise of the Warrant, or the Holder
          of the Warrant and/or the ordinary shares receives an opinion of counsel
          satisfactory to the Company stating that such sale, transfer, pledge,
          assignment, or hypothecation is exempt from the registration and prospectus
          delivery requirements of the Securities Act of 1933 and the qualification
    requirements under applicable law.</FONT> </div></td>
  </tr>
</TABLE>
<table width="100%" border="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><div align="justify"><font face="serif">&nbsp;&nbsp;&nbsp;1.2.</font></div></td>
    <td> <div align="justify"><font face="serif"> If this Warrant should be exercised in part, the
          Company shall, upon surrender of this Warrant for cancellation, execute
          and deliver a new Warrant evidencing the rights of the Holder to purchase
          the remainder of the Ordinary Shares purchasable hereunder. The Company
          shall pay any and all expenses, taxes and other charges that may be payable
          in connection with the issuance of the Warrant Shares and the preparation
          and delivery of share certificates pursuant to this Section 1 in the
          name of the Holder (including without limitation the applicable stamp
          duty), and to the extent required, the execution and delivery of a new
          Warrant, provided, however, that the Company shall only be required to
          pay taxes which are due as a direct result of the issuance of the Ordinary
          Shares or other securities, properties or rights underlying such Warrants
          (such as the applicable stamp duty), and will not be required to pay
          any tax which may be (i) due as a result of the specific identity of
          the Holder or (ii) payable in respect of any transfer involved in the
          issuance and delivery of any such certificates in a name other than that
          of the Holder and the Company shall not be required to issue or deliver
          such certificates unless or until the person or persons requesting the
          issuance thereof shall have paid to the Company the amount of such tax
          or shall have established to the satisfaction of the Company that such
    tax has been paid. </font> </div></td>
  </tr>
  <tr>
    <td><div align="justify"></div></td>
    <td><div align="justify"></div></td>
  </tr>
  <tr valign="top">
    <td><div align="justify"><font face="serif">&nbsp;&nbsp;&nbsp;1.3.</font></div></td>
    <td> <p align="justify"><font face="serif"> No fractions of Ordinary Shares shall be issued
          in connection with the exercise of this Warrant, and the number of Ordinary
          Shares issued shall
  be rounded down to the nearest whole number.
            </font></p>
      <p align="justify"><font face="serif"><font face="serif">Upon the issuance of Ordinary Shares resulting from
            the exercise in whole or in part of this Warrant, the Company shall deliver
            to the Holder an irrevocable letter of instructions to the Company's
            transfer agent to issue as soon as is reasonably practicable to the Holder
            share certificates reflecting the Warrant Shares exercised thereby, together
            with any and all other documents required for the issuance of such certificates
    by the transfer agent. </font> </font> </p></td>
  </tr>
</table><br>
<table width="100%" border="0">
  <tr>
    <td>2.</td>
    <td valign="top"><u><font face="serif">Reservation of Shares</font></u></td>
  </tr>
  <tr>
    <td width="1%"><div align="justify"></div></td>
    <td width="99%" valign="top"><div align="justify"><font face="serif">The Company covenants that: (i) at all times during
        the Warrant Period it shall have in reserve, and will keep available solely
        for issuance or delivery upon exercise of the Warrant, such number of Ordinary
        shares as shall be issuable upon the exercise thereof, and (ii) upon exercise
        of the Warrant and payment of the Exercise Price therefor, the Warrant
        Shares issuable upon such exercise will be validly issued, fully paid,
        non</font><br>
    </div></td>
  </tr>
</table>
<P>&nbsp;</P>
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<PAGE>
<A name="page_5"></A>

<P>
<FONT face="serif">assessable, free and clear from any lien, encumbrance, pledge or any other third party right and not subject to any preemptive rights. </FONT></P>
<P>3. <U><FONT face="serif">Adjustments to Exercise Price and Number of Securities</FONT></U></P>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><div align="justify"><FONT face="serif">&nbsp;&nbsp;&nbsp;3.1.</FONT></div></td>
    <td width="95%"><div align="justify"><u><font face="serif">Subdivision&nbsp;and&nbsp;Combination</font></u><font face="serif">.
        In case the Company shall at any time subdivide or combine the outstanding
        Ordinary Shares, the Exercise Price shall forthwith be proportionately
        decreased in the case of subdivision or increased in the case of combination.</font><br>
    </div></td>
  </tr>
  <tr valign="top">
    <td><div align="justify"></div></td>
    <td><div align="justify"></div></td>
  </tr>
  <tr valign="top">
    <td><div align="justify"><font face="serif">&nbsp;&nbsp;&nbsp;3.2.</font></div></td>
    <td><div align="justify"><u><font face="serif">Stock&nbsp;Dividends&nbsp;and&nbsp;Distributions</font></u><font face="serif">.
          In case the Company shall pay a dividend on, or make a distribution of,
          Ordinary Shares or of the Company's capital stock convertible into Ordinary
          Shares, the Exercise Price shall forthwith be proportionately decreased.
          An adjustment made pursuant to this Section 3.2 shall be made as of the
    record date for the subject stock dividend or distribution. </font> </div></td>
  </tr>
  <tr valign="top">
    <td><div align="justify"></div></td>
    <td><div align="justify"></div></td>
  </tr>
  <tr valign="top">
    <td height="59"><div align="justify"><font face="serif">&nbsp;&nbsp;&nbsp;3.3.</font></div></td>
    <td><div align="justify"><u><font face="serif">Adjustment&nbsp;in&nbsp;Number&nbsp;of&nbsp;Securities</font></u><font face="serif">.
          Upon each adjustment of the Exercise Price pursuant to the provisions
          of this Section 3, the number of Ordinary Shares issuable upon the exercise
          of each Warrant shall be adjusted to the nearest full amount by multiplying
          a number equal to the Exercise Price in effect immediately prior to such
          adjustment by the number of Ordinary Shares issuable upon exercise of
          the Warrants immediately prior to such adjustment and dividing the product
    so obtained by the adjusted Exercise Price. </font> </div></td>
  </tr>
  <tr valign="top">
    <td><div align="justify"></div></td>
    <td><div align="justify"></div></td>
  </tr>
  <tr valign="top">
    <td><div align="justify"><font face="serif">&nbsp;&nbsp;&nbsp;3.4.</font></div></td>
    <td><div align="justify"><u><font face="serif">Definition&nbsp;of&nbsp;Ordinary&nbsp;Shares</font></u><font face="serif">.
          For the purpose of this Warrant, the term "Ordinary Shares" shall mean
          (i) the class of stock designated as Ordinary Shares in the Articles
          of Association of the Company as may be amended as of the date hereof,
          or (ii) any other class of stock resulting from successive changes
          or reclassifications of such Ordinary Shares consisting solely of changes
          in nominal value, or from nominal value to no nominal value, or from
    no nominal value to nominal value. </font> </div></td>
  </tr>
  <tr valign="top">
    <td><div align="justify"></div></td>
    <td><div align="justify"></div></td>
  </tr>
  <tr valign="top">
    <td><div align="justify"><font face="serif">&nbsp;&nbsp;&nbsp;3.5.</font></div></td>
    <td><div align="justify"><u><font face="serif">No&nbsp;Adjustment&nbsp;of&nbsp;Exercise&nbsp;Price&nbsp;in&nbsp;Certain&nbsp;Cases</font></u><font face="serif">. </font><font face="serif">No
          adjustment of the Exercise Price shall be made if the amount of said
          adjustment shall be less than 2 cents ($.02) per Ordinary Share, provided,
          however, that in such case any adjustment that would otherwise be required
          then to be made shall be carried forward and shall be made at the time
          of and together with the next subsequent adjustment which, together with
          any adjustment so carried forward, shall amount to at least 2 cents ($.02)
    per Ordinary Share. </font> </div></td>
  </tr>
  <tr valign="top">
    <td><div align="justify"></div></td>
    <td><div align="justify"></div></td>
  </tr>
  <tr valign="top">
    <td><div align="justify"><font face="serif">&nbsp;&nbsp;&nbsp;3.6.</font></div></td>
    <td><div align="justify"><u><font face="serif">Merger or Consolidation</font></u><font face="serif">.
          In case of any consolidation of the Company with or merger of the Company
          with, or merger of the Company into, (other than a merger which does
          not result in any reclassification or change of the outstanding Ordinary
          Shares), the Company shall cause the corporation formed by such consolidation
          or merger to execute and deliver to the Holder a supplemental warrant
          agreement providing that the Holder of the Warrant then outstanding or
          to be outstanding shall have the right thereafter (until the expiration
          of such Warrant) to receive, upon exercise of such Warrant, the kind
    and amount of shares of stock and other</font> </div></td>
  </tr>
</table>
<P>&nbsp;</P>
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<PAGE>
<A name="page_6"></A>

<P>&nbsp;
</P>
<table width="100%" border="0">
  <tr>
    <td width="6%"><div align="justify"></div></td>
    <td width="94%"><div align="justify"><font face="serif">securities and property receivable upon such consilidation
          or merger, by a holder of the number of Ordinary Shares of the Company
          for which such Warrant might have been exercised immediately prior to
          such consolidation, merger, sale or transfer. Such supplemental warrant
          agreement shall provide for adjustments which shall be identical to the
          adjustments provided in Section 3. The above provision of this Subsection
    shall similarly apply to successive consolidations or mergers. </font> </div></td>
  </tr>
</table>
<P>&nbsp;</P>
<TABLE>
<TR>
   <TD valign="top" width="3%"><div align="justify"><FONT face="serif">4.</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td valign="top" colspan="2"><div align="justify"><FONT face="serif"><U>Notices&nbsp;to&nbsp;Warrant&nbsp;Holders</U></FONT><FONT face="serif">. Nothing contained in this Warrant shall be construed as conferring upon the Holder the right to vote or to consent or to receive notice as a
  stockholder in respect of any meetings of stockholders for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If, however, at any time prior to the Expiration Date, any of the following
  events shall occur:</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"></div></td>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">(a)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td width="94%" valign="top"><div align="justify"><FONT face="serif">the Company shall take a record of the holders of its Ordinary Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution
  payable otherwise than out of current or retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company; or</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"></div></td>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">(b)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif">the Company shall offer to all the holders of its Ordinary Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company,
  or any option, right or warrant to subscribe therefor; or</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"></div></td>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">(c)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif">a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets and business as an entirety shall
  be proposed;</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top"><div align="justify"></div></td>
  <td valign="top"><div align="justify"></div></td>
  <td valign="top"><div align="justify"></div></td>
</tr>
<tr>
  <td valign="top"><div align="justify"></div></td>
  <td colspan="2" valign="top"> <div align="justify"><font face="serif">then, in any one or more of
        said events, the Company shall give to the Holder written notice of such
        event at least fifteen (15) days prior to the date fixed as a record date
        or the date of closing the transfer books for the determination of the
        stockholders entitled to such dividend, distribution, convertible or exchangeable
        securities or subscription rights, or entitled to vote on such proposed
    dissolution, liquidation, winding up or sale. </font> </div></td>
  </tr>
</TABLE>
<P>&nbsp;</P>
<TABLE>
<TR>
   <TD valign="top" width="3%"><div align="justify"><FONT face="serif">5.</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td valign="top" colspan="2"><div align="justify"><FONT face="serif"><U>Non-Transferability</U></FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"></div></td>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">(a)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td width="94%" valign="top"><div align="justify"><FONT face="serif">The Holder
         covenants and agrees that the Warrants are being acquired as an investment
         and not with a view to the distribution thereof. The Holder shall not
         sell, transfer, assign, encumber, pledge or otherwise dispose or undertake
         to dispose of ("</FONT><B><FONT face="serif">Sell</FONT></B><FONT face="serif">")
         the Warrants until the first anniversary of the Effective Date. Thereafter,
         the Holder may, subject to applicable securities laws, Sell, all or
         any portion of the Warrants, provided that the Holder may only Sell
         the Warrants on two occasions, to no more than five (5) transferees
         on each occasion, provided further that on the second such occasion
         the Holder shall reimburse the Company with
  any and all direct costs incurred by the Company </FONT><BR>
   </div></td>
</tr>
</TABLE>

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<PAGE>
<A name="page_7"></A>
<TABLE>
  <tr>
    <td height="27" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="serif">connected with such sale, transfer or
    assignment including any reasonable registration costs.</font></td>
  </tr>
  <tr>
    <td valign="top" width="3%"><div align="justify"></div>
    </td>
    <td valign="top" width="3%"><div align="justify"><FONT face="serif">(b)</FONT><BR>
&nbsp;&nbsp;</div>
    </td>
    <td valign="top"><div align="justify"><FONT face="serif">Unless registered,
          the Warrant Shares issued upon exercise of the Warrants shall be subject
          to a stop transfer order and the certificate or certificates evidencing
          such Warrant Shares shall bear legend substantially similar to the
          following:</FONT><BR>
<BR>
      </div>
    </td>
  </tr>
</TABLE>
<table width="100%" border="0">
  <tr>
    <td width="15%">&nbsp;</td>
    <td width="85%"><div align="justify"><font face="serif">"</font><b><font face="serif">THE SHARES REPRESENTED
            BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
            OF 1933, AS AMENDED, PURSUANT TO A REGISTRATION STATEMENT. ACCORDINGLY,
            SUCH SHARES MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO A REGISTRATION
            STATEMENT UNDER SUCH ACT, OR AN EXEMPTION FROM REGISTRATION UNDER SUCH
    ACT.</font></b><font face="serif">" </font> </div></td>
  </tr>
</table>
<TABLE>
<TR>
   <TD valign="top" width="3%"><div align="justify"><FONT face="serif">6.</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td width="97%" valign="top"><div align="justify"><FONT face="serif"><U>Loss,&nbsp;etc.&nbsp;of&nbsp;Warrant</U></FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td valign="top"><div align="justify"><font face="serif">Upon receipt of evidence satisfactory
           to the Company of the loss, theft, destruction or mutilation of this Warrant,
           and of indemnity reasonably satisfactory to the Company, if lost, stolen
           or destroyed, and upon surrender and cancellation of this Warrant, if
           mutilated, and upon reimbursement of the Company's reasonable direct expenses,
           the Company shall execute and deliver to the Holder a new Warrant of like
           date, tenor and
    denomination.</font><br>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">7.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif"><U>Registration&nbsp;Rights</U></FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td valign="top"><div align="justify"><font face="serif">Holders of the Ordinary Shares shall be
         entitled to registration rights pursuant to the Registration Rights Agreement
      attached hereto as </font><b><font face="serif">Exhibit </font></b><b><font
face="serif">B</font></b><font face="serif">.</font><br>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">8.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif"><U>Headings</U></FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td valign="top"><div align="justify"><font face="serif">The headings of this Warrant have been
         inserted as a matter of convenience and shall not affect the construction
      hereof.</font><br>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">9.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif"><U>Notices</U></FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td valign="top"><div align="justify"><font face="serif">Unless otherwise provided, any notice
         required or permitted under this Warrant shall be given in writing and
         shall be deemed effectively given upon personal delivery to the party
         to be notified or seven (7) days after deposit with the Post Authority,
         for dispatch by registered or certified mail, postage prepaid and addressed
         to the Holder at the address set forth in the Company's books and to the
         Company at the address of its principal offices set forth above, or when
         given by telecopier or other form of rapid written communication, provided
      that confirming copies are sent by such airmail.</font><br>
   </div></td>
</tr>
</TABLE>

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<PAGE>
<A name="page_8"></A>
<TABLE>
  <tr>
    <td valign="top" width="3%"><div align="justify"><FONT face="serif">10.</FONT><BR>
&nbsp;&nbsp;</div>
    </td>
    <td valign="top"><div align="justify"><FONT face="serif"><U>Governing&nbsp;Law</U></FONT><BR>
    </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"><font face="serif">This Warrant shall be governed by and
          construed and enforced in accordance with the laws of the State of Israel
          (regardless of the laws that might otherwise govern under</font> <font face="serif">applicable
          Israel principles of conflicts of law). Anything to the contrary notwithstanding,
          the provisions of this Section 10 shall not apply to the Registration
          Rights schedule, which shall be subject to the provisions thereof. </font> <br>
    </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"></div></td>
  </tr>
  <tr>
    <td valign="top"><FONT face="serif">11.</FONT></td>
    <td valign="top"><div align="justify"><u><font face="serif">Entire Agreement; Amendment and Waiver</font></u></div></td>
  </tr>
  <tr>
    <td valign="top"><div align="justify"></div>
    </td>
    <td valign="top"><div align="justify"><br>
          <font face="serif">This Warrant and the schedule hereto constitute the
        full and entire understanding and agreement between the parties with regard
        to the subject matters hereof and thereof. Any term of this Warrant may
        be amended and the observance of any term hereof may be waived (either
        prospectively or retroactively and either generally or in a particular
        instance) only with the written consent of both the Holder
  and the Company.</font><br>
    </div></td>
  </tr>
</TABLE>
<P align="justify">
<B><FONT face="serif">IN WITNESS WHEREOF</FONT></B><FONT face="serif">, the Company has caused this Ordinary Share Purchase Warrant to be executed as of the date first written above. </FONT>
</P>
<P>
<B><FONT face="serif">NUR Macroprinters Ltd</FONT></B><FONT face="serif">. </FONT>
</P>
<P>
<FONT face="serif">By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________________<BR>
Name: &nbsp;David Amir <br>
Title: &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</FONT></P>
<P>
<FONT face="serif">Agreed and Accepted: </FONT>
</P>
<P>
<FONT face="serif">X Securities Ltd. </FONT>
<br>
<FONT face="serif">By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________________<BR>
Name: ________________________<BR>
Title: &nbsp;&nbsp;&nbsp;________________________<BR>
</FONT>
</P>
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<PAGE>
<A name="page_9"></A>

<P align="center">
<B><U><FONT face="serif">Exhibit A </FONT></U></B>
</P>
<P align="center">
<FONT face="serif">Warrant Exercise Form </FONT>
</P>
<P align="right">
<FONT face="serif"> 	Date: ____________________</FONT>
</P>
<P>
<FONT face="serif">To: Nur Macroprinters Ltd.</FONT>
</P>
<P align="center">
<FONT face="serif">Re: </FONT><B><U><FONT face="serif">Exercise of Warrant</FONT></U></B><FONT face="serif"> </FONT>
</P>
<P align="justify">
<FONT face="serif">The undersigned hereby irrevocably elects to exercise the
attached Warrant to the extent of ___________________ Ordinary Shares of Nur
Macroprinters Ltd. all in accordance with section 1.1(b) of the Warrant. Payment
to the Company
of the total purchase price for such shares has been made simultaneously with
the delivery of this exercise of warrant. The undersigned requests that certificates
for such Ordinary Shares be registered in the name of
____________________ whose address is ____________________ and that such certificates
be delivered to whose address is _____________________________. </FONT></P>
<P>
<FONT face="serif">By: ___________________<BR>
</FONT></P>

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<PAGE>
<A name="page_10"></A>

<P align="center">
<B><U><FONT face="serif">Exhibit B </FONT></U></B>
</P>
<P align="center">
<B><U><FONT face="serif">REGISTRATION RIGHTS AGREEMENT</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P align="justify">
<FONT face="serif">This Registration Rights Agreement (this "</FONT><B><FONT face="serif">Agreement</FONT></B><FONT face="serif">") is made as of the __day of March, 2004 (the "</FONT><B><FONT face="serif">Effective Date</FONT></B><FONT
face="serif">") by and among NUR Macroprinters Ltd., a company organized under the laws of the State of Israel, registered under number 52-003986-8, with offices at 12 Abba Hillel Silver Street, Lod, Israel (the "</FONT><B><FONT
face="serif">Company</FONT></B><FONT face="serif">"); and the </FONT><B><FONT face="serif">Investors </FONT></B><FONT face="serif">listed on </FONT><B><U><FONT face="serif">Schedule </FONT></U></B><B><FONT face="serif">1</FONT></B><FONT
face="serif"> hereto, each such Investor being an &#145;accredited investor&#146;, as defined in Regulation &sect;230.501 under the Securities Act (defined below). Each Investor is referred to in this Agreement as a "</FONT><B><FONT
face="serif">Holder</FONT></B><FONT face="serif">", and collectively as the "</FONT><B><FONT face="serif">Holders</FONT></B><FONT face="serif">". </FONT>
</P>
<P align="center">
<B><FONT face="serif">RECITALS:</FONT></B>
</P>
<TABLE width="100%">
  <TR>
    <TD width="8%" height="48" valign="top"><b><font face="serif">WHEREAS</font></b></TD>
    <td width="92%" align="left" valign="top"><div align="left"><font face="serif">the Company
          and Rockwood, Inc. (the "</font><b><font face="serif">Placement Agent</font></b><font face="serif">")
          entered on _________, 2003 into a letter agreement (the "</font><b><font face="serif">Letter
          Agreement</font></b><font face="serif">") pursuant to which the Placement
          Agent rendered to the Company certain financial services in connection
          with the Convertible Loan secured by the Company on October 2003 (the "</font><b><font face="serif">Convertible
          Loan</font></b><font face="serif">"); </font><BR>
    </div></td>
  </tr>
  <TR>
    <TD height="44" valign="top"><b><font face="serif">WHEREAS</font></b></TD>
    <td align="left" valign="top"><font face="serif">the Letter Agreement provides,
        among others, that upon conversion of the Convertible Loan or a portion
        thereof, the Company will grant the Placement Agent warrants (the "</font><b><font
face="serif">Warrants</font></b><font face="serif">") exercisable into Ordinary
        Shares of the Company, of nominal value NIS 1.00 each (the "</font><b><font face="serif">Conversion
    Shares</font></b><font face="serif">"); and </font></td>
  </tr>
  <TR>
    <TD height="26" valign="top"><b><font face="serif">WHEREAS</font></b></TD>
    <td align="left" valign="top"><font face="serif">the Letter Agreement further
        provides that the Conversion Shares shall have piggyback registration
    rights; and </font></td>
  </tr>
  <TR>
    <TD height="28" valign="top"><b><font face="serif">WHEREAS</font></b></TD>
    <td align="left" valign="top"><font face="serif">the Placement Agent assigned
    its rights for the Warrants to the Holders; and</font></td>
  </tr>
  <TR>
    <TD valign="top"><b><font face="serif">WHEREAS</font></b></TD>
    <td align="left" valign="top"><font face="serif">the Company hereby undertakes
        to register the Conversion Shares under the terms and subject to the
    condition set forth in this Agreement. </font></td>
  </tr>
</TABLE>
<P align="justify"><B><FONT face="serif">NOW, THEREFORE</FONT></B><FONT face="serif">, in consideration of the foregoing, the parties agree as follows: </FONT></P>
<TABLE width="100%">
  <TR>
    <TD valign="top" width="4%"><div align="justify"><FONT face="serif">1.</FONT><BR>
&nbsp;&nbsp;</div></TD>
    <td width="96%" valign="top"><div align="justify"><B><U><FONT face="serif">Definitions</FONT></U></B><FONT face="serif">.</FONT><BR>
    </div></td>
  </tr>
  <TR>
    <TD valign="top"><div align="justify"></div></TD>
    <td valign="top"><div align="justify"><font face="serif">Unless otherwise defined herein, all capitalized terms
        shall have the meanings ascribed thereto in the Warrants. As used herein,
        the following terms have the following meanings:</font><br>
    </div></td>
  </tr>
  <TR>
    <TD valign="top"><div align="justify"></div></TD>
    <td valign="top"><div align="justify"></div></td>
  </tr>
  <TR>
    <TD valign="top"><div align="justify"></div></TD>
    <td valign="top"> <div align="justify"><font face="serif">"</font><b><font face="serif">Commission</font></b><font face="serif">" refers
    to the Securities and Exchange Commission. </font> </div></td>
  </tr>
  <TR>
    <TD valign="top"><div align="justify"></div></TD>
    <td valign="top"><div align="justify"></div></td>
  </tr>
  <TR>
    <TD valign="top"><div align="justify"></div></TD>
    <td valign="top"> <div align="justify"><font face="serif">"</font><b><font face="serif">Effective
            Date</font></b><font face="serif">" means the date of the closing
    of the Convertible Loan.</font> </div></td>
  </tr>
</TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>

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<PAGE>
<A name="page_11"></A>

<P>&nbsp;
</P>
<TABLE width="100%">
  <TR>
    <TD width="5%" valign="top"><div align="justify"></div></TD>
    <td width="95%" valign="top"><div align="justify"><font face="serif">"</font><b><font face="serif">Register</font></b><font face="serif">", "</font><b><font face="serif">registered</font></b><font face="serif">",
            and "</font><b><font face="serif">registration</font></b><font face="serif">" refer
            to a registration effected by filing a registration statement in
            compliance with the Securities Act and the declaration or ordering
            by the Commission
            of effectiveness of such registration statement, or the equivalent
    actions under the laws of another jurisdiction. </font> </div></td>
  </tr>
  <TR>
    <TD height="21" valign="top"><div align="justify"></div></TD>
    <td valign="top"><div align="justify"></div></td>
  </tr>
  <TR>
    <TD height="21" valign="top"><div align="justify"></div></TD>
    <td valign="top"> <div align="justify"><font face="serif">"</font><b><font face="serif">Registrable
            Shares</font></b><font face="serif">" means the Conversion Shares
    issued or issuable to the Holders upon exercise of the Warrants. </font> </div></td>
  </tr>
  <TR>
    <TD height="21" valign="top"><div align="justify"></div></TD>
    <td valign="top"><div align="justify"></div></td>
  </tr>
  <TR>
    <TD height="21" valign="top"><div align="justify"></div></TD>
    <td valign="top">      <div align="justify"><font face="serif">"</font><b><font face="serif">Securities
              Act</font></b><font face="serif">" shall mean the U.S. Securities
              Act of 1933, as amended, or any similar federal statute, and the
              rules and regulations of the Commission thereunder, all as the
    same shall be in effect at the time. </font> </div></td>
  </tr>
</TABLE>
<br>
<br>
<TABLE>
<TR>
   <TD valign="top" width="5%"><div align="justify"><FONT face="serif">2.</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td colspan="2" valign="top"><div align="justify"><B><FONT face="serif"><U>Incidental Registration</U></FONT></B><FONT face="serif">.</FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td colspan="2" valign="top"><div align="justify"><font face="serif">If the Company at any time following the
         Effective Date, proposes to register any of its securities, (other than
         a registration statement on Form S-8 or any successor form for securities
         to be offered to employees of the Company pursuant to any employee benefit
         plan or a registration statement on form F-4 or any other successor form),
         for its own account or for the account of any other person, it shall give
         notice to the Holders of such intention. Upon the written request of Holders,
         given within twenty (20) days after receipt of any such notice, the Company
         shall include in such registration all of the Registrable Shares indicated
         in such request, so as to permit the disposition of the shares so registered
         in the manner requested by the Holders. Notwithstanding any other provision
         of this Section 2, with respect to an underwritten public offering by
         the Company, if the managing underwriter advises the Company in writing
         that marketing or other factors require a limitation of the number of
         shares to be underwritten, then there shall be excluded from such registration
         and underwriting to the extent necessary to satisfy such limitation, shares
         held by the Holders and by other shareholders of the Company who are entitled
         to have their shares included in such registration, pro rata among them
         to the extent necessary to satisfy such limitation. To the extent Registrable
         Shares are excluded from such underwriting, the Holders shall agree not
         to sell their Registrable Shares included in the registration statement
         for such period, not to exceed 180 days, as may be required by the managing
         underwriter, and the Company shall keep effective and current such registration
         statement for such period as may be required to enable the Holders to
         complete the distribution and resale of their Registrable Shares. Notwithstanding
         the provisions of this Section 2, the Company shall have the right at
         any time after it shall have given notice to the Holders, to elect not
         to file any such proposed registration statement; provided, however, that
         each key officer and director of the Company and each person who, at the
         time of the proposed filing of such public offering, beneficially owns
         1% or more of the outstanding capital stock of the Company, on a fully-converted,
      fully-diluted basis, shall enter into the same agreement.</font><br>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">3.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td colspan="2" valign="top"><div align="justify"><B><FONT face="serif"><U>Termination of Registration Rights</U></FONT></B><FONT face="serif">.</FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td valign="top"><font face="serif">3.1. </font><br>
</td>
   <td valign="top"><font face="serif">The Holders shall not be entitled to exercise
       any right provided for in Section 2 hereof, after four (4) years following
    the Effective Date.</font></td>
</tr>
</TABLE>

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<PAGE>
<A name="page_12"></A>

<P>&nbsp;
</P>
<TABLE width="100%">
  <tr>
    <td width="5%" valign="top"><div align="justify"></div>
    </td>
    <td width="5%" valign="top"><FONT face="serif">3.2.</FONT><br>
    </td>
    <td width="90%" valign="top"><FONT face="serif"> In addition, the right of the Holders
        to request registration pursuant to Section 2 shall terminate upon such
        date that all Registrable Shares held or entitled to be held upon exercise
    by the Holders may be sold under Rule 144(k) (or any successor rule).</FONT> </td>
  </tr>
</TABLE>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="5%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Designation of Underwriter</U></FONT></B><FONT face="serif">.</FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top">&nbsp;</td>
   <td valign="top"><div align="justify"><font face="serif">The Company
      shall have the right to designate the managing underwriter.</font><br>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Expenses</U></FONT></B><FONT face="serif">.</FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top">&nbsp;</td>
   <td valign="top"><div align="justify"><font face="serif">All expenses incurred in connection with
         any registration under Section 2 shall be borne by the Company, provided
         however, that the Holders shall pay their pro rata portion of the discounts
         payable
  to any underwriter.</font><br>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">6.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Indemnities</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">If any Registrable Shares are included in a registration statement pursuant to this Agreement:</FONT><BR>
   </div></td>
</tr>
</TABLE>
<TABLE width="100%">
  <tr>
    <td width="5%" valign="top"><div align="justify"></div>
    </td>
    <td width="5%" valign="top"><font face="serif">6.1. </font><br>
    </td>
    <td width="90%" valign="top"><div align="justify"><font face="serif">The
          Company will indemnify and hold harmless, to the fullest extent permitted
          by law, each Holder,
          any underwriter (as defined in the Securities Act) for such Holder,
          and each person, if any, who controls such Holder or such underwriter
          (collectively
          and individually referred to as the "</font><b><font face="serif">Indemnified
          Party</font></b><font face="serif">"), from and against any and all losses,
          damages, claims, liabilities, joint or several, costs, and expenses (including
          any amounts paid in any settlement effected with the Company&#146;s
          consent, which consent will not be unreasonably withheld) to which
          such Indemnified
          Party may become subject under applicable law or otherwise, insofar
          as such losses, damages, claims, liabilities (or actions or proceedings
          in respect thereof), costs, or expenses arise out of are based upon
          (i)
          any untrue statement or alleged untrue statement of any material fact
          contained in the registration statement or included in the prospectus,
          as amended or supplemented (including, in each case, all documents
          incorporated by reference therein, as such documents may have been
          updated by later
          dated documents), or (ii) the omission or alleged omission to state
          therein a material fact required to be stated therein or necessary
          to make the
          statements therein, in light of the circumstances in which they are
          made, not misleading</font><b><font face="serif"> </font></b><font face="serif">or
          (iii) any violation or alleged violation by the Company of the Securities
          Act or the Securities and Exchange Act of 1934, as amended (the "</font><b><font face="serif">Exchange
          Act</font></b><font face="serif">"), or any rules or regulations promulgated
          thereunder, and the Company will reimburse each Indemnified Party,
          promptly upon demand, for any reasonable legal or any other expenses
          incurred
          by them in connection with investigating, preparing to defend, or defending
          against, or appearing as a third-party witness in connection with such
          loss, claim, damage, liability, action, or proceeding; </font><u><font face="serif">provided</font></u><font face="serif">, </font><u><font face="serif">however,</font></u><font face="serif"> that
          the Company will not be liable in any such case to the extent that any
          such loss, damage, liability, cost, or expense arises solely out of or
          is based solely upon an untrue statement or alleged untrue statement,
          or omission or alleged omission, so made in conformity with information
    furnished to the Company by the Indemnified Party, in writing,</font> </div></td>
  </tr>
</TABLE>
<P>&nbsp;</P>
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<PAGE>
<A name="page_13"></A>

<P>&nbsp;
</P>
<TABLE width="100%">
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"><font face="serif">specifically for inclusion therein; </font><u><font face="serif">provided,</font></u><font face="serif"> </font><u><font face="serif">further,</font></u><font face="serif"> that
          this indemnity shall not be deemed to relieve any underwriter of any
          of its due diligence obligations; and </font><u><font face="serif">provided</font></u><font face="serif">, </font><u><font face="serif">further,</font></u><font face="serif"> that
          the indemnity agreement contained in this Section 6.1 shall not apply
          to amounts paid in settlement of any such claim, loss, damage, liability,
          or action if such settlement is effected without the Company&#146;s
          consent, which consent will not be unreasonably withheld. Such indemnity
          shall
          remain in full force and effect regardless of any investigation made
          by or on behalf of the Indemnified Party, and regardless of any sale
          in connection with such offering by such Holder. Such indemnity shall
    survive the transfer of securities by a Holder. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="serif">6.2.</font></td>
    <td valign="top"> <div align="justify"><font face="serif"> Each Holder participating
          in a registration hereunder will indemnify and hold harmless the Company
          its Executive
          Officers, Directors, any underwriter for the Company, and each person,
          if any, who controls the Company or such underwriter (collectively
          and individually, the "</font><b><font face="serif">Indemnifiable Parties</font></b><font face="serif">"),
          from and against any and all losses, damages, claims, liabilities, costs,
          or expenses (including any amount paid in any settlement effected with
          such Holder&#146;s consent, which consent will not be unreasonably
          withheld) to any Indemnifiable Party may become subject under applicable
          law or
          otherwise, insofar as such losses, damages, claims, liabilities (or
          actions or proceedings in respect thereof), costs, or expense arise
          out of or
          are based on (i) any untrue statement</font><b><font face="serif"> </font></b><font face="serif">or
          alleged untrue statement of any material fact contained in the registration
          statement or included in the prospectus, as amended or supplemented</font><b><font face="serif"> </font></b><font face="serif">(including,
          in each case, all documents incorporated by reference therein, as such
          documents may have been updated by later dated documents), or (ii) the
          omission or alleged omission to state therein a material fact required
          to be stated therein or necessary to make the statements therein, in
          light of the circumstances in which they are made, not
  misleading,</font><strike><font face="serif"> </font></strike><font face="serif">or
  (iii) any violation or alleged violation by the Company of the Securities Act
  or the Securities and Exchange Act, or any rules or regulations promulgated thereunder
  and such Holder will reimburse each Indemnifiable Party, promptly upon demand,
  for any reasonable legal or other expenses incurred by such Indemnifiable Party
  in connection with investigating, preparing to defend, or defending against,
  or appearing as a third-party witness in connection with such loss, claim, damage,
  action, or proceeding; in each case to the extent, but only to the extent, that
  such untrue statement or alleged untrue statement or omission or alleged omission
  was so made in conformity with written information furnished by such Holder specifically
  for inclusion therein. The foregoing indemnity agreement is subject to the condition
  that, insofar as it relates to any such untrue statement (or alleged untrue statement),
  or omission (or alleged omission) made in the preliminary prospectus but eliminated
  or remedied in the amended prospectus at the time the registration statement
  becomes effective in the final prospectus, such indemnity agreement shall not
  inure to the benefit of (i) the Company, and (ii) any underwriter, if a copy
  of the final prospectus was not furnished to the person or entity asserting the
  loss, liability, claim, or damage at or prior to the time such furnishing is
  required by the Security
  Act; </font><u><font face="serif">provided, further</font></u><font face="serif">,
  that this indemnity shall not be deemed to relieve any underwriter of any of
  its due diligence obligations; </font><u><font face="serif">provided,
  further</font></u><font face="serif">, that the indemnity agreement contained
  in this</font> </div></td>
  </tr>
  <tr>
    <td width="5%" valign="top"><div align="justify"></div>
    </td>
    <td width="5%" valign="top"><br>
    </td>
    <td width="90%" valign="top"><div align="justify"></div>
    </td>
  </tr>
</TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_14"></A>
<TABLE width="100%">
  <tr>
    <td width="4%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="91%" valign="top"><div align="justify"><FONT face="serif">Section 6.2 shall not apply to amounts
          paid in settlement of any such claim loss, damage, liability, or action
          if such settlement is effected without the consent of such Holder, as
          the case may be, which consent shall not be unreasonably withheld; and
          provided, further, that the maximum amount of liability in respect of
          such indemnification shall be limited, in the case of each Holder, to
          an amount equal to the net proceeds actually received by such Holder
    from the sale of Registrable Shares sold pursuant to such registration.</FONT> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="serif">6.3.</font></td>
    <td valign="top">
      <div align="justify"> <FONT face="serif">Promptly after receipt by an Indemnified
          and/or Indemnifiable Party pursuant to the provisions of Section 6.1
          or 6.2 of notice of the commencement of any action involving the subject
          matter of the foregoing indemnity provisions, such Indemnified and/or
          Indemnifiable Party will, if a claim thereof is to be made against
          the indemnifying party pursuant to the provisions of said Section 6.1
          or 6.2, promptly notify the indemnifying party of the commencement
          thereof; but the omission to notify the indemnifying party shall only
          relieve it from any liability which it may have to any Indemnified
          and/or Indemnifiable Party to the extent that such indemnifying party
          has been damaged by such omission
to notify
hereunder.</FONT> <FONT face="serif">In case such action is brought against any
Indemnified and/or Indemnifiable party and it notifies the indemnifying party
of the commencement
thereof, the indemnifying party shall have the right to participate in, and,
to the extent that it may wish, jointly with any other indemnifying party similarly
notified, to assume the defense thereof with counsel reasonably satisfactory
to such Indemnified or Indemnifiable Party; </FONT><U><FONT face="serif">provided,
however</FONT></U><FONT face="serif">, that if the defendants in any action include
both the Indemnified or Indemnifiable Party and the indemnifying party and if
in the reasonable judgment of the Indemnified or Indemnifiable party there are
separate defenses that are available to the Indemnified or Indemnifiable party
or there is a conflict of interest which would prevent counsel for the indemnifying
party from also representing the Indemnified or Indemnifiable party, the Indemnified
or Indemnifiable Party(ies) shall have the right to select, at the expense of
the indemnifying party, separate counsel to participate in the defense of such
action; </FONT><U><FONT face="serif">provided, further, however</FONT></U><FONT face="serif">,
that if the Holders are the Indemnified Party, the Holders shall be entitled
to one (1) separate counsel at the expense of the Company and if underwriters
are also Indemnified parties who are entitled to counsel separate from the indemnifying
party, then all underwriters as a group shall be entitled to one (1) separate
counsel at the expense of the Company. After notice from the indemnifying party
of its election so to assume the defense thereof, the indemnifying party will
not be liable to such Indemnified or Indemnifiable Party pursuant to the provisions
of said Section 6.1 or 6.2 above for any legal or other expense subsequently
incurred by such Indemnified or Indemnifiable Party in connection with the defense
thereof, unless (i) the Indemnified or Indemnifiable Party shall have employed
counsel in accordance with the provision of the preceding sentence, (ii) the
indemnifying party shall not have employed counsel reasonably satisfactory to
the Indemnified or Indemnifiable Party to represent the same within a reasonable
time after the notice of the commencement of the action and within fifteen (15)
days after written notice
of the Indemnified or Indemnifiable Party&#146;s intention to employ separate
counsel pursuant
to the</FONT> </div>
    </td>
  </tr>
</TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_15"></A>

<P>&nbsp;
</P>
<TABLE width="100%">
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"><font face="serif">previous sentence, (iii) the indemnifying
          party has authorized the employment of counsel for the Indemnified or
          Indemnifiable Party at the expense of the indemnifying party, or (iv)
          the indemnifying party has authorized the employment of counsel but such
          party or counsel fails to vigorously defend the action. No indemnifying
          party will consent to entry of any judgment or enter into any settlement,
          which does not include as an unconditional term thereof the giving by
          the claimant or plaintiff to such Indemnified or Indemnifiable Party
    of a release from all liability in respect to such claim or litigation. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><font face="serif">6.4.</font></td>
    <td width="91%" valign="top"> <div align="justify"><font face="serif"> If
          recovery is not available under the foregoing indemnification provisions,
          for any reason other
          than as specified therein, the parties entitled to indemnification
          by the terms thereof shall be entitled to contribution to liabilities
          and
          expenses. In determining the amount of contribution to which the respective
          parties are entitled, there shall be considered the parties&#146; relative
          knowledge and access to information concerning the matter with respect
          to which the right to indemnification was asserted, the opportunity
          to correct and prevent any statement or omission, and any other equitable
          consideration appropriate under the circumstances. In no event shall
          any party that is found liable for fraudulent misrepresentation within
          the meaning of Section 1(f) of the Securities Act be entitled to contribution
    hereunder from any party not found so liable. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><FONT face="serif">7.</FONT></td>
    <td colspan="2" valign="top"><div align="justify"><b><u><font face="serif">Obligations of the
              Company</font></u></b><b><font face="serif">. </font></b><font face="serif">Whenever
              required under this Agreement to effect the registration of any Registrable
              Shares, the Company shall, as
  expeditiously as possible:</font></div></td>
  </tr>

  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"></div></td>
    <td valign="top"><div align="justify"></div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"><font face="serif">7.1. </font></div></td>
    <td valign="top"> <div align="justify"><font face="serif">Prepare and file with the Commission
          a registration statement with respect to such Registrable Shares and
          use its best efforts to cause such
  registration statement to become effective</font><b><font face="serif"> </font></b><font face="serif">with
  the Commission or pursuant to the Blue Sky laws of such jurisdictions as shall
  be reasonably requested by the Holders, and, upon the request of the Holders
  of the majority of the Registrable Shares registered thereunder, keep such registration
  statement effective for a period of up to two (2) years for any registration
  under Form F-3 (which shall be kept effective subject to the provisions of Rule
  415), or for nine (9) months for any registration under F-1, or if sooner until
  the distribution contemplated in the registration statement has been completed.</font><b><font face="serif"> </font></b> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="serif">7.2.</font></td>
    <td valign="top"> <div align="justify"><font face="serif"> Prepare and file with the Commission
          such amendments and supplements to such registration statement and the
          prospectus used in connection with such registration statement as may
          be necessary to comply with the provisions of the Securities Act with
          respect to the disposition of all Registrable Shares covered by such
    registration statement. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="serif">7.3.</font></td>
    <td valign="top"> <div align="justify"><font face="serif"> Furnish to the Holders and each duly
          authorized underwriter such numbers of copies of a prospectus, including
          a preliminary prospectus, in conformity with the requirement of the Securities
          Act, and such other documents as they may reasonably request in order
          to facilitate the disposition of Registrable
  Shares owned by the Holders. </font> </div></td>
  </tr>
</TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_16"></A>
<TABLE width="100%">
  <tr>
    <td width="4%" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><font face="serif">7.4.</font></td>
    <td width="91%" valign="top"><font face="serif"> In the event of any underwritten
        public offering, enter into and perform its obligations under an underwriting
        agreement, in usual and customary form, with the managing underwriter
        of such offering. Each Holder participating in such underwriting shall
    also enter into and perform its obligations under such agreement. </font> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="serif">7.5.</font></td>
    <td valign="top"> <div align="justify"><font face="serif"> Notify each Holder of Registrable Shares
          covered by such registration statement at any time when a prospectus
          relating thereto is required to be delivered under the Securities Act
          of the happening of any event as a result of which the prospectus included
          in such registration statement, as then in effect, includes an untrue
          statement of a material fact or omits to state a material fact required
          to be stated therein or necessary to make the statements therein not
          misleading in light of the circumstances then existing, and promptly
          amend such prospectus by filing a post effective supplement so that such
          prospectus does not contain an untrue statement of material fact or omit
          to state a material fact required to be stated therein or necessary to
          make the statements therein not misleading in light of the circumstances
          then existing, and deliver copies
  thereof to the Holder. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="serif">7.6.</font></td>
    <td valign="top"> <div align="justify"><font face="serif"> Cause all Registrable Shares registered
          pursuant hereunder to be listed on each securities exchange or Nasdaq
          on which similar securities
  issued by the Company are then listed.</font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="serif">7.7.</font></td>
    <td valign="top"> <div align="justify"><font face="serif"> Provide a transfer agent and registrar
          for all Registrable Shares registered pursuant to this Agreement and
          a CUSIP number for all such Registrable Shares, in each case not later
    than the effective date of such registration. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="serif">7.8. </font></td>
    <td valign="top"> <div align="justify"><font face="serif">Furnish, at the request of any Holder,
          on the date that such Registrable Shares are delivered to the underwriters
          for sale in connection with a registration pursuant to this Agreement,
          if such securities are being sold through underwriters, or, if such securities
          are not being sold through underwriters, on the date that the registration
          statement with respect to such securities becomes effective, (i) an opinion,
          dated such date, of the counsel representing the Company for the purposes
          of such registration, in form and substance as is customarily given to
          underwriters in an underwritten public offering, addressed to the underwriters,
          if any, and to such Holder, and (ii) a letter dated such date, from the
          independent certified public accountants of the Company, in form and
          substance as is customarily given by independent certified public accountants
          to underwriters in an underwritten public offering addressed to the underwriters,
          if any, and to such
  Holder. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="serif">7.9. </font></td>
    <td valign="top"> <div align="justify"><font face="serif">Promptly notify each Holder, if the
          Holder is selling Registrable Shares covered by a registration statement,
          of the issuance by the Commission of any stop order suspending the effectiveness
          of the registration statement or the initiation of any proceedings for
          that purpose. The Company shall use its reasonable best efforts to obtain
          the withdrawal of any order suspending the effectiveness of the registration
    statement. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="serif">7.10. </font><u><font face="serif"></font></u></td>
    <td valign="top"><div align="justify"><u><font face="serif">Conditions to Registration</font></u><font face="serif">.
          The Company shall not be obligated to effect the registration of the
          Registrable Shares pursuant to this Agreement unless the Holders participating
    therein consent to customary conditions of a reasonable</font> </div></td>
  </tr>
</TABLE>
<P>&nbsp;</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_17"></A>
<TABLE>
<TR>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"></div></td>
  <TD colspan="2" valign="top"> <div align="justify"><font face="serif">nature that are imposed by
    the Company, including, but no limited to, the following: </font> </div></TD>
  </tr>
<TR>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"></div></td>
  <TD valign="top"><div align="justify"></div></TD>
  <td valign="top">&nbsp;</td>
</tr>
<TR>
   <td valign="top" width="4%">&nbsp;</td>
   <td valign="top" width="5%"><div align="justify"></div></td>
   <TD valign="top" width="6%"><div align="justify"><FONT face="serif">(a)</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td width="85%" valign="top"><div align="justify"><FONT face="serif">Conditions requiring the Holders to comply with all applicable provisions of the Securities Act and the Exchange Act, including, but not limited to, the prospectus delivery requirements; and</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="4%">&nbsp;</td>
   <td valign="top" width="5%"><div align="justify"></div></td>
   <td valign="top" width="6%"><div align="justify"><FONT face="serif">(b)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif">Conditions prohibiting the Holders, upon receipt of written notice from the Company that it is required by law to correct or update the registration statement or prospectus, from effecting sales of the
  Registrable Shares until the Company has completed the necessary correction or updating.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="4%"><FONT face="serif">8.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top" colspan="3"><div align="justify"><B><FONT face="serif"><U>Customary&nbsp;Arrangements</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Each
         Holder may not participate in any underwritten offering pursuant to
         a registration filed hereunder unless such person (a) agrees to sell
         such person&#146;s securities on the basis pmrovided in customary underwriting
         arrangements, and (b) provides all relevant information and completes
         and executes all questionnaires, powers of attorney,  indemnities, underwriting
         agreements, and other documents required under the terms of such underwriting
         arrangements; provided, however, that the Holders participating in the
         underwritten registration may appoint one legal or other representative
         to
  negotiate the underwriting arrangements, at such Holder&#146;s expense.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="4%"><FONT face="serif">9.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top" colspan="3"><div align="justify"><B><FONT face="serif"><U>Public&nbsp;Information</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">The Company shall undertake to make publicly available and available to the Holders adequate current public
  information within the meaning of, and as required pursuant to, Rule 144 and shall use its reasonable best efforts to satisfy the Registrant Requirements for the use of Form F-3 during the term of this Agreement.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="4%"><FONT face="serif">10.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top" colspan="3"><div align="justify"><B><FONT face="serif"><U>Non-United&nbsp;States&nbsp;Offering</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">In the event of a public offering of securities of the Company outside of the United States, the Company
  will afford the Holders registration rights in accordance with applicable law and comparable in substance to the foregoing registration rights.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="4%"><FONT face="serif">11.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top" colspan="3"><div align="justify"><B><FONT face="serif"><U>Assignment&nbsp;of&nbsp;Registration&nbsp;Rights</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">The
         rights to cause the Company to register Registrable Shares pursuant
         to this Agreement may only be assigned by a Holder (the "</FONT><B><FONT face="serif">Assignment</FONT></B><FONT face="serif">")
         under the following conditions:</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="2">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="4%">&nbsp;</td>
   <td valign="top" width="5%"><div align="justify"><FONT face="serif">(i)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top" colspan="2"><div align="justify"><FONT face="serif">The Assignment shall be concurrent with the sale or transfer of Registrable Shares and only with respect to the transferred Registrable Shares;</FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top" width="4%">&nbsp;</td>
   <td valign="top" width="5%"><div align="justify"><FONT face="serif">(ii)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top" colspan="2"><div align="justify"><FONT face="serif">Pursuant to the Assignment, a Holder may only assign the registration rights contained herein on up to two (2) occasions, to no more than five (5) transferees on each occasion;</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"><font face="serif">(iii)</font><br>
&nbsp;&nbsp;</div></td>
  <td valign="top" colspan="2"><div align="justify"><font face="serif">The assignees of the registration
        rights may not further assign the registration rights.</font><br>
  </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"></div></td>
  <td valign="top" colspan="2"><div align="justify"></div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="3" valign="top"> <div align="justify"><font face="serif">Provided, (a) the Company,
        is upon such transfer, furnished with written notice of the name and address
    of such transferee or assignee and the securities with respect to which</font> </div></td>
  </tr>
<tr>
   <td valign="top" width="4%">&nbsp;</td>
   <td valign="top" width="5%">&nbsp;</td>
   <td valign="top" colspan="0">&nbsp;</td>
</tr>
</TABLE>
<P>&nbsp;</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_18"></A>
<TABLE>
<TR>
  <TD valign="top"><div align="justify"></div></TD>
  <td valign="top"> <div align="justify"><font face="serif">such registration rights are being assigned,
        and (b) such transferee or assignee agrees in writing to be bound by and
    subject to the terms and conditions of this Agreement.</font><b><font face="serif"> </font></b> </div></td>
</tr>
<TR>
  <TD valign="top"><div align="justify"></div></TD>
  <td valign="top"><div align="justify"></div></td>
</tr>
<TR>
   <TD valign="top" width="5%"><div align="justify"><FONT face="serif">12.</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Changes&nbsp;in&nbsp;Registrable&nbsp;Shares</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">If, and as often as, there are any changes in the Registrable Shares by way of stock split, stock dividend,
  combination or reclassification, or through merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions of this Agreement, as may be required, so that the rights and
  privileges granted hereby shall continue with respect to the Registrable Shares as so changed.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">13.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><u>Entire&nbsp;Agreement</u></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">This Agreement constitutes the full and entire understanding and agreement among the parties hereto with respect to the
  subject matter hereof and supersedes all prior agreements (including, without limitation, the Letter Agreement entered into between the Company and the Holders, and any and all negotiations and oral understandings with respect thereto) and any and
  all registration rights that the Company had previously granted to any party hereto in any capacity whatsoever. Nothing in this Agreement, express or implied, is intended to confer upon any Person, other than the parties hereto and their respective
  successors and assigns, any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided herein.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">14.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><u>Governing&nbsp;Law</u></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">This Agreement shall be governed in all respects by the laws of the State of New York, as such laws are applied to agreements
  between State of New York residents entered into and to be performed entirely within State of New York, whether or not all parties hereto are residents of State of New York.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">15.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Successors&nbsp;and&nbsp;Assigns</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Subject to the provisions of Section 11 above, the provisions hereof shall inure to the benefit of, and be binding upon,
  the successors, assigns, heirs, executors and administrators of the parties hereto.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">16.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Notices</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and if: (i) served or sent
  by post shall be deemed to have been served or delivered ten (10) days after the time when the letter was deposited in the mail, postage prepaid for first class mail or airmail, as applicable, or (ii) sent via facsimile or electronic mail, shall be
  deemed to have been served or delivered on the first business day following the date that the facsimile or electronic mail was sent, provided that, if no electronic mail confirmation is delivered by the recipient of such notice to the sender thereof
  within twenty-four (24) hours following the delivery of such notice, such notice has to be resent via facsimile and shall be deemed to have been served or delivered on the first business day following the date that such notice was resent via
  facsimile, all to the addresses of the Holders as set forth on </FONT><B><FONT face="serif"><u>Schedule&nbsp;1</u> </FONT></B><FONT face="serif">hereto, or to such other address as such party shall furnish the Company in
  writing, and if to the Company, at its address</FONT><BR>
   </div></td>
</tr>
</TABLE>

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<PAGE>
<A name="page_19"></A>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top"> <div align="justify"><font face="serif">set forth in the preamble to this Agreement
        or at such other address as the Company shall have furnished to the parties
    in writing. </font> </div></td>
</tr>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top"><div align="justify"></div></td>
</tr>
<TR>
   <TD valign="top" width="5%"><FONT face="serif">17.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Severability</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Any invalidity, illegality or limitation on the enforceability of this Agreement or any part thereof, by any party whether arising
  by reason of the law of the respective party's domicile or otherwise, shall in no way affect or impair the validity, legality or enforceability of this Agreement with respect to other parties. If any provision of this Agreement shall be judicially
  determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"></div></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">18.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Titles&nbsp;and&nbsp;Subtitles</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">The titles of the Sections of this Agreement are for convenience of reference only and are not to be considered in
  construing this Agreement.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"></div></td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">19.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><u>Counterparts</u></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall
  constitute one instrument. This Agreement may be executed by exchange of signatures via facsimile.</FONT><BR>
   </div></td>
</tr>
</TABLE>
<P>&nbsp;
</P>
<P><B><FONT face="serif">IN WITNESS WHEREOF</FONT></B><FONT face="serif">, the parties have signed this Agreement, as of the date first appearing above. </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="48%"><b><font face="serif">Nur Macroprinters Ltd. </font></b></TD>
  <TD align="center"> <div align="left"><b><font face="serif">X Securities Ltd. </font></b> </div></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT face="serif">By:&nbsp;&nbsp;&nbsp;&nbsp; ______________________</FONT></TD>
   <TD align="center" width="52%"><div align="left"><FONT face="serif">By:&nbsp; &nbsp;&nbsp;______________________</FONT></div></TD>
</TR>
<TR>
   <TD><FONT face="serif">Title:&nbsp; ______________________</FONT></TD>
   <TD align="center" width="52%"><div align="left"><FONT face="serif">Title:&nbsp; ______________________</FONT></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center"><div align="left"><FONT face="serif">&nbsp;________________________________________</FONT></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="52%"><div align="left"><B><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Fuchs</FONT></B></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><div align="left"></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><div align="left"></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><div align="left"></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><div align="left"></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><div align="left"><FONT face="serif">&nbsp;________________________________________</FONT></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="52%"><div align="left"><B><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matthew Norton</FONT></B></div></TD>
</TR>
</TABLE>

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<PAGE>
<A name="page_20"></A>

<P align="center">
<B><U><FONT face="serif">Schedule 1</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P align="center">
<FONT face="serif">List of Holders </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan=2><HR noshade size=2>
    </TD>
  </TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Name of Holder</FONT></B></div></TD>
   <TD align="center" width="59%"><div align="left"><B><FONT size=2 face="serif">Address</FONT></B></div></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
</TR>
<TR>
   <TD><FONT face="serif">David Fuchs</FONT></TD>
   <TD width="59%"><FONT face="serif">135 Rogers Drive</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">New Rochelle, NY 10804</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">United States</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">Fax: +1- _______________</FONT></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
</TR>
<TR>
   <TD><FONT face="serif">X Securities, Ltd.</FONT></TD>
   <TD width="59%"><FONT face="serif">830 3</FONT><SUP><FONT face="serif">rd </FONT></SUP><FONT face="serif">Ave. 14</FONT><SUP><FONT face="serif">th </FONT></SUP><FONT face="serif">Floor</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">New York, NY 10022</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">United States</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">Fax: +1- _______________</FONT></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
</TR>
<TR>
   <TD><FONT face="serif">Matthew L. Norton</FONT></TD>
   <TD width="59%"><FONT face="serif">43-19 41</FONT><SUP><FONT face="serif">st </FONT></SUP><FONT face="serif">Street Apt. 3C</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
<TD width="59%"><FONT face="serif">Sunnyside, NY 11104</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">United States</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">Fax: +1- _______________</FONT></TD>
</TR>
<TR>
  <TD><HR noshade size=2></TD><TD><HR noshade size=2></TD>
  </TR>
</table>
<p>&nbsp;</p>
<HR noshade size=2>
<p>&nbsp;</p>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.14
<SEQUENCE>4
<FILENAME>c31946_ex4-14.htm
<TEXT>

<html>
<head>
<title>Untitled Document</title>

</head>

<body>


   <TD width="59%">&nbsp;</TD>
<TR><TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<P align="right">
<U><FONT face="serif">Exhibit 4.14</FONT></U>
</P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Form of Warrant Agreement, dated March 31, 2004</FONT><B><FONT face="serif"> </FONT></B><FONT face="serif"><br>
between the Registrant and the Placement Agent (Matthew Norton)</FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_22"></A>

<P align="center">
<B><U><FONT face="serif">WARRANT</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P align="justify">
<B><FONT face="serif">THIS WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT (the "SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (the "SECURITIES ACT") OR QUALIFIED UNDER ANY STATE OR
FOREIGN SECURITIES LAW, AND THE WARRANT MAY NOT BE EXERCISED AND THE WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE MAY NOT BE SOLD, TRANSFERRED, PLEDGED, ASSIGNED OR HYPOTHECATED, UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT COVERING THIS WARRANT AND/OR SUCH SECURITIES, OR THE HOLDER RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THE WARRANT AND/OR SUCH SECURITIES SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, PLEDGE, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE SECURITIES ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE LAW. </FONT></B>
</P>
<P align="center">
<FONT face="serif">to purchase </FONT>
<br>
<B><FONT face="serif">Ordinary Shares </FONT></B></P>
<P align="center"><FONT face="serif">of </FONT>
</P>
<P align="center">
<B><FONT face="serif">NUR MACROPRINTERS LTD. </FONT></B><FONT face="serif"><br>
at a price of $0.62 per share </FONT>
</P>
<P align="center">
<FONT face="serif">VOID AFTER 17:00 p.m. (prevailing Tel Aviv time) <br>
On the Expiration Date (as hereinafter defined) </FONT>
</P>
<P align="center">
<FONT face="serif">in favor of </FONT>
</P>
<P align="right">
<FONT face="serif"> 	March 31, 2004 </FONT>
</P>
<P align="justify">
<B><FONT face="serif">NUR MACROPRINTERS LTD.,</FONT></B><FONT face="serif"> an Israeli company with its principal offices at 12 Abba Hillel Silver Street, Lod, Israel (the "</FONT><B><FONT face="serif">Company</FONT></B><FONT face="serif">"), hereby
grants to Matthew Norton (the "</FONT><B><FONT face="serif">Holder</FONT></B><FONT face="serif">"), the right to purchase, subject to the terms and conditions hereof, up to three thousand (3,000) of the Company's Ordinary Shares, par value NIS 1.00
per share ("</FONT><B><FONT face="serif">Ordinary Shares</FONT></B><FONT face="serif">"), exercisable at any time from time to time, on or after the date hereof (the "</FONT><B><FONT face="serif">Effective Date</FONT></B><FONT face="serif">"), and
until the fifth anniversary of such date (the "</FONT><B><FONT face="serif">Expiration Date</FONT></B><FONT face="serif">"). </FONT>
</P>
<P align="justify">
<FONT face="serif">Hereinafter: (i) the Ordinary Shares purchasable hereunder or any other securities which may be issued by the Company in substitution therefor, are referred to as the "</FONT><B><FONT face="serif">Warrant Shares</FONT></B><FONT
face="serif">"; (ii) the price of sixty two cents ($0.62) payable hereunder for each of the Warrant Shares, as adjusted in the manner set forth hereinafter, is referred to as the "</FONT><B><FONT face="serif">Exercise Price</FONT></B><FONT
face="serif">" and (iii) this Warrant and all warrants hereafter issued in exchange or substitution for this Warrant are referred to as the "</FONT><B><FONT face="serif">Warrants</FONT></B><FONT face="serif">". The Exercise Price and the number of
Warrant Shares are subject to adjustment as hereinafter provided. </FONT>
</P>

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<PAGE>
<A name="page_23"></A>

<P>
<FONT face="serif">1.</FONT>&nbsp;<FONT face="serif">Warrant Period; Exercise of Warrant</FONT>
</P>
<TABLE>
<TR>
  <TD valign="top"><div align="justify"><font face="serif">&nbsp;&nbsp;&nbsp;1.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</font></div></TD>
  <td valign="top"> <div align="justify"><font face="serif">This Warrant may
        be exercised in whole at any time, or in part from time to time, beginning
        on the date hereof
        until the Expiration Date (the "</font><b><font face="serif">Warrant Period</font></b><font face="serif">"),
        by the surrender of this Warrant (with a duly executed exercise form
        in the form attached at the end hereof as </font><b><u><font face="serif">Exhibit
        A</font></u></b><font face="serif">), along with the Exercise Certificate
        or the Exercise Opinion (each as defined in Section 1.1(b) below), at the
        principal office of the Company, set forth above, together with proper
        payment of the Exercise Price multiplied by the number of Warrant Shares
        for which the Warrant is being exercised. Payment for Warrant Shares shall
        be made by certified or official bank check or checks, payable to the order
        of the Company or by wire transfer to an account to be designated in writing
    by the Company. Payments shall be made in United States dollars. </font> </div></td>
</tr>
<TR>
  <TD valign="top"><div align="justify"></div></TD>
  <td valign="top"><div align="justify"></div></td>
</tr>
<TR>
   <TD valign="top" width="10%"><div align="justify"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td width="90%" valign="top"><div align="justify"><FONT face="serif">In addition
         to the method of exercise set forth in Section 1.1(a) hereof, each Holder
         shall have the right to exercise the Warrant in whole or in part and,
         upon such exercise, to receive for each Warrant surrendered a fraction
         of one Ordinary Share as shall be determined by the formula set forth
         below, with no cash payment required other than a payment of Equivalent
         Par Value (as defined below) for each Ordinary Share issued upon the
         exercise of the
  Warrant in accordance with this Section 1.1(b). The number of Ordinary Shares
         the Holder shall be entitled to receive shall upon the exercise of the
         Warrant and surrender of the related warrant certificate in accordance
         with this Section 1.1(b) shall be equal to the product of (x) the total
         number of Ordinary Shares exchangeable for the Warrants being exercised
         (assuming exercise in accordance with Section 1.1(a)) multiplied by
         (y) a fraction, the numerator of which is the aggregate Market
  Price (as defined below) of such Ordinary Shares plus Equivalent Par Value
         less the aggregate Exercise Price therefore, and the denominator of
         which is such aggregate Market Price. Upon exercise of the Warrants
         pursuant to this Section 1.1(b), the warrants so exercised shall no
         longer be exercisable. Solely for the purpose of this paragraph, "</FONT><B><FONT face="serif">Equivalent Par Value</FONT></B><FONT face="serif">" shall
         be an amount in U.S. Dollars equal to NIS 1.0 based on the Representative
         Rate of the U.S. Dollar as published by the Bank of Israel on the date
         of payment. Solely for the purposes of this paragraph, Market Price
         shall be calculated as the average of the five trading days immediately
         preceding the date on
  which the form of exercise attached (Exhibit A) is deemed to have been sent
         to the Company. For the purposes of this paragraph, "</FONT><B><FONT face="serif">Market Price</FONT></B><FONT face="serif">" shall
         be deemed to be the last reported sale price of the Ordinary Shares,
         or if no such reported sale takes place on such day, the average of
         the last reported sale prices for the last three (3) trading days.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top"><div align="justify"></div></td>
  <td valign="top"><div align="justify"></div></td>
</tr>
<tr>
   <td valign="top" width="10%"><div align="justify"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif">The Holder of a Warrant, by its acceptance thereof, covenants and agrees that the Warrants described herein are being acquired as an investment and not with a view to the distribution thereof and such Holder
  further covenants</FONT><BR>
   </div></td>
</tr>
</TABLE>

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<PAGE>
<A name="page_24"></A>
<TABLE>
  <tr>
    <td valign="top" width="5%"><div align="justify"><BR>
&nbsp;&nbsp;</div></td>
    <td width="95%" valign="top"> <div align="justify"><FONT face="serif">and agrees that
            it will not sell, transfer, pledge, assign, or hypothecate the Warrant
            or the ordinary shares issueable upon exercise of the Warrant unless
            there is an effective registration statement under the Securities Act
            of 1933 covering the Warrant or the ordinary shares issueable upon
            exercise of the Warrant, or the Holder of the Warrant and/or the ordinary
            shares receives an opinion of counsel satisfactory to the Company stating
            that such sale, transfer, pledge, assignment, or hypothecation is exempt
            from the registration and prospectus delivery requirements of the Securities
    Act of 1933 and the qualification requirements under applicable law.</FONT> </div></td>
  </tr>
  <tr>
    <td valign="top"><div align="justify"></div></td>
    <td valign="top"><div align="justify"></div></td>
  </tr>
  <tr>
    <td valign="top"><div align="justify"><font face="serif">&nbsp;&nbsp;&nbsp;1.2. </font></div></td>
    <td valign="top"> <div align="justify"><font face="serif">If this Warrant should be exercised
          in part, the Company shall, upon surrender of this Warrant for cancellation,
          execute and deliver a new Warrant evidencing the rights of the Holder
          to purchase the remainder of the Ordinary Shares purchasable hereunder.
          The Company shall pay any and all expenses, taxes and other charges that
          may be payable in connection with the issuance of the Warrant Shares
          and the preparation and delivery of share certificates pursuant to this
          Section 1 in the name of the Holder (including without limitation the
          applicable stamp duty), and to the extent required, the execution and
          delivery of a new Warrant, provided, however, that the Company shall
          only be required to pay taxes which are due as a direct result of the
          issuance of the Ordinary Shares or other securities, properties or rights
          underlying such Warrants (such as the applicable stamp duty), and will
          not be required to pay any tax which may be (i) due as a result of the
          specific identity of the Holder or (ii) payable in respect of any transfer
          involved in the issuance and delivery of any such certificates in a name
          other than that of the Holder and the Company shall not be required to
          issue or deliver such certificates unless or until the person or persons
          requesting the issuance thereof shall have paid to the Company the amount
          of such tax or shall have established to the satisfaction of the Company
    that such tax has been paid. </font> </div></td>
  </tr>
  <tr>
    <td valign="top"><div align="justify"></div></td>
    <td valign="top"><div align="justify"></div></td>
  </tr>
  <tr>
    <td valign="top"><div align="justify"><font face="serif">&nbsp;&nbsp;&nbsp;1.3. </font></div></td>
    <td valign="top"> <p align="justify"><font face="serif">No fractions of Ordinary Shares shall
          be issued in connection with the exercise of this Warrant, and the number
          of Ordinary Shares issued shall be rounded down to the nearest whole
      number.
            </font></p>
      <p align="justify"><font face="serif"><font face="serif">Upon the issuance of Ordinary Shares resulting from
            the exercise in whole or in part of this Warrant, the Company shall deliver
            to the Holder an irrevocable letter of instructions to the Company's
            transfer agent to issue as soon as is reasonably practicable to the Holder
            share certificates reflecting the Warrant Shares exercised thereby, together
            with any and all other documents required for the issuance of such certificates
    by the transfer agent. </font> </font> </p></td>
  </tr>
</TABLE>
<table width="100%" border="0">
  <tr>
    <td width="2%">&nbsp;</td>
    <td width="98%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">2. <u><font face="serif">Reservation of Shares</font></u></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><div align="justify"><font face="serif">The Company covenants that: (i) at all times during
        the Warrant Period it shall have in reserve, and will keep available solely
        for issuance or delivery upon exercise of the Warrant, such number of Ordinary
        shares as shall be issuable upon the exercise thereof, and (ii) upon exercise
        of the Warrant and payment of the Exercise Price therefor, the Warrant
        Shares issuable upon such exercise will be validly issued, fully paid,
        non</font><br>
    </div></td>
  </tr>
</table>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_25"></A>

<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<table width="100%" border="0">
  <tr>
    <td >&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td ><font face="serif">assessable,
          free and clear from any lien, encumbrance, pledge or any other third
    party right and not subject to any preemptive rights. </font></td>
  </tr>
</table>
<P>&nbsp;</P>
<P>3. <U><FONT face="serif">Adjustments to Exercise Price and Number of Securities</FONT></U></P>
<TABLE>
  <tr>
    <td width="43" valign="top"><div align="justify"><font face="serif">&nbsp;&nbsp;&nbsp;3.1.</font></div>
    </td>
    <td width="1179" valign="top">
      <p align="justify"><U><FONT face="serif">Subdivision&nbsp;and&nbsp;Combination</FONT></U><FONT face="serif">.
        In case the Company shall at any time subdivide or combine the outstanding
        Ordinary Shares, the Exercise Price shall forthwith be proportionately
        decreased in the case of subdivision or increased in the case of combination.</FONT><BR>
<font face="serif"> </font> </p>
    </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font face="serif">&nbsp;&nbsp;&nbsp;3.2.</font></td>
    <td valign="top"><div align="justify"><u><font face="serif">Stock&nbsp;Dividends&nbsp;and&nbsp;Distributions</font></u><font face="serif">.
          In case the Company shall pay a dividend on, or make a distribution of,
          Ordinary Shares or of the Company's capital stock convertible into Ordinary
          Shares, the Exercise Price shall forthwith be proportionately decreased.
          An adjustment made pursuant to this Section 3.2 shall be made as of the
    record date for the subject stock dividend or distribution. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font face="serif">&nbsp;&nbsp;&nbsp;3.3. </font><u><font face="serif"></font></u></td>
    <td valign="top"><div align="justify"><u><font face="serif">Adjustment&nbsp;in&nbsp;Number&nbsp;of&nbsp;Securities</font></u><font face="serif">.
          Upon each adjustment of the Exercise Price pursuant to the provisions
          of this Section 3, the number of Ordinary Shares issuable upon the exercise
          of each Warrant shall be adjusted to the nearest full amount by multiplying
          a number equal to the Exercise Price in effect immediately prior to such
          adjustment by the number of Ordinary Shares issuable upon exercise of
          the Warrants immediately prior to such adjustment and dividing the product
    so obtained by the adjusted Exercise Price. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"></div></td>
  </tr>
  <tr>
    <td valign="top"><font face="serif">&nbsp;&nbsp;&nbsp;3.4. </font><u><font face="serif"></font></u></td>
    <td valign="top"><div align="justify"><u><font face="serif">Definition&nbsp;of&nbsp;Ordinary&nbsp;Shares</font></u><font face="serif">.
          For the purpose of this Warrant, the term "Ordinary Shares" shall mean
          (i) the class of stock designated as Ordinary Shares in the Articles
          of Association of the Company as may be amended as of the date hereof,
          or (ii) any other class of stock resulting from successive changes
          or reclassifications of such Ordinary Shares consisting solely of changes
          in nominal value, or from nominal value to no nominal value, or from
    no nominal value to nominal value. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"></div></td>
  </tr>
  <tr>
    <td valign="top"><font face="serif">&nbsp;&nbsp;&nbsp;3.5.</font></td>
    <td valign="top"><div align="justify"><u><font face="serif">No&nbsp;Adjustment&nbsp;of&nbsp;Exercise&nbsp;Price&nbsp;in&nbsp;Certain&nbsp;Cases.</font></u><font face="serif"> No
          adjustment of the Exercise Price shall be made if the amount of said
          adjustment shall be less
            than 2 cents ($.02) per Ordinary Share, provided, however, that in
            such case any adjustment that would otherwise be required then to
          be made shall be carried forward and shall be made at the time of and
            together with the next subsequent adjustment which, together with
          any
            adjustment so carried forward, shall amount to at least 2 cents ($.02)
    per Ordinary Share. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"></div></td>
  </tr>
  <tr>
    <td valign="top"><font face="serif">&nbsp;&nbsp;&nbsp;3.6.</font></td>
    <td valign="top"><div align="justify"><u><font face="serif">Merger&nbsp;or&nbsp;Consolidation</font></u><font face="serif">.
          In case of any consolidation of the Company with or merger of the Company
          with, or merger of the Company into, (other than a merger which does
          not result in any reclassification or change of the outstanding Ordinary
          Shares), the Company shall cause the corporation formed by such consolidation
          or merger to execute and deliver to the Holder a supplemental warrant
          agreement providing that the Holder of the Warrant then outstanding or
          to be outstanding shall have the right thereafter (until the expiration
          of such Warrant) to receive, upon exercise of such Warrant, the kind
    and amount of shares of stock and other</font> </div></td>
  </tr>
</TABLE>
<P>&nbsp;</P>
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<PAGE>
<A name="page_26"></A>

<P>&nbsp;
</P>
<TABLE>
  <tr>
    <td width="105" valign="top">&nbsp;</td>
    <td width="988" valign="top"><div align="justify"><FONT face="serif">securities
          and property receivable upon such consilidation or merger, by a holder
          of the number of Ordinary Shares of the Company for which such Warrant
          might have been exercised immediately prior to such consolidation,
          merger, sale or transfer. Such supplemental warrant agreement shall
          provide for adjustments which shall be identical to the adjustments
          provided in Section 3. The above provision of this Subsection shall
          similarly apply to successive consolidations or mergers. </FONT> </div>
    </td>
  </tr>
</TABLE>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top" colspan="2">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="3%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top" colspan="2"><div align="justify"><FONT face="serif"><u>Notices&nbsp;to&nbsp;Warrant&nbsp;Holders</u></FONT><FONT face="serif">. Nothing contained in this Warrant shall be construed as conferring upon the Holder the right to vote or to consent or to receive notice as a
  stockholder in respect of any meetings of stockholders for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If, however, at any time prior to the Expiration Date, any of the following
  events shall occur:</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="7%"><div align="justify"><FONT face="serif">(a)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td width="90%" valign="top"><div align="justify"><FONT face="serif">the Company shall take a record of the holders of its Ordinary Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution
  payable otherwise than out of current or retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company; or</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="7%"><div align="justify"><FONT face="serif">(b)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif">the Company shall offer to all the holders of its Ordinary Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company,
  or any option, right or warrant to subscribe therefor; or</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="7%"><div align="justify"><FONT face="serif">(c)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif">a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets and business as an entirety shall
  be proposed;</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top"> <div align="justify"><font face="serif">then, in any one or more of said events,
        the Company shall give to the Holder written notice of such event at least
        fifteen (15) days prior to the date fixed as a record date or the date
        of closing the transfer books for the determination of the stockholders
        entitled to such dividend, distribution, convertible or exchangeable securities
        or subscription rights, or entitled to vote on such proposed dissolution,
    liquidation, winding up or sale. </font> </div></td>
  </tr>
</TABLE>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top" colspan="2">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top" colspan="2"><FONT face="serif"><u>Non-Transferability</u></FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="7%"><FONT face="serif">(a)</FONT><BR>&nbsp;&nbsp;</td>
   <td width="90%" valign="top"><div align="justify"><FONT face="serif">The Holder
         covenants and agrees that the Warrants are being acquired as an investment
         and not with a view to the distribution thereof. The Holder shall not
         sell, transfer, assign, encumber, pledge or otherwise dispose or undertake
         to dispose of ("</FONT><B><FONT face="serif">Sell</FONT></B><FONT face="serif">")
         the Warrants until the first anniversary of the Effective Date. Thereafter,
         the Holder may, subject to applicable securities laws, Sell, all or
         any portion of the Warrants, provided that the Holder may only Sell
         the Warrants on two occasions, to no more than five (5) transferees
         on each occasion, provided further that on the second such occasion
         the Holder shall reimburse the Company with
  any and all direct costs incurred by the Company connected with such sale,
         transfer or assignment including any reasonable registration costs.</FONT><BR>
   </div></td>
</tr>
</TABLE>

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<PAGE>
<A name="page_27"></A>
<TABLE>
  <tr>
    <td valign="top" width="3%">&nbsp;</td>
    <td valign="top" width="7%"><FONT face="serif">(b)</FONT><BR>
&nbsp;&nbsp;</td>
    <td width="90%" valign="top"><FONT face="serif">Unless
            registered, the Warrant Shares issued upon exercise of the Warrants
            shall be subject to a stop transfer order and the certificate or certificates
            evidencing such Warrant Shares shall bear legend substantially similar
            to
  the following:</FONT></td>
  </tr>
</TABLE>
<table width="100%" border="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="25%">&nbsp;</td>
    <td width="75%"> <div align="justify"><font face="serif">"</font><b><font face="serif">THE SHARES REPRESENTED
            BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
            OF 1933, AS AMENDED, PURSUANT TO A REGISTRATION STATEMENT. ACCORDINGLY,
            SUCH SHARES MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO A REGISTRATION
            STATEMENT UNDER SUCH ACT, OR AN EXEMPTION FROM REGISTRATION UNDER SUCH
    ACT.</font></b><font face="serif">" </font> </div></td>
  </tr>
</table>
<BR>
<TABLE>
<TR>
   <TD valign="top" width="3%"><div align="justify"><FONT face="serif">6.</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td width="97%" valign="top"><div align="justify"><FONT face="serif"><u>Loss, etc. of Warrant</u></FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td valign="top"><div align="justify"><font face="serif">Upon receipt of evidence satisfactory
         to the Company of the loss, theft, destruction or mutilation of this Warrant,
         and of indemnity reasonably satisfactory to the Company, if lost, stolen
         or destroyed, and upon surrender and cancellation of this Warrant, if
         mutilated, and upon reimbursement of the Company's reasonable direct expenses,
         the Company shall execute and deliver to the Holder a new Warrant of like
         date, tenor and
  denomination.</font><br>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">7.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif"><U>Registration Rights</U></FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td valign="top"><div align="justify"><font face="serif">Holders of the Ordinary Shares shall be
         entitled to registration rights pursuant to the Registration Rights Agreement
      attached hereto as </font><b><font face="serif">Exhibit </font></b><b><font
face="serif">B</font></b><font face="serif">.</font><br>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">8.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif"><U>Headings</U></FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td valign="top"><div align="justify"><font face="serif">The headings of this Warrant have been
         inserted as a matter of convenience and shall not affect the construction
      hereof.</font><br>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">9.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif"><u>Notices</u></FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td valign="top"><div align="justify"><font face="serif">Unless otherwise provided, any notice
         required or permitted under this Warrant shall be given in writing and
         shall be deemed effectively given upon personal delivery to the party
         to be notified or seven (7) days after deposit with the Post Authority,
         for dispatch by registered or certified mail, postage prepaid and addressed
         to the Holder at the address set forth in the Company's books and to the
         Company at the address of its principal offices set forth above, or when
         given by telecopier or other form of rapid written communication, provided
      that confirming copies are sent by such airmail.</font><br>
   </div></td>
</tr>
</TABLE>

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<PAGE>
<A name="page_28"></A>
<TABLE width="100%">
  <tr>
    <td valign="top" width="3%"><FONT face="serif">10.</FONT><BR>
&nbsp;&nbsp;</td>
    <td valign="top"><FONT face="serif"><u>Governing Law</u></FONT><BR>
    </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"><font face="serif">This Warrant shall
          be governed by and construed and enforced in accordance with the laws
          of the State of Israel
          (regardless of the laws that might otherwise govern under</font> <font face="serif"> applicable
          Israel principles of conflicts of law). Anything to the contrary notwithstanding,
          the provisions of this Section 10 shall not apply to the Registration
          Rights schedule, which shall be subject to the provisions thereof. </font> <br>
    </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><FONT face="serif">11.</FONT><BR>
&nbsp;&nbsp;</td>
    <td valign="top"><U><FONT face="serif">Entire Agreement; Amendment and Waiver</FONT></U></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"><font face="serif">This Warrant and the schedule hereto constitute the
        full and entire understanding and agreement between the parties with regard
        to the subject matters hereof and thereof. Any term of this Warrant may
        be amended and the observance of any term hereof may be waived (either
        prospectively or retroactively and either generally or in a particular
        instance) only with the written consent of both the Holder
  and the Company.</font><br>
    </div></td>
  </tr>
</TABLE>
<P>
<B><FONT face="serif">IN WITNESS WHEREOF</FONT></B><FONT face="serif">, the Company has caused this Ordinary Share Purchase Warrant to be executed as of the date first written above. </FONT>
</P>
<P>
<B><FONT face="serif">NUR Macroprinters Ltd</FONT></B><FONT face="serif">. </FONT>
</P>
<P>
<FONT face="serif">By: ________________________<BR>
Name: David Amir<br>
</FONT><FONT face="serif">Title: &nbsp;&nbsp;&nbsp;Chief Executive Officer</FONT></P>
<P>
<FONT face="serif">Agreed and Accepted: </FONT>
</P>
<P>
<FONT face="serif">_____________________<BR> Matthew Norton </FONT>
</P>

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<PAGE>
<A name="page_29"></A>

<P align="center">
<B><U><FONT face="serif">Exhibit A</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P align="center">
<FONT face="serif">Warrant Exercise Form </FONT>
</P>
<P align="right">
<FONT face="serif"> 	Date: ____________________</FONT>
</P>
<P>
<FONT face="serif">To: Nur Macroprinters Ltd.</FONT>
</P>
<P align="center">
<FONT face="serif">Re: </FONT><B><U><FONT face="serif">Exercise of Warrant</FONT></U></B><FONT face="serif"> </FONT>
</P>
<P align="justify">
<FONT face="serif">The undersigned hereby irrevocably elects to exercise the
attached Warrant to the extent of ___________________ Ordinary Shares of Nur
Macroprinters Ltd. all in accordance with section 1.1(b) of the Warrant. Payment
to the Company
of the total purchase price for such shares has been made simultaneously with
the delivery of this exercise of warrant. The undersigned requests that certificates
for such Ordinary Shares be registered in the name of
____________________ whose address is ____________________ and that such certificates
be delivered to whose address is _____________________________ . </FONT></P>
<P>
<FONT face="serif">By: ___________________<BR>
</FONT></P>

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<PAGE>
<A name="page_30"></A>

<P align="center">
<B><U><FONT face="serif">Exhibit B</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P align="center">
<B><U><FONT face="serif">REGISTRATION RIGHTS AGREEMENT</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P align="justify">
<FONT face="serif">This Registration Rights Agreement (this "</FONT><B><FONT face="serif">Agreement</FONT></B><FONT face="serif">") is made as of the 31 day of March, 2004 (the "</FONT><B><FONT face="serif">Effective Date</FONT></B><FONT
face="serif">") by and among NUR Macroprinters Ltd., a company organized under the laws of the State of Israel, registered under number 52-003986-8, with offices at 12 Abba Hillel Silver Street, Lod, Israel (the "</FONT><B><FONT
face="serif">Company</FONT></B><FONT face="serif">"); and the </FONT><B><FONT face="serif">Investors </FONT></B><FONT face="serif">listed on </FONT><B><U><FONT face="serif">Schedule </FONT></U></B><B><FONT face="serif">1</FONT></B><FONT
face="serif"> hereto, each such Investor being an &#145;accredited investor&#146;, as defined in Regulation &sect;230.501 under the Securities Act (defined below). Each Investor is referred to in this Agreement as a "</FONT><B><FONT
face="serif">Holder</FONT></B><FONT face="serif">", and collectively as the "</FONT><B><FONT face="serif">Holders</FONT></B><FONT face="serif">". </FONT>
</P>
<P align="justify">
<B><FONT face="serif">RECITALS:</FONT></B>
</P>
<P align="justify">&nbsp;</P>
<table width="100%" border="0">
  <tr align="left" valign="top">
    <td width="8%" height="52"><div align="left"><b><font face="serif">WHEREAS</font></b></div></td>
    <td width="92%"><div align="left"><font face="serif">the Company and Rockwood,
          Inc. (the "</font><b><font face="serif">Placement Agent</font></b><font face="serif">")
          entered on _________ , 2003 into a letter agreement (the "</font><b><font face="serif">Letter
          Agreement</font></b><font face="serif">") pursuant to which the Placement
          Agent rendered to the Company certain financial services in connection
          with the Convertible Loan secured by the Company on October 2003 (the "</font><b><font face="serif">Convertible
    Loan</font></b><font face="serif">"); </font></div></td>
  </tr>
  <tr align="left" valign="top">
    <td height="49"><b><font face="serif">WHEREAS</font></b></td>
    <td><font face="serif">the Letter Agreement provides, among others, that
        upon conversion of the Convertible Loan or a portion thereof, the Company
        will grant the Placement Agent warrants (the "</font><b><font
face="serif">Warrants</font></b><font face="serif">") exercisable into Ordinary
        Shares of the Company, of nominal value NIS 1.00 each (the "</font><b><font face="serif">Conversion
    Shares</font></b><font face="serif">"); and </font> </td>
  </tr>
  <tr align="left" valign="top">
    <td height="33"><b><font face="serif">WHEREAS</font></b></td>
    <td><font face="serif">the Letter Agreement further provides that the Conversion
    Shares shall have piggyback registration rights; and </font></td>
  </tr>
  <tr align="left" valign="top">
    <td height="38"><b><font face="serif">WHEREAS</font></b></td>
    <td><font face="serif">the Placement Agent assigned its rights for the Warrants
    to the Holders; and</font> </td>
  </tr>
  <tr align="left" valign="top">
    <td><b><font face="serif">WHEREAS</font></b></td>
    <td><font face="serif">the Company hereby undertakes to register the Conversion
        Shares under the terms and subject to the condition set forth in this
    Agreement. </font></td>
  </tr>
</table>
<P align="justify"><B><FONT face="serif">NOW, THEREFORE</FONT></B><FONT face="serif">, in consideration of the foregoing, the parties agree as follows: </FONT></P>
<table width="100%" border="0">
  <tr>
    <td width="4%">1. </td>
    <td width="96%"><b><u><font face="serif">Definitions</font></u></b><font face="serif">.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="justify"><font face="serif">Unless otherwise defined herein, all capitalized terms
        shall have the meanings ascribed thereto in the Warrants. As used herein,
        the following terms have the following meanings:</font><br>
    </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <font face="serif">"</font><b><font face="serif">Commission</font></b><font face="serif">" refers
    to the Securities and Exchange Commission. </font> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <font face="serif">"</font><b><font face="serif">Effective Date</font></b><font face="serif">" means
    the date of the closing of the Convertible Loan.</font> </td>
  </tr>
</table>
<p>&nbsp;</p>
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<PAGE>
<A name="page_31"></A>

<P>&nbsp;
</P>
<table width="100%" border="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="95%"><div align="justify"><font face="serif">"</font><b><font face="serif">Register</font></b><font face="serif">", "</font><b><font face="serif">registered</font></b><font face="serif">",
          and "</font><b><font face="serif">registration</font></b><font face="serif">" refer
          to a registration effected by filing a registration statement in compliance
          with the Securities Act and the declaration or ordering by the Commission
          of effectiveness of such registration statement, or the equivalent
    actions under the laws of another jurisdiction. </font> </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="justify"></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <div align="justify"><font face="serif">"</font><b><font face="serif">Registrable Shares</font></b><font face="serif">" means
          the Conversion Shares issued or issuable to the Holders upon exercise
    of the Warrants. </font> </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="justify"></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <div align="justify"><FONT face="serif">"</FONT><B><FONT face="serif">Securities Act</FONT></B><FONT face="serif">" shall
          mean the U.S. Securities Act of 1933, as amended, or any similar federal
          statute, and the rules and regulations of the Commission thereunder,
          all as
  the same shall be in effect at the time. </FONT> </div></td>
  </tr>
</table>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="4%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</TD>
   <td colspan="2" valign="top"><B><FONT face="serif"><U>Incidental Registration</U></FONT></B><FONT face="serif">.</FONT><BR></td>
</tr>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td colspan="2" valign="top"><font face="serif">If the Company at any time
      following the Effective Date, proposes to register any of its securities,
      (other than a registration statement on Form S-8 or any successor form
      for securities to be offered to employees of the Company pursuant to any
      employee benefit plan or a registration statement on form F-4 or any other
      successor form), for its own account or for the account of any other person,
      it shall give notice to the Holders of such intention. Upon the written
      request of Holders, given within twenty (20) days after receipt of any
      such notice, the Company shall include in such registration all of the
      Registrable Shares indicated in such request, so as to permit the disposition
      of the shares so registered in the manner requested by the Holders. Notwithstanding
      any other provision of this Section 2, with respect to an underwritten
      public offering by the Company, if the managing underwriter advises the
      Company in writing that marketing or other factors require a limitation
      of the number of shares to be underwritten, then there shall be excluded
      from such registration and underwriting to the extent necessary to satisfy
      such limitation, shares held by the Holders and by other shareholders of
      the Company who are entitled to have their shares included in such registration,
      pro rata among them to the extent necessary to satisfy such limitation.
      To the extent Registrable Shares are excluded from such underwriting, the
      Holders shall agree not to sell their Registrable Shares included in the
      registration statement for such period, not to exceed 180 days, as may
      be required by the managing underwriter, and the Company shall keep effective
      and current such registration statement for such period as may be required
      to enable the Holders to complete the distribution and resale of their
      Registrable Shares. Notwithstanding the provisions of this Section 2, the
      Company shall have the right at any time after it shall have given notice
      to the Holders, to elect not to file any such proposed registration statement;
      provided, however, that each key officer and director of the Company and
      each person who, at the time of the proposed filing of such public offering,
      beneficially owns 1% or more of the outstanding capital stock of the Company,
    on a fully-converted, fully-diluted basis, shall enter into the same agreement.</font></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="4%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><B><FONT face="serif"><u>Termination of Registration Rights</u></FONT></B><FONT face="serif">.</FONT><BR></td>
</tr>
<tr>
   <td valign="top"><div align="justify">   </div></td>
   <td width="2%" valign="top"><font face="serif">3.1.</font></td>
   <td width="94%" valign="top"><font face="serif">The Holders shall not be entitled to exercise
       any right provided for in Section 2 hereof, after four (4) years following
    the Effective Date.</font><br></td>
</tr>
</TABLE>

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<PAGE>
<A name="page_32"></A>

<P>&nbsp;
</P>
<TABLE width="100%">
  <tr>
    <td valign="top"><div align="justify"> </div>
    </td>
    <td width="5%" valign="top"><font face="serif">3.2.</font></td>
    <td width="90%" valign="top"><div align="justify"><FONT face="serif">In addition, the right of
          the Holders to request registration pursuant to Section 2 shall terminate
          upon such date that all Registrable Shares held or entitled to be held
          upon exercise by the Holders may be sold under Rule 144(k) (or any successor
    rule).</FONT> </div></td>
  </tr>
</TABLE>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="5%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</TD>
   <td colspan="2" valign="top"><B><FONT face="serif"><u>Designation of Underwriter</u></FONT></B><FONT face="serif">.</FONT><BR></td>
</tr>
<tr>
   <td valign="top">&nbsp;</td>
   <td colspan="2" valign="top"><div align="justify"><font face="serif">The Company
      shall have the right to designate the managing underwriter.</font><br>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top"><div align="justify"></div></td>
</tr>
<tr>
   <td valign="top" width="5%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><div align="justify"><B><FONT face="serif"><u>Expenses</u></FONT></B><FONT face="serif">.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top"><font face="serif">All expenses incurred in connection
      with any registration under Section 2 shall be borne by the Company, provided
      however, that the Holders shall pay their pro rata portion of the discounts
    payable to any underwriter.</font></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top"><div align="justify"></div></td>
</tr>
<tr>
   <td valign="top" width="5%"><FONT face="serif">6.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><div align="justify"><B><FONT face="serif"><u>Indemnities</u></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">If any Registrable Shares are included in a registration statement pursuant to this Agreement:</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td width="5%" valign="top"> <div align="justify"><font face="serif">6.1.</font></div></td>
  <td width="90%" valign="top"><div align="justify"><font face="serif"> The Company
        will indemnify and hold harmless, to the fullest extent permitted by
        law,
          each Holder, any underwriter (as
          defined in the Securities Act) for such Holder, and each person, if
        any, who controls such Holder or such underwriter (collectively and individually
          referred to as the "</font><b><font face="serif">Indemnified Party</font></b><font face="serif">"),
          from and against any and all losses, damages, claims, liabilities, joint
          or several, costs, and expenses (including any amounts paid in any settlement
          effected with the Company&#146;s consent, which consent will not be
          unreasonably withheld) to which such Indemnified Party may become subject
          under applicable
          law or otherwise, insofar as such losses, damages, claims, liabilities
          (or actions or proceedings in respect thereof), costs, or expenses
          arise out of are based upon (i) any untrue statement or alleged untrue
          statement
          of any material fact contained in the registration statement or included
          in the prospectus, as amended or supplemented (including, in each case,
          all documents incorporated by reference therein, as such documents
          may have been updated by later dated documents), or (ii) the omission
          or
          alleged omission to state therein a material fact required to be stated
          therein
          or necessary to make the statements therein, in light of the circumstances
          in which they are made, not misleading</font><b><font face="serif"> </font></b><font face="serif">or
          (iii) any violation or alleged violation by the Company of the Securities
          Act or the Securities and Exchange Act of 1934, as amended (the "</font><b><font face="serif">Exchange
          Act</font></b><font face="serif">"), or any rules or regulations promulgated
          thereunder, and the Company will reimburse each Indemnified Party,
          promptly upon demand, for any reasonable legal or any other expenses
          incurred
          by them in connection with investigating, preparing to defend, or defending
          against, or appearing as a third-party witness in connection with such
          loss, claim, damage, liability, action, or proceeding; </font><u><font face="serif">provided</font></u><font face="serif">, </font><u><font face="serif">however,</font></u><font face="serif"> that
          the Company will not be liable in any such case to the extent that any
          such loss, damage, liability, cost, or expense arises solely out of or
          is based solely upon an untrue statement or alleged untrue statement, or
          omission or alleged omission, so made in conformity with information furnished
    to the Company by the Indemnified Party, in writing,</font> </div></td>
</tr>
</TABLE>
<P>&nbsp;</P>

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<PAGE>
<A name="page_33"></A>
<TABLE>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"><font face="serif">specifically for inclusion therein; </font><u><font face="serif">provided</font></u><font face="serif">, </font><u><font face="serif">further,</font></u><font face="serif"> that
          this indemnity shall not be deemed to relieve any underwriter of any
          of its due diligence obligations; and </font><u><font face="serif">provided</font></u><font face="serif">, </font><u><font face="serif">further,</font></u><font face="serif"> that
          the indemnity agreement contained in this Section 6.1 shall not apply
          to amounts paid in settlement of any such claim, loss, damage, liability,
          or action if such settlement is effected without the Company&#146;s
          consent, which consent will not be unreasonably withheld. Such indemnity
          shall
          remain in full force and effect regardless of any investigation made
          by or on behalf of the Indemnified Party, and regardless of any sale
          in connection with such offering by such Holder. Such indemnity shall
    survive the transfer of securities by a Holder. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">
      <div align="justify"><font face="serif">6.2.</font></div>
    </td>
    <td width="90%" valign="top"><div align="justify"> <FONT face="serif">Each
          Holder participating in a registration hereunder will indemnify and
          hold harmless the Company its Executive Officers, Directors, any underwriter
          for the Company, and each person, if any, who controls the Company
          or such
underwriter (collectively and individually, the "</FONT><B><FONT face="serif">Indemnifiable
Parties</FONT></B><FONT face="serif">"), from and against any and all losses,
damages, claims, liabilities, costs, or expenses (including any amount paid in
any settlement effected with such Holder&#146;s consent, which consent will not
be unreasonably withheld) to any Indemnifiable Party may become subject under
applicable law or otherwise, insofar as such losses, damages, claims, liabilities
(or actions or proceedings in respect thereof), costs, or expense arise out of
or are based on (i) any untrue statement</FONT><B><FONT face="serif"> </FONT></B><FONT face="serif">or
alleged untrue statement of any material fact contained in the registration statement
or included in the prospectus, as amended or supplemented</FONT><B><FONT face="serif"> </FONT></B><FONT face="serif">(including,
in each case, all documents incorporated by reference therein, as such documents
may have been updated by later dated documents), or (ii) the omission or alleged
omission to state therein a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances in which they are
made, not
misleading,</FONT><FONT face="serif"> </FONT><FONT face="serif">or
(iii) any violation or alleged violation by the Company of the Securities Act
or the Securities and Exchange Act, or any rules or regulations promulgated thereunder
and such Holder will reimburse each Indemnifiable Party, promptly upon demand,
for any reasonable legal or other expenses incurred by such Indemnifiable Party
in connection with investigating, preparing to defend, or defending against,
or appearing as a third-party witness in connection with such loss, claim, damage,
action, or proceeding; in each case to the extent, but only to the extent, that
such untrue statement or alleged untrue statement or omission or alleged omission
was so made in conformity with written information furnished by such Holder specifically
for inclusion therein. The foregoing indemnity agreement is subject to the condition
that, insofar as it relates to any such untrue statement (or alleged untrue statement),
or omission (or alleged omission) made in the preliminary prospectus but eliminated
or remedied in the amended prospectus at the time the registration statement
becomes effective in the final prospectus, such indemnity agreement shall not
inure to the benefit of (i) the Company, and (ii) any underwriter, if a copy
of the final prospectus was not furnished to the person or entity asserting the
loss, liability, claim, or damage at or prior to the time such furnishing is
required by the Security
Act; </FONT><U><FONT face="serif">provided, further</FONT></U><FONT face="serif">,
that this indemnity shall not be deemed to relieve any underwriter of any of
its due diligence obligations; </FONT><U><FONT face="serif">provided,
further</FONT></U><FONT face="serif">, that the indemnity agreement contained
in this</FONT> </div>
    </td>
  </tr>
</TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_34"></A>
<TABLE>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"> <FONT face="serif">Section 6.2 shall
          not apply to amounts paid in settlement of any such claim loss, damage,
          liability, or action if such settlement is effected without the consent
          of such Holder, as the case may be, which consent shall not be unreasonably
          withheld; and provided, further, that the maximum amount of liability
          in respect of such indemnification shall be limited, in the case of
          each Holder, to an amount equal to the net proceeds actually received

          by such Holder from the sale of Registrable Shares sold pursuant to
          such registration.</FONT> </div>
    </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">
      <div align="justify"><font face="serif">6.3.</font></div>
    </td>
    <td width="90%" valign="top"><div align="justify">
      <P><FONT face="serif">Promptly after receipt by an Indemnified and/or Indemnifiable
          Party pursuant to the provisions of Section 6.1 or 6.2 of notice of
          the commencement of any action involving the subject matter of the
          foregoing indemnity provisions, such Indemnified and/or Indemnifiable
          Party will, if a claim thereof is to be made against the indemnifying
          party pursuant to the provisions of said Section 6.1 or 6.2, promptly
          notify the indemnifying party of the commencement thereof; but the
          omission to notify the indemnifying party shall only relieve it from
          any liability which it may have to any Indemnified and/or Indemnifiable
          Party to the extent that such indemnifying party has been damaged by
          such omission to notify hereunder.</FONT> <FONT face="serif">In case
          such action is brought against any Indemnified and/or Indemnifiable
          party and it notifies the indemnifying party of
          the commencement thereof, the indemnifying party shall have the right
          to participate in, and, to the extent that it may wish, jointly with
          any other indemnifying party similarly notified, to assume the defense
          thereof with counsel reasonably satisfactory to such Indemnified or
          Indemnifiable Party; </FONT><U><FONT face="serif">provided, however</FONT></U><FONT face="serif">,
          that if the defendants in any action include both the Indemnified or
          Indemnifiable Party and the indemnifying party and if in the reasonable
          judgment of the Indemnified or Indemnifiable party there are separate
          defenses that are available to the Indemnified or Indemnifiable party
          or there is a conflict of interest which would prevent counsel for
          the indemnifying party from also representing the Indemnified or Indemnifiable
          party, the Indemnified or Indemnifiable Party(ies) shall have the right
          to select, at the expense of the indemnifying party, separate counsel
          to participate in the defense of such action; </FONT><U><FONT face="serif">provided,
          further, however</FONT></U><FONT face="serif">, that if the Holders
          are the Indemnified Party, the Holders shall be entitled to one (1)
          separate counsel at the expense of the Company and if underwriters
          are also Indemnified parties who are entitled to counsel separate from
          the indemnifying party, then all underwriters as a group shall be entitled
          to one (1) separate counsel at the expense of the Company. After notice
          from the indemnifying party of its election so to assume the defense
          thereof, the indemnifying party will not be liable to such Indemnified
          or Indemnifiable Party pursuant to the provisions of said Section 6.1
          or 6.2 above for any legal or other expense subsequently incurred by
          such Indemnified or Indemnifiable Party in connection with the defense
          thereof, unless (i) the Indemnified or Indemnifiable Party shall have
          employed counsel in accordance with the provision of the preceding
          sentence, (ii) the indemnifying party shall not have employed counsel
          reasonably satisfactory to the Indemnified or Indemnifiable Party to
          represent the same within a reasonable time after the notice of the
          commencement of the action and within fifteen (15) days after written
          notice of the Indemnified or Indemnifiable Party&#146;s intention to
          employ separate counsel pursuant to the</FONT></P>
      </div>
    </td>
  </tr>
</TABLE>
<P>&nbsp;</P>
<P>&nbsp;
</P>
<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_35"></A>
<TABLE>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"> <FONT face="serif">previous sentence,
          (iii) the indemnifying party has authorized the employment of counsel
          for the Indemnified or Indemnifiable Party at the expense of the indemnifying
          party, or (iv) the indemnifying party has authorized the employment
          of counsel but such party or counsel fails to vigorously defend the
          action. No indemnifying party will consent to entry of any judgment
          or enter into any settlement, which does not include as an unconditional
          term thereof the giving by the claimant or plaintiff to such Indemnified
          or Indemnifiable Party of a release from all liability in respect to
          such claim or litigation. </FONT> </div>
    </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">
      <div align="justify"><font face="serif">6.4.</font></div>
    </td>
    <td width="90%" valign="top"><div align="justify">
        <P> <FONT face="serif">If recovery is not available under the foregoing
            indemnification provisions, for any reason other than as specified
            therein, the parties entitled to indemnification by the terms thereof
            shall be entitled to contribution to liabilities and expenses. In
            determining the amount of contribution to which the respective parties
            are entitled, there shall be considered the parties&#146; relative
            knowledge and access to information concerning the matter with respect
            to which the right to indemnification was asserted, the opportunity
            to correct and prevent any statement or omission, and any other equitable
            consideration appropriate under the circumstances. In no event shall
            any party that is found liable for fraudulent misrepresentation within
            the meaning of Section 1(f) of the Securities Act be entitled to
        contribution hereunder from any party not found so liable. </FONT> </P>
      </div>
    </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">7.</td>
    <td colspan="2" valign="top"><div align="justify"><B><U><FONT face="serif">Obligations of the
              Company</FONT></U></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Whenever
              required under this Agreement to effect the registration of any Registrable
              Shares, the Company shall, as
  expeditiously as possible:</FONT><BR>
    </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="serif">7.1. </font></td>
    <td valign="top"> <div align="justify"><font face="serif">Prepare and file with the Commission
          a registration statement with respect to such Registrable Shares and
          use its best efforts to cause such
  registration statement to become effective</font><b><font face="serif"> </font></b><font face="serif">with
  the Commission or pursuant to the Blue Sky laws of such jurisdictions as shall
  be reasonably requested by the Holders, and, upon the request of the Holders
  of the majority of the Registrable Shares registered thereunder, keep such registration
  statement effective for a period of up to two (2) years for any registration
  under Form F-3 (which shall be kept effective subject to the provisions of Rule
  415), or for nine (9) months for any registration under F-1, or if sooner until
  the distribution contemplated in the registration statement has been completed.</font><b><font face="serif"> </font></b> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.2. </FONT></td>
    <td valign="top"> <div align="justify"><font face="serif">Prepare and file with the Commission
          such amendments and supplements to such registration statement and the
          prospectus used in connection with such registration statement as may
          be necessary to comply with the provisions of the Securities Act with
          respect to the disposition of all Registrable Shares covered by such
    registration statement. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font face="serif">7.3. </font></td>
    <td valign="top"> <div align="justify"><FONT face="serif">Furnish to the Holders and each duly
          authorized underwriter such numbers of copies of a prospectus, including
          a preliminary prospectus, in conformity with the requirement of the Securities
          Act, and such other documents as they may reasonably request in order
          to facilitate the disposition of Registrable
  Shares owned by the Holders. </FONT> </div></td>
  </tr>
</TABLE>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_36"></A>
<TABLE>
  <tr>
    <td width="50" valign="top">&nbsp;</td>
    <td width="53" valign="top"><FONT face="serif">7.4. </FONT></td>
    <td width="986" valign="top"> <div align="justify"><FONT face="serif">In the event of any underwritten
          public offering, enter into and perform its obligations under an underwriting
          agreement, in usual and customary form, with the managing underwriter
          of such offering. Each Holder participating in such underwriting shall
          also enter into and perform its obligations under
  such agreement. </FONT> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.5. </FONT></td>
    <td valign="top"> <FONT face="serif">Notify each Holder of Registrable Shares
        covered by such registration statement at any time when a prospectus
        relating thereto is required to be delivered under the Securities Act
        of the happening of any event as a result of which the prospectus included
        in such registration statement, as then in effect, includes an untrue
        statement of a material fact or omits to state a material fact required
        to be stated therein or necessary to make the statements therein not
        misleading in light of the circumstances then existing, and promptly
        amend such prospectus by filing a post effective supplement so that such
        prospectus does not contain an untrue statement of material fact or omit
        to state a material fact required to be stated therein or necessary to
        make the statements therein not misleading in light of the circumstances
        then existing, and deliver copies
thereof to the Holder. </FONT> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.6. </FONT></td>
    <td valign="top"> <div align="justify"><FONT face="serif">Cause all Registrable Shares registered
          pursuant hereunder to be listed on each securities exchange or Nasdaq
          on which similar securities
  issued by the Company are then listed.</FONT> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.7. </FONT></td>
    <td valign="top"> <div align="justify"><FONT face="serif">Provide a transfer agent and registrar
          for all Registrable Shares registered pursuant to this Agreement and
          a CUSIP number for all such Registrable Shares, in each case not later
    than the effective date of such registration. </FONT> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.8. </FONT></td>
    <td valign="top"> <div align="justify"><FONT face="serif">Furnish, at the request of any Holder,
          on the date that such Registrable Shares are delivered to the underwriters
          for sale in connection with a registration pursuant to this Agreement,
          if such securities are being sold through underwriters, or, if such securities
          are not being sold through underwriters, on the date that the registration
          statement with respect to such securities becomes effective, (i) an opinion,
          dated such date, of the counsel representing the Company for the purposes
          of such registration, in form and substance as is customarily given to
          underwriters in an underwritten public offering, addressed to the underwriters,
          if any, and to such Holder, and (ii) a letter dated such date, from the
          independent certified public accountants of the Company, in form and
          substance as is customarily given by independent certified public accountants
          to underwriters in an underwritten public offering addressed to the underwriters,
          if any, and to such
  Holder. </FONT> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.9. </FONT></td>
    <td valign="top"> <div align="justify"><FONT face="serif">Promptly notify each Holder, if the
          Holder is selling Registrable Shares covered by a registration statement,
          of the issuance by the Commission of any stop order suspending the effectiveness
          of the registration statement or the initiation of any proceedings for
          that purpose. The Company shall use its reasonable best efforts to obtain
          the withdrawal of any order suspending the effectiveness of the registration
    statement. </FONT> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.10. </FONT><U><FONT face="serif"></FONT></U></td>
    <td valign="top"><U><FONT face="serif">Conditions to Registration</FONT></U><FONT face="serif">.
        The Company shall not be obligated to effect the registration of the
        Registrable Shares pursuant to this Agreement unless the Holders participating
    therein consent to customary conditions of a reasonable</FONT> </td>
  </tr>
</TABLE>
<P>&nbsp;</P>
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<PAGE>
<A name="page_37"></A>
<TABLE>
<TR>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"></div></td>
  <TD colspan="2" valign="top"> <div align="justify"><font face="serif">nature that are imposed by
    the Company, including, but no limited to, the following: </font> </div></TD>
  </tr>
<TR>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <TD valign="top">&nbsp;</TD>
  <td valign="top">&nbsp;</td>
</tr>
<TR>
   <td valign="top" width="5%">&nbsp;</td>
   <td valign="top" width="5%"><div align="justify"></div></td>
   <TD valign="top" width="6%"><div align="justify"><FONT face="serif">(a)</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td width="84%" valign="top"><div align="justify"><FONT face="serif">Conditions requiring the Holders to comply with all applicable provisions of the Securities Act and the Exchange Act, including, but not limited to, the prospectus delivery requirements; and</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%">&nbsp;</td>
   <td valign="top" width="5%"><div align="justify"></div></td>
   <td valign="top" width="6%"><div align="justify"><FONT face="serif">(b)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif">Conditions prohibiting the Holders, upon receipt of written notice from the Company that it is required by law to correct or update the registration statement or prospectus, from effecting sales of the
  Registrable Shares until the Company has completed the necessary correction or updating.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%"><FONT face="serif">8.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top" colspan="3"><div align="justify"><B><FONT face="serif"><U>Customary&nbsp;Arrangements</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Each
         Holder may not participate in any underwritten offering pursuant to
         a registration filed hereunder unless such person (a) agrees to sell
         such person&#146;s securities on the basis provided in customary underwriting arrangements, and (b) provides all relevant information and completes and executes all questionnaires, powers of attorney,
  indemnities, underwriting agreements, and other documents required under the terms of such underwriting arrangements; provided, however, that the Holders participating in the underwritten registration may appoint one legal or other representative to
  negotiate the underwriting arrangements, at such Holder&#146;s expense.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%"><FONT face="serif">9.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top" colspan="3"><div align="justify"><B><FONT face="serif"><U>Public&nbsp;Information</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">The Company shall undertake to make publicly available and available to the Holders adequate current public
  information within the meaning of, and as required pursuant to, Rule 144 and shall use its reasonable best efforts to satisfy the Registrant Requirements for the use of Form F-3 during the term of this Agreement.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%"><FONT face="serif">10.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top" colspan="3"><div align="justify"><B><FONT face="serif"><u>Non-United&nbsp;States&nbsp;Offering</u></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">In the event of a public offering of securities of the Company outside of the United States, the Company
  will afford the Holders registration rights in accordance with applicable law and comparable in substance to the foregoing registration rights.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%"><FONT face="serif">11.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top" colspan="3"><div align="justify"><B><FONT face="serif"><U>Assignment&nbsp;of&nbsp;Registration&nbsp;Rights</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">The
         rights to cause the Company to register Registrable Shares pursuant
         to this Agreement may only be assigned by a Holder (the "</FONT><B><FONT face="serif">Assignment</FONT></B><FONT face="serif">")
         under the following conditions:</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="2">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%">&nbsp;</td>
   <td valign="top" width="5%"><div align="justify"><FONT face="serif">(i)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top" colspan="2"><div align="justify"><FONT face="serif">The Assignment shall be concurrent with the sale or transfer of Registrable Shares and only with respect to the transferred Registrable Shares;</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="2">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%">&nbsp;</td>
   <td valign="top" width="5%"><div align="justify"><FONT face="serif">(ii)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top" colspan="2"><div align="justify"><FONT face="serif">Pursuant to the Assignment, a Holder may only assign the registration rights contained herein on up to two (2) occasions, to no more than five (5) transferees on each occasion;</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"></div></td>
  <td valign="top" colspan="2"><div align="justify"></div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"><font face="serif">(iii)</font></div></td>
  <td valign="top" colspan="2"><div align="justify"><font face="serif">The assignees of the registration
        rights may not further assign the registration rights.</font><br>
  </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"></div></td>
  <td valign="top" colspan="2"><div align="justify"></div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="3" valign="top"> <div align="justify"><font face="serif">Provided, (a) the Company,
        is upon such transfer, furnished with written notice of the name and address
    of such transferee or assignee and the securities with respect to which</font> </div></td>
  </tr>
</TABLE>
<P>&nbsp;</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_38"></A>
<TABLE>
<TR>
  <TD valign="top"><div align="justify"></div></TD>
  <td valign="top"> <div align="justify"><font face="serif">such registration rights are being assigned,
        and (b) such transferee or assignee agrees in writing to be bound by and
    subject to the terms and conditions of this Agreement.</font><b><font face="serif"> </font></b> </div></td>
</tr>
<TR>
  <TD height="28" valign="top"><div align="justify"></div></TD>
  <td valign="top"><div align="justify"></div></td>
</tr>
<TR>
   <TD valign="top" width="5%"><div align="justify"><FONT face="serif">12.</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Changes&nbsp;in&nbsp;Registrable&nbsp;Shares</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">If, and as often as, there are any changes in the Registrable Shares by way of stock split, stock dividend,
  combination or reclassification, or through merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions of this Agreement, as may be required, so that the rights and
  privileges granted hereby shall continue with respect to the Registrable Shares as so changed.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">13.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Entire&nbsp;Agreement</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">This Agreement constitutes the full and entire understanding and agreement among the parties hereto with respect to the
  subject matter hereof and supersedes all prior agreements (including, without limitation, the Letter Agreement entered into between the Company and the Holders, and any and all negotiations and oral understandings with respect thereto) and any and
  all registration rights that the Company had previously granted to any party hereto in any capacity whatsoever. Nothing in this Agreement, express or implied, is intended to confer upon any Person, other than the parties hereto and their respective
  successors and assigns, any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided herein.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">14.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Governing&nbsp;Law</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">This Agreement shall be governed in all respects by the laws of the State of New York, as such laws are applied to agreements
  between State of New York residents entered into and to be performed entirely within State of New York, whether or not all parties hereto are residents of State of New York.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">15.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><u>Successors&nbsp;and&nbsp;Assigns</u></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Subject to the provisions of Section 11 above, the provisions hereof shall inure to the benefit of, and be binding upon,
  the successors, assigns, heirs, executors and administrators of the parties hereto.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><div align="justify"><FONT face="serif">16.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Notices</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and if: (i) served or sent
  by post shall be deemed to have been served or delivered ten (10) days after the time when the letter was deposited in the mail, postage prepaid for first class mail or airmail, as applicable, or (ii) sent via facsimile or electronic mail, shall be
  deemed to have been served or delivered on the first business day following the date that the facsimile or electronic mail was sent, provided that, if no electronic mail confirmation is delivered by the recipient of such notice to the sender thereof
  within twenty-four (24) hours following the delivery of such notice, such notice has to be resent via facsimile and shall be deemed to have been served or delivered on the first business day following the date that such notice was resent via
  facsimile, all to the addresses of the Holders as set forth on </FONT><B><FONT face="serif">Schedule </FONT></B><B><FONT face="serif">1 </FONT></B><FONT face="serif">hereto, or to such other address as such party shall furnish the Company in
  writing, and if to the Company, at its address</FONT><BR>
   </div></td>
</tr>
</TABLE>

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<PAGE>
<A name="page_39"></A>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top"> <font face="serif">set forth in the preamble to this Agreement
      or at such other address as the Company shall have furnished to the parties
    in writing. </font> </td>
</tr>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="5%"><FONT face="serif">17.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><B><FONT face="serif"><U>Severability</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Any invalidity, illegality or limitation on the enforceability of this Agreement or any part thereof, by any party whether arising
by reason of the law of the respective party's domicile or otherwise, shall in no way affect or impair the validity, legality or enforceability of this Agreement with respect to other parties. If any provision of this Agreement shall be judicially
determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</FONT><BR></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">18.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><B><FONT face="serif"><U>Titles&nbsp;and&nbsp;Subtitles</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">The titles of the Sections of this Agreement are for convenience of reference only and are not to be considered in
construing this Agreement.</FONT><BR></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">19.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><B><FONT face="serif"><U>Counterparts</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall
constitute one instrument. This Agreement may be executed by exchange of signatures via facsimile.</FONT><BR>   </td>
</tr>
</TABLE>
<P>
<B><FONT face="serif">IN WITNESS WHEREOF</FONT></B><FONT face="serif">, the parties have signed this Agreement, as of the date first appearing above. </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="41%"><div align="left"><B><FONT face="serif">Nur Macroprinters Ltd.</FONT></B></div></TD>
   <TD align="center" width="59%"><div align="left"><B><FONT face="serif">X Securities Ltd.</FONT></B></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT face="serif">By:&nbsp;&nbsp;&nbsp;&nbsp;____________________</FONT></TD>
   <TD><FONT face="serif">By:&nbsp;&nbsp;&nbsp;&nbsp;____________________</FONT></TD>
</TR>
<TR>
   <TD><FONT face="serif">Title:&nbsp;&nbsp;____________________</FONT></TD>
   <TD><FONT face="serif">Title:&nbsp;&nbsp;____________________</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>__________________________________</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><B><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Fuchs</FONT></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>__________________________________</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><B><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matthew Norton</FONT></B></TD>
</TR>
</TABLE>

<p>&nbsp;</p>
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<PAGE>
<A name="page_40"></A>

<P align="center">
<B><U><FONT face="serif">Schedule 1</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P align="center">
<FONT face="serif">List of Holders </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan=2><HR align="left" size=2 noshade>
    </TD>
  </TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Name of Holder</FONT></B></div></TD>
   <TD align="center" width="59%"><div align="left"><B><FONT size=2 face="serif">Address</FONT></B></div></TD>
</TR>
<TR>
   <TD colspan=2><HR align="left" size=2 noshade></TD>
</TR>
<TR>
   <TD><FONT face="serif">David Fuchs</FONT></TD>
   <TD width="59%"><FONT face="serif">135 Rogers Drive</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">New Rochelle, NY 10804</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">United States</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">Fax: +1- _________________</FONT></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
</TR>
<TR>
   <TD><FONT face="serif">X Securities, Ltd.</FONT></TD>
   <TD width="59%"><FONT face="serif">830 3</FONT><SUP><FONT face="serif">rd </FONT></SUP><FONT face="serif">Ave. 14</FONT><SUP><FONT face="serif">th </FONT></SUP><FONT face="serif">Floor</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">New York, NY 10022</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">United States</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">Fax: +1- _________________</FONT></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
</TR>
<TR>
   <TD><FONT face="serif">Matthew L. Norton</FONT></TD>
   <TD width="59%"><FONT face="serif">43-19 41</FONT><SUP><FONT face="serif">st </FONT></SUP><FONT face="serif">Street Apt. 3C</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">Sunnyside, NY 11104</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">United States</FONT></TD>
</TR>
<TR><TD width="59%">&nbsp;</TD>
<TD><font face="serif">Fax: +1- _________________</font></TD>
</TR>
<TR>
  <TD><HR noshade size=2></TD>
  <TD><HR noshade size=2></TD>
</TR></table>
<p>&nbsp;</p>
<HR noshade size=2>
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</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.15
<SEQUENCE>5
<FILENAME>c31946_ex4-15.htm
<TEXT>

<html>
<head>
<title>Untitled Document</title>

</head>

<body>
<P align="right"><U><FONT face="serif">Exhibit 4.15</FONT></U>
</P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Form of Warrant Agreement, dated March 31, 2004</FONT><B><FONT face="serif"> </FONT></B><FONT face="serif"><br>
between the Registrant and the Placement Agent (David Fuchs)</FONT>
</P>

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<PAGE>
<A name="page_42"></A>

<P align="center">
<B><U><FONT face="serif">WARRANT</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P align="justify">
<B><FONT face="serif">THIS WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT (the "SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (the "SECURITIES ACT") OR QUALIFIED UNDER ANY STATE OR
FOREIGN SECURITIES LAW, AND THE WARRANT MAY NOT BE EXERCISED AND THE WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE MAY NOT BE SOLD, TRANSFERRED, PLEDGED, ASSIGNED OR HYPOTHECATED, UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT COVERING THIS WARRANT AND/OR SUCH SECURITIES, OR THE HOLDER RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THE WARRANT AND/OR SUCH SECURITIES SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, PLEDGE, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE SECURITIES ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE LAW. </FONT></B>
</P>
<P align="center">
<FONT face="serif">to purchase </FONT>
<br>
<B><FONT face="serif">Ordinary Shares </FONT></B></P>
<P align="center"><FONT face="serif">of </FONT>
</P>
<P align="center">
<B><FONT face="serif">NUR MACROPRINTERS LTD. </FONT></B><FONT face="serif"><br>
at a price of $0.62 per share </FONT>
</P>
<P align="center">
<FONT face="serif">VOID AFTER 17:00 p.m. (prevailing Tel Aviv time) <br>
On the Expiration Date (as hereinafter defined) </FONT>
</P>
<P align="center">
<FONT face="serif">in favor of </FONT>
</P>
<P align="right">
<FONT face="serif"> 	March 31, 2004 </FONT>
</P>
<P align="justify">
<B><FONT face="serif">NUR MACROPRINTERS LTD.,</FONT></B><FONT face="serif"> an Israeli company with its principal offices at 12 Abba Hillel Silver Street, Lod, Israel (the "</FONT><B><FONT face="serif">Company</FONT></B><FONT face="serif">"), hereby
grants to David Fuchs (the "</FONT><B><FONT face="serif">Holder</FONT></B><FONT face="serif">"), the right to purchase, subject to the terms and conditions hereof, up to thirty thousand seven hundred fifty-eight (30,758) of the Company's Ordinary
Shares, par value NIS 1.00 per share</FONT>
<FONT face="serif">("</FONT><B><FONT face="serif">Ordinary Shares</FONT></B><FONT face="serif">"),
exercisable at any time from time to time, on or after the date hereof (the "</FONT><B><FONT face="serif">Effective Date</FONT></B><FONT
face="serif">"), and until the fifth anniversary of such date (the "</FONT><B><FONT face="serif">Expiration Date</FONT></B><FONT face="serif">"). </FONT>
</P>
<P align="justify">
<FONT face="serif">Hereinafter: (i) the Ordinary Shares purchasable hereunder or any other securities which may be issued by the Company in substitution therefor, are referred to as the "</FONT><B><FONT face="serif">Warrant Shares</FONT></B><FONT
face="serif">"; (ii) the price of sixty two cents ($0.62) payable hereunder for each of the Warrant Shares, as adjusted in the manner set forth hereinafter, is referred to as the "</FONT><B><FONT face="serif">Exercise Price</FONT></B><FONT
face="serif">" and (iii) this Warrant and all warrants hereafter issued in exchange or substitution for this Warrant are referred to as the "</FONT><B><FONT face="serif">Warrants</FONT></B><FONT face="serif">". The Exercise Price and the number of
Warrant Shares are subject to adjustment as hereinafter provided. </FONT>
</P>

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<PAGE>
<A name="page_43"></A>

<P>
<FONT face="serif">1.</FONT>&nbsp;<U><FONT face="serif">Warrant Period; Exercise of Warrant</FONT></U></P>
<TABLE>
<TR>
  <TD valign="top"><font face="serif">&nbsp;&nbsp;&nbsp;1.1.&nbsp;&nbsp;&nbsp; (a)</font> </TD>
  <td width="90%" valign="top"> <div align="justify"><font face="serif">This
        Warrant may be exercised in whole at any time, or in part from time to
        time, beginning on the date hereof
        until the Expiration Date (the "</font><b><font face="serif">Warrant Period</font></b><font face="serif">"),
        by the surrender of this Warrant (with a duly executed exercise form
        in the form attached at the end hereof as </font><b><u><font face="serif">Exhibit
        A</font></u></b><font face="serif">), along with the Exercise Certificate
        or the Exercise Opinion (each as defined in Section 1.1(b) below), at the
        principal office of the Company, set forth above, together with proper
        payment of the Exercise Price multiplied by the number of Warrant Shares
        for which the Warrant is being exercised. Payment for Warrant Shares shall
        be made by certified or official bank check or checks, payable to the order
        of the Company or by wire transfer to an account to be designated in writing
    by the Company. Payments shall be made in United States dollars. </font> </div></td>
</tr>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="10%"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><div align="justify"><FONT face="serif">In addition to the
         method of exercise set forth in Section 1.1(a) hereof, each Holder shall
         have the right to exercise the Warrant in whole or in part and, upon
         such exercise, to receive for each Warrant surrendered a fraction of
         one Ordinary Share as shall be determined by the formula set forth below,
         with no cash payment required other than a payment of Equivalent Par
         Value (as defined below) for each Ordinary Share issued upon the exercise
         of the
  Warrant in accordance with this Section 1.1(b). The number of Ordinary Shares
         the Holder shall be entitled to receive shall upon the exercise of the
         Warrant and surrender of the related warrant certificate in accordance
         with this Section 1.1(b) shall be equal to the product of (x) the total
         number of Ordinary Shares exchangeable for the Warrants being exercised
         (assuming exercise in accordance with Section 1.1(a)) multiplied by
         (y) a fraction, the numerator of which is the aggregate Market
  Price (as defined below) of such Ordinary Shares plus Equivalent Par Value
         less the aggregate Exercise Price therefore, and the denominator of
         which is such aggregate Market Price. Upon exercise of the Warrants
         pursuant to this Section 1.1(b), the warrants so exercised shall no
         longer be exercisable. Solely for the purpose of this paragraph, "</FONT><B><FONT face="serif">Equivalent Par Value</FONT></B><FONT face="serif">" shall
         be an amount in U.S. Dollars equal to NIS 1.0 based on the Representative
         Rate of the U.S. Dollar as published by the Bank of Israel on the date
         of payment. Solely for the purposes of this paragraph, Market Price
         shall be calculated as the average of the five trading days immediately
         preceding the date on
  which the form of exercise attached (Exhibit A) is deemed to have been sent
         to the Company. For the purposes of this paragraph, "</FONT><B><FONT face="serif">Market Price</FONT></B><FONT face="serif">" shall
         be deemed to be the last reported sale price of the Ordinary Shares,
         or if no such reported sale takes place on such day, the average of
         the last reported sale prices for the last three (3) trading days.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="10%"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><div align="justify"><FONT face="serif">The Holder of a Warrant, by its acceptance thereof, covenants and agrees that the Warrants described herein are being acquired as an investment and not with a view to the distribution thereof and such Holder
  further covenants</FONT><BR>
   </div></td>
</tr>
</TABLE>

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<PAGE>
<A name="page_44"></A>

<TABLE>
  <tr>
    <td valign="top" width="5%"><BR>
&nbsp;&nbsp;</td>
    <td width="95%" valign="top"><div align="justify"> <FONT face="serif">and agrees that
          it will not sell, transfer, pledge, assign, or hypothecate the Warrant
          or the ordinary shares issueable upon exercise of the Warrant unless
          there is an effective registration statement under the Securities Act
          of 1933 covering the Warrant or the ordinary shares issueable upon
          exercise of the Warrant, or the Holder of the Warrant and/or the ordinary
          shares receives an opinion of counsel satisfactory to the Company stating
          that such sale, transfer, pledge, assignment, or hypothecation is exempt
          from the registration and prospectus delivery requirements of the Securities
          Act of 1933 and the qualification requirements under applicable law.</FONT> <BR>
      </div>
    </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font face="serif">&nbsp;&nbsp;&nbsp;1.2. </font></td>
    <td valign="top"> <div align="justify"><font face="serif">If this Warrant should be exercised
          in part, the Company shall, upon surrender of this Warrant for cancellation,
          execute and deliver a new Warrant evidencing the rights of the Holder
          to purchase the remainder of the Ordinary Shares purchasable hereunder.
          The Company shall pay any and all expenses, taxes and other charges that
          may be payable in connection with the issuance of the Warrant Shares
          and the preparation and delivery of share certificates pursuant to this
          Section 1 in the name of the Holder (including without limitation the
          applicable stamp duty), and to the extent required, the execution and
          delivery of a new Warrant, provided, however, that the Company shall
          only be required to pay taxes which are due as a direct result of the
          issuance of the Ordinary Shares or other securities, properties or rights
          underlying such Warrants (such as the applicable stamp duty), and will
          not be required to pay any tax which may be (i) due as a result of the
          specific identity of the Holder or (ii) payable in respect of any transfer
          involved in the issuance and delivery of any such certificates in a name
          other than that of the Holder and the Company shall not be required to
          issue or deliver such certificates unless or until the person or persons
          requesting the issuance thereof shall have paid to the Company the amount
          of such tax or shall have established to the satisfaction of the Company
    that such tax has been paid. </font> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font face="serif">&nbsp;&nbsp;&nbsp;1.3. </font></td>
    <td valign="top"><p><font face="serif">No fractions of Ordinary Shares shall
          be issued in connection with the exercise of this Warrant, and the
          number of Ordinary Shares issued shall be rounded down to the nearest
          whole number. </font> </p>
      <p> <font face="serif">Upon the issuance of Ordinary Shares resulting from
          the exercise in whole or in part of this Warrant, the Company shall
          deliver to the Holder an irrevocable letter of instructions to the
          Company's transfer agent to issue as soon as is reasonably practicable
          to the Holder share certificates reflecting the Warrant Shares exercised
          thereby, together with any and all other documents required for the
    issuance of such certificates by the transfer agent. </font></p></td>
  </tr>
</TABLE>
<table width="100%" border="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="2%">2.</td>
    <td width="98%"><u><font face="serif">Reservation of Shares</font></u></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><div align="justify"><font face="serif">The Company covenants that: (i) at all times during
        the Warrant Period it shall have in reserve, and will keep available solely
        for issuance or delivery upon exercise of the Warrant, such number of Ordinary
        shares as shall be issuable upon the exercise thereof, and (ii) upon exercise
        of the Warrant and payment of the Exercise Price therefor, the Warrant
        Shares issuable upon such exercise will be validly issued, fully paid,
        non</font><br>
    </div></td>
  </tr>
</table>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
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<PAGE>
<A name="page_45"></A>
<TABLE width="100%">
  <tr>
    <td width="3%" valign="top"><font face="serif">&nbsp;&nbsp;&nbsp;</font></td>
    <td width="97%" valign="top"><p align="justify"> <FONT face="serif">assessable, free and clear from any
          lien, encumbrance, pledge or any other third party right and not subject
          to any preemptive rights. </FONT> </p>
    </td>
  </tr>
</TABLE>
<P>3. <U><FONT face="serif">Adjustments to Exercise Price and Number of Securities</FONT></U></P>
<table width="100%" border="0">
  <tr valign="top">
    <td width="2%">3.1.</td>
    <td width="98%"><u><font face="serif">Subdivision and Combination. </font></u><font face="serif">In
        case the Company shall at any time subdivide or combine the outstanding
        Ordinary Shares, the Exercise Price shall forthwith be proportionately
        decreased in the case of subdivision or increased in the case of combination.</font>          </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><div align="justify"></div>
    </td>
  </tr>
  <tr valign="top">
    <td>3.2.</td>
    <td><u><font face="serif">Stock Dividends and Distributions.</font></u><font face="serif"> In
    case the Company shall pay a dividend on, or make a distribution of, Ordinary
        Shares or the Company's capital stock convertible into Ordinary Shares,
        the Exercise Price shall forthwith be proportionately decreased. An adjustment
        made pursuant to this Section 3.2 shall be made as of the record date
        for the subject stock dividend or distribution.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>3.3.</td>
    <td><u><font face="serif">Adjustment in Number of Securities. </font></u><font face="serif">Upon
        each adjustment of the Exercise Price pursuant to the provisions of this
        Section 3,
          the number of Ordinary Shares issuable upon the exercise of each Warrant
          shall be adjusted to the nearest full amount by multiplying a number
          equal to the Exercise Price in effect immediately prior to such adjustment
          by the number of Ordinary Shares issuable upon exercise of the Warrants
          immediately prior to such adjustment and dividing the product so obtained
          by the adjusted Exercise Price.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>3.4.</td>
    <td><u>Definition of Ordinary Shares.</u> For the purpose of this Warrant, the term
      &quot;Ordinary Shares&quot; shall mean (i) the class of stock designated as Ordinary
      Shares in the Articles of Association of the Company as may be amended
      as of the date hereof, or (ii) any other class of stock resulting from
      successive changes or reclassifications of such Ordinary Shares consisting
      solely of changes in nominal value, or from nominal value to no nominal
      value, or from no nominal value to nominal value.</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>3.5.</td>
    <td><u>No Adjustment of Exercise Price in Certain Cases.</u> No adjustment of the
      Exercise Price shall be made if the amount of said adjustment shall be
      less than 2 cents ($.02) per Ordinary Share, provided, however, that in
      such case any adjustment that would otherwise be required then to be made
      shall be carried forward and shall be made at the time of and together
      with the next subsequent adjustment which, together with any adjustment
      so carried forward, shall amount to at least 2 cents ($.02) per Ordinary
      Share.</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>3.6.</td>
    <td><u>Merger or Consolidation.</u> In case of any consolidation of the Company
      with or merger of the Company with, or merger of the Company into, (other
      than a merger which does not result in any reclassification or change of
      the outstanding Ordinary Shares), the Company shall cause the corporation
      formed by such consolidation or merger to execute and deliver to the Holder
      a supplemental warrant agreement providing that the Holder of the Warrant
      then outstanding or to be outstanding shall have the right thereafter (until
      the expiration of such Warrant) to receive, upon exercise of such Warrant,
      the kind and amount of shares of stock and other</td>
  </tr>
</table>
<p>&nbsp;</p>
<P>&nbsp;</P>
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<PAGE>
<A name="page_46"></A>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top">&nbsp;</td>
  <td width="89%" valign="top"> <div align="justify"><font face="serif">securities and property receivable upon
        such consilidation or merger, by a holder of the number of Ordinary Shares
        of the Company for which such Warrant might have been exercised immediately
        prior to such consolidation, merger, sale or transfer. Such supplemental
        warrant agreement shall provide for adjustments which shall be identical
        to the adjustments provided in Section 3. The above provision of this Subsection
        shall similarly apply to successive consolidations or
  mergers. </font> </div></td>
</tr>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top" colspan="2">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="5%"><div align="justify"><FONT face="serif">4.</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td valign="top" colspan="2"><div align="justify"><FONT face="serif"><U>Notices&nbsp;to&nbsp;Warrant&nbsp;Holders</U></FONT><FONT face="serif">. Nothing contained in this Warrant shall be construed as conferring upon the Holder the right to vote or to consent or to receive notice as a
    stockholder in respect of any meetings of stockholders for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If, however, at any time prior to the Expiration Date, any of the following
    events shall occur:</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%"><div align="justify"></div></td>
   <td valign="top" width="6%"><div align="justify"><FONT face="serif">(a)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif">the Company shall take a record of the holders of its Ordinary Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution
  payable otherwise than out of current or retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company; or</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%"><div align="justify"></div></td>
   <td valign="top" width="6%"><div align="justify"><FONT face="serif">(b)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif">the Company shall offer to all the holders of its Ordinary Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company,
  or any option, right or warrant to subscribe therefor; or</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%"><div align="justify"></div></td>
   <td valign="top" width="6%"><div align="justify"><FONT face="serif">(c)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif">a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets and business as an entirety shall
  be proposed;</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top"> <div align="justify"><font face="serif">then, in any one or more of said events,
        the Company shall give to the Holder written notice of such event at least
        fifteen (15) days prior to the date fixed as a record date or the date
        of closing the transfer books for the determination of the stockholders
        entitled to such dividend, distribution, convertible or exchangeable securities
        or subscription rights, or entitled to vote on such proposed dissolution,
    liquidation, winding up or sale. </font> </div></td>
  </tr>
</TABLE>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top" colspan="2">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="5%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top" colspan="2"><FONT face="serif"><U>Non-Transferability</U></FONT><BR></td>
</tr>
<tr>
   <td valign="top" width="5%">&nbsp;</td>
   <td valign="top" width="6%"><FONT face="serif">(a)</FONT><BR>&nbsp;&nbsp;</td>
   <td width="89%" valign="top"><div align="justify"><FONT face="serif">The Holder
         covenants and agrees that the Warrants are being acquired as an investment
         and not with a view to the distribution thereof. The Holder shall not
         sell, transfer, assign, encumber, pledge or otherwise dispose or undertake
         to dispose of ("</FONT><B><FONT face="serif">Sell</FONT></B><FONT face="serif">")
         the Warrants until the first anniversary of the Effective Date. Thereafter,
         the Holder may, subject to applicable securities laws, Sell, all or
         any portion of the Warrants, provided that the Holder may only Sell
         the Warrants on two occasions, to no more than five (5) transferees
         on each occasion, provided further that on the second such occasion
         the Holder shall reimburse the Company </FONT><BR>
   </div></td>
</tr>
</TABLE>

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<PAGE>
<A name="page_47"></A>
<TABLE>
  <tr>
    <td height="25" valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">with any and all direct costs incurred
        by the Company connected with such sale, transfer or assignment including
    any reasonable registration costs.</FONT></td>
  </tr>
  <tr>
    <td valign="top" width="5%">&nbsp;</td>
    <td valign="top" width="6%"><FONT face="serif">(b)</FONT><BR>
&nbsp;&nbsp;</td>
    <td width="89%" valign="top"><div align="justify"><FONT face="serif">Unless
          registered, the Warrant Shares issued upon exercise of the Warrants
          shall be subject to a stop transfer order and the certificate or certificates
          evidencing such Warrant Shares shall bear legend substantially similar
          to
the following:</FONT></div>
    </td>
  </tr>
</TABLE>
<table width="100%" border="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="21%">&nbsp;</td>
    <td width="79%"> <div align="justify"><font face="serif">"</font><b><font face="serif">THE SHARES REPRESENTED
            BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
            OF 1933, AS AMENDED, PURSUANT TO A REGISTRATION STATEMENT. ACCORDINGLY,
            SUCH SHARES MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO A REGISTRATION
            STATEMENT UNDER SUCH ACT, OR AN EXEMPTION FROM REGISTRATION UNDER SUCH
    ACT.</font></b><font face="serif">" </font> </div></td>
  </tr>
</table>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="5%"><div align="justify"><FONT face="serif">6.</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td valign="top"><div align="justify"><FONT face="serif"><U>Loss, etc. of Warrant</U></FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td valign="top"><font face="serif">Upon receipt of evidence satisfactory
       to the Company of the loss, theft, destruction or mutilation of this Warrant,
       and of indemnity reasonably satisfactory to the Company, if lost, stolen
       or destroyed, and upon surrender and cancellation of this Warrant, if
       mutilated, and upon reimbursement of the Company's reasonable direct expenses,
       the Company shall execute and deliver to the Holder a new Warrant of like
       date, tenor and denomination.</font><br>
</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%"><div align="justify"><FONT face="serif">7.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif"><U>Registration Rights</U></FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td valign="top"><font face="serif">Holders of the Ordinary Shares shall be
       entitled to registration rights pursuant to the Registration Rights Agreement
       attached hereto as <b><u>Exhibit </u></b><u><b>B</b></u>.</font><br>
</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%"><div align="justify"><FONT face="serif">8.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif"><U>Headings</U></FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td valign="top"><div align="justify"><font face="serif">The headings of this Warrant have been
         inserted as a matter of convenience and shall not affect the construction
         hereof.</font><br>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%"><div align="justify"><FONT face="serif">9.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif"><U>Notices</U></FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top"><div align="justify"></div></td>
   <td valign="top"><div align="justify"><font face="serif">Unless otherwise provided, any notice
         required or permitted under this Warrant shall be given in writing and
         shall be deemed effectively given upon personal delivery to the party
         to be notified or seven (7) days after deposit with the Post Authority,
         for dispatch by registered or certified mail, postage prepaid and addressed
         to the Holder at the address set forth in the Company's books and to the
         Company at the address of its principal offices set forth above, or when
         given by telecopier or other form of rapid written communication, provided
         that confirming copies are sent by such airmail.</font><br>
   </div></td>
</tr>
</TABLE>

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<PAGE>
<A name="page_48"></A>
<TABLE>
  <tr>
    <td valign="top" width="5%"><div align="justify"><FONT face="serif">10.</FONT><BR>
&nbsp;&nbsp;</div>
    </td>
    <td width="95%" valign="top"><div align="justify"><FONT face="serif"><U>Governing Law</U></FONT><BR>
      </div>
    </td>
  </tr>
  <tr>
    <td valign="top"><div align="justify"></div>
    </td>
    <td valign="top"><div align="justify"><font face="serif">This Warrant shall be governed by and
          construed and enforced in accordance with the laws of the State of Israel
          (regardless of the laws that might otherwise govern under</font> <font face="serif"> applicable
          Israel principles of conflicts of law). Anything to the contrary notwithstanding,
          the provisions of this Section 10 shall not apply to the Registration
          Rights schedule, which shall be subject to the provisions thereof. </font> <br>
    </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><FONT face="serif">11.</FONT></td>
    <td valign="top"><u><font face="serif">Entire Agreement; Amendment and Waiver<br>
    </font></u></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"><br>
          <font face="serif">This Warrant and the schedule hereto constitute the
        full and entire understanding and agreement between the parties with regard
        to the subject matters hereof and thereof. Any term of this Warrant may
        be amended and the observance of any term hereof may be waived (either
        prospectively or retroactively and either generally or in a particular
        instance) only with the written consent of both the Holder
  and the Company.</font><br>
    </div></td>
  </tr>
</TABLE>
<p>&nbsp;</p>
<P>
<B><FONT face="serif">IN WITNESS WHEREOF</FONT></B><FONT face="serif">, the Company has caused this Ordinary Share Purchase Warrant to be executed as of the date first written above. </FONT>
</P>
<P>
<B><FONT face="serif">NUR Macroprinters Ltd</FONT></B><FONT face="serif">. </FONT>
</P>
<P>
<FONT face="serif">By: ________________________<BR>
Name: David Amir <br>
Title: Chief Executive Officer</FONT></P>
<P>
<FONT face="serif">Agreed and Accepted: </FONT>
</P>
<P>
<FONT face="serif">_____________________<BR> David Fuchs </FONT>
</P>

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<PAGE>
<A name="page_49"></A>

<P align="center">
<B><U><FONT face="serif">Exhibit A</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P align="center">
<FONT face="serif">Warrant Exercise Form </FONT>
</P>
<P align="right">
<FONT face="serif"> 	Date: ____________________</FONT>
</P>
<P>
<FONT face="serif">To: Nur Macroprinters Ltd.</FONT>
</P>
<P align="center">
<FONT face="serif">Re: </FONT><B><U><FONT face="serif">Exercise of Warrant</FONT></U></B><FONT face="serif"> </FONT>
</P>
<P align="justify">
<FONT face="serif">The undersigned hereby irrevocably elects to exercise the
attached Warrant to the extent of ___________________ Ordinary Shares of Nur
Macroprinters Ltd. all in accordance with section 1.1(b) of the Warrant. Payment
to the Company
of the total purchase price for such shares has been made simultaneously with
the delivery of this exercise of warrant. The undersigned requests that certificates
for such Ordinary Shares be registered in the name of
____________________ whose address is ____________________ and that such certificates
be delivered to whose address is _____________________________ . </FONT></P>
<P>
<FONT face="serif">By: ___________________<BR>
</FONT></P>

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<PAGE>
<A name="page_50"></A>

<P align="center">
<B><U><FONT face="serif">Exhibit B</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P align="center">
<B><U><FONT face="serif">REGISTRATION RIGHTS AGREEMENT</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P align="justify">
<FONT face="serif">This Registration Rights Agreement (this "</FONT><B><FONT face="serif">Agreement</FONT></B><FONT face="serif">") is made as of the 31 day of March, 2004 (the "</FONT><B><FONT face="serif">Effective Date</FONT></B><FONT
face="serif">") by and among NUR Macroprinters Ltd., a company organized under the laws of the State of Israel, registered under number 52-003986-8, with offices at 12 Abba Hillel Silver Street, Lod, Israel (the "</FONT><B><FONT
face="serif">Company</FONT></B><FONT face="serif">"); and the </FONT><B><FONT face="serif">Investors </FONT></B><FONT face="serif">listed on </FONT><B><U><FONT face="serif">Schedule </FONT></U></B><B><FONT face="serif">1</FONT></B><FONT
face="serif"> hereto, each such Investor being an &#145;accredited investor&#146;, as defined in Regulation &sect;230.501 under the Securities Act (defined below). Each Investor is referred to in this Agreement as a "</FONT><B><FONT
face="serif">Holder</FONT></B><FONT face="serif">", and collectively as the "</FONT><B><FONT face="serif">Holders</FONT></B><FONT face="serif">". </FONT>
</P>
<P align="center">
<B><FONT face="serif">RECITALS:</FONT></B>
</P>
<table width="100%" border="0">
  <tr align="left" valign="top">
    <td width="8%" height="53"><div align="left"><b><font face="serif">WHEREAS</font></b></div></td>
    <td width="92%"><div align="left"><font face="serif">the Company and Rockwood,
          Inc. (the "</font><b><font face="serif">Placement Agent</font></b><font face="serif">")
          entered on _________, 2003 into a letter agreement (the "</font><b><font face="serif">Letter
          Agreement</font></b><font face="serif">") pursuant to which the Placement
          Agent rendered to the Company certain financial services in connection
          with the Convertible Loan secured by the Company on October 2003 (the "</font><b><font face="serif">Convertible
          Loan</font></b><font face="serif">"); </font><font face="serif"><br>
    </font></div></td>
  </tr>
  <tr align="left" valign="top">
    <td height="48"><b><font face="serif">WHEREAS</font></b></td>
    <td><font face="serif">the Letter Agreement provides, among others, that
        upon conversion of the Convertible Loan or a portion thereof, the Company
        will grant the Placement Agent warrants (the "</font><b><font
face="serif">Warrants</font></b><font face="serif">") exercisable into Ordinary
        Shares of the Company, of nominal value NIS 1.00 each (the "</font><b><font face="serif">Conversion
    Shares</font></b><font face="serif">"); and </font></td>
  </tr>
  <tr align="left" valign="top">
    <td height="30"><b><font face="serif">WHEREAS</font></b></td>
    <td><font face="serif">the Letter Agreement further provides that the Conversion
    Shares shall have piggyback registration rights; and</font></td>
  </tr>
  <tr align="left" valign="top">
    <td><b><font face="serif">WHEREAS</font></b></td>
    <td><font face="serif">the Placement Agent assigned its rights for the Warrants
    to the Holders; and</font></td>
  </tr>
  <tr align="left" valign="top">
    <td><b><font face="serif">WHEREAS</font></b></td>
    <td><font face="serif">the Company hereby undertakes to register the Conversion
        Shares under the terms and subject to the condition set forth in this
    Agreement. </font></td>
  </tr>
</table>
<P align="justify"><B><FONT face="serif">NOW, THEREFORE</FONT></B><FONT face="serif">, in consideration
of the foregoing, the parties agree as follows: </FONT></P>
<table width="100%" border="0">
  <tr valign="top">
    <td width="6%">1.</td>
    <td width="94%"><b><u><font face="serif">Definitions</font></u></b><font face="serif">.<br>
    </font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><div align="justify"><font face="serif">Unless otherwise defined herein, all capitalized terms
        shall have the meanings ascribed thereto in the Warrants. As used herein,
        the following terms have the following meanings:</font><br>
    </div></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td> <div align="justify"><font face="serif">"</font><b><font face="serif">Commission</font></b><font face="serif">" refers
    to the Securities and Exchange Commission. </font> </div></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><div align="justify"></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <div align="justify"><font face="serif">"</font><b><font face="serif">Effective Date</font></b><font face="serif">" means
    the date of the closing of the Convertible Loan.</font> </div></td>
  </tr>
</table>
<P align="justify">&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_51"></A>
<table width="100%" border="0">
  <tr valign="top">
    <td width="6%">&nbsp;</td>
    <td width="94%">
      <div align="justify"> <FONT face="serif">"</FONT><B><FONT face="serif">Register</FONT></B><FONT face="serif">", "</FONT><B><FONT face="serif">registered</FONT></B><FONT face="serif">",
          and "</FONT><B><FONT face="serif">registration</FONT></B><FONT face="serif">" refer
          to a registration effected by filing a registration statement in compliance
          with the Securities Act and the declaration or ordering by the Commission
          of effectiveness of such registration statement, or the equivalent
          actions under the laws of another
jurisdiction. </FONT>  </div>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td> <font face="serif">"</font><b><font face="serif">Registrable Shares</font></b><font face="serif">" means
        the Conversion Shares issued or issuable to the Holders upon exercise
    of the Warrants. </font> </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><div align="justify"></div>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <div align="justify"> <FONT face="serif">"</FONT><B><FONT face="serif">Securities
            Act</FONT></B><FONT face="serif">" shall mean the U.S. Securities
            Act of 1933, as amended, or any similar federal statute, and the
            rules and regulations of the Commission thereunder, all as the same
      shall be in effect at the time. </FONT> </div>
    </td>
  </tr>
</table>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="6%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</TD>
   <td colspan="2" valign="top"><B><FONT face="serif"><U>Incidental Registration</U></FONT></B><FONT face="serif">.</FONT><BR></td>
</tr>
<tr>
   <td valign="top">&nbsp;</td>
   <td colspan="2" valign="top"><div align="justify"><font face="serif">If the Company at any time following the
         Effective Date, proposes to register any of its securities, (other than
         a registration statement on Form S-8 or any successor form for securities
         to be offered to employees of the Company pursuant to any employee benefit
         plan or a registration statement on form F-4 or any other successor form),
         for its own account or for the account of any other person, it shall give
         notice to the Holders of such intention. Upon the written request of Holders,
         given within twenty (20) days after receipt of any such notice, the Company
         shall include in such registration all of the Registrable Shares indicated
         in such request, so as to permit the disposition of the shares so registered
         in the manner requested by the Holders. Notwithstanding any other provision
         of this Section 2, with respect to an underwritten public offering by
         the Company, if the managing underwriter advises the Company in writing
         that marketing or other factors require a limitation of the number of
         shares to be underwritten, then there shall be excluded from such registration
         and underwriting to the extent necessary to satisfy such limitation, shares
         held by the Holders and by other shareholders of the Company who are entitled
         to have their shares included in such registration, pro rata among them
         to the extent necessary to satisfy such limitation. To the extent Registrable
         Shares are excluded from such underwriting, the Holders shall agree not
         to sell their Registrable Shares included in the registration statement
         for such period, not to exceed 180 days, as may be required by the managing
         underwriter, and the Company shall keep effective and current such registration
         statement for such period as may be required to enable the Holders to
         complete the distribution and resale of their Registrable Shares. Notwithstanding
         the provisions of this Section 2, the Company shall have the right at
         any time after it shall have given notice to the Holders, to elect not
         to file any such proposed registration statement; provided, however, that
         each key officer and director of the Company and each person who, at the
         time of the proposed filing of such public offering, beneficially owns
         1% or more of the outstanding capital stock of the Company, on a fully-converted,
      fully-diluted basis, shall enter into the same agreement.</font><br>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="6%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><B><FONT face="serif"><U>Termination of Registration Rights</U></FONT></B><FONT face="serif">.</FONT><BR></td>
</tr>
<tr>
   <td valign="top">&nbsp;</td>
   <td width="5%" valign="top"><font face="serif">3.1.</font><br></td>
   <td width="89%" valign="top"><div align="justify"><font face="serif"> The Holders shall not be entitled to
         exercise any right provided for in Section 2 hereof, after four (4) years
    following the Effective Date.</font></div></td>
</tr>
</TABLE>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_52"></A>
<TABLE>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top"><FONT face="serif">3.2.</FONT><br>
    </td>
    <td width="89%" valign="top"> <div align="justify"><FONT face="serif"> In
              addition, the right of the Holders to request registration pursuant
              to Section 2 shall terminate upon such date that all Registrable Shares
              held or entitled to be held upon exercise by the Holders may be sold
              under Rule
    144(k) (or any successor rule).</FONT> </div></td>
  </tr>
</TABLE>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td width="94%" valign="top">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="6%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><B><FONT face="serif"><U>Designation of Underwriter</U></FONT></B><FONT face="serif">.</FONT><BR></td>
</tr>
<tr>
   <td height="49" valign="top">&nbsp;</td>
   <td valign="top"><font face="serif">The Company
    shall have the right to designate the managing underwriter.</font><br></td>
</tr>
<tr>
   <td valign="top" width="6%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><B><FONT face="serif"><U>Expenses</U></FONT></B><FONT face="serif">.</FONT><BR></td>
</tr>
<tr>
   <td valign="top">&nbsp;</td>
   <td valign="top"><div align="justify"><font face="serif">All expenses incurred in connection with
         any registration under Section 2 shall be borne by the Company, provided
         however, that the Holders shall pay their pro rata portion of the discounts
         payable
  to any underwriter.</font><br>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="6%"><FONT face="serif">6.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><B><FONT face="serif"><U>Indemnities</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">If any Registrable Shares are included in a registration statement pursuant to this Agreement:</FONT><BR>   </td>
</tr>
</TABLE>
<TABLE>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top"><FONT face="serif">6.1. </FONT><br>
    </td>
    <td width="89%" valign="top">
      <div align="justify"><FONT face="serif">The Company will indemnify and
          hold harmless, to the fullest extent permitted by law, each Holder,
          any underwriter (as defined in the Securities Act) for such Holder,
          and each person, if any, who controls such Holder or such underwriter
          (collectively and individually referred to as the "</FONT><B><FONT face="serif">Indemnified
          Party</FONT></B><FONT face="serif">"), from and against any and all
          losses, damages, claims, liabilities, joint or several, costs, and
          expenses (including any amounts paid in any settlement effected with
          the Company&#146;s consent, which consent will not be unreasonably
          withheld) to which such Indemnified Party may become subject under
          applicable law or otherwise, insofar as such losses, damages, claims,
          liabilities (or actions or proceedings in respect thereof), costs,
          or expenses arise out of are based upon (i) any untrue statement or
          alleged untrue statement of any material fact contained in the registration
          statement or included in the prospectus, as amended or supplemented
          (including, in each case, all documents incorporated by reference therein,
          as such documents may have been updated by later dated documents),
          or (ii) the omission or alleged omission to state therein a material
          fact required to be stated therein or necessary to make the statements
          therein, in light of the circumstances in which they are made, not
          misleading</FONT><B><FONT face="serif"> </FONT></B><FONT face="serif">or
          (iii) any violation or alleged violation by the Company of the Securities
          Act or the Securities and Exchange Act of 1934, as amended (the "</FONT><B><FONT face="serif">Exchange
          Act</FONT></B><FONT face="serif">"), or any rules or regulations promulgated
          thereunder, and the Company will reimburse each Indemnified Party,
          promptly upon demand, for any reasonable legal or any other expenses
          incurred by them in connection with investigating, preparing to defend,
          or defending against, or appearing as a third-party witness in connection
          with such loss, claim, damage, liability, action, or proceeding; </FONT><U><FONT face="serif">provided</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">however,</FONT></U><FONT face="serif"> that
          the Company will not be liable in any such case to the extent that
          any such loss, damage, liability, cost, or expense arises solely out
          of or is based solely upon an untrue statement or alleged untrue statement,
      or omission or alleged omission, so made in conformity with</FONT> </div>
    </td>
  </tr>
</TABLE>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_53"></A>
<TABLE>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"> <FONT face="serif">information furnished to the Company
        by the Indemnified Party, in writing, specifically for inclusion therein; </FONT><U><FONT face="serif">provided</FONT></U><FONT face="serif">, </FONT><U><FONT
face="serif">further,</FONT></U><FONT face="serif"> that this indemnity shall
        not be deemed to relieve any underwriter of any of its due diligence
        obligations; and </FONT><U><FONT face="serif">provided</FONT></U><FONT face="serif">, </FONT><U><FONT
face="serif">further,</FONT></U><FONT face="serif"> that the indemnity agreement
        contained in this Section 6.1 shall not apply to amounts paid in settlement
        of any such claim, loss, damage, liability, or action if such settlement
        is effected without
the Company&#146;s consent, which consent will not be unreasonably withheld.
Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of the Indemnified Party, and regardless of any sale in
connection with such offering by such Holder. Such indemnity shall survive the
transfer of securities by a Holder. </FONT> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top"><FONT face="serif">6.2. </FONT><br>
    </td>
    <td width="89%" valign="top">
      <div align="justify"> <FONT face="serif">Each Holder participating in a
          registration hereunder will indemnify and hold harmless the Company
          its Executive Officers, Directors, any underwriter for the Company,
          and each person, if any, who controls the Company or such underwriter
          (collectively and individually, the "</FONT><B><FONT face="serif">Indemnifiable
          Parties</FONT></B><FONT face="serif">"), from and against any and all
          losses, damages, claims, liabilities, costs, or expenses (including
          any amount paid in
any settlement effected with such Holder&#146;s consent, which consent will not
be unreasonably withheld) to any Indemnifiable Party may become subject under
applicable law or otherwise, insofar as such losses, damages, claims, liabilities
(or actions or proceedings in respect thereof), costs, or expense arise out of
or are based on (i) any untrue statement</FONT><B><FONT face="serif"> </FONT></B><FONT face="serif">or
alleged untrue statement of any material fact contained in the registration statement
or included in the prospectus, as amended or supplemented</FONT><B><FONT face="serif"> </FONT></B><FONT face="serif">(including,
in each case, all documents incorporated by reference therein, as such documents
may have been updated by later dated documents), or (ii) the omission or alleged
omission to state therein a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances in which they are
made, not
misleading,</FONT><STRIKE><FONT face="serif"> </FONT></STRIKE><FONT face="serif">or
(iii) any violation or alleged violation by the Company of the Securities Act
or the Securities and Exchange Act, or any rules or regulations promulgated thereunder
and such Holder will reimburse each Indemnifiable Party, promptly upon demand,
for any reasonable legal or other expenses incurred by such Indemnifiable Party
in connection with investigating, preparing to defend, or defending against,
or appearing as a third-party witness in connection with such loss, claim, damage,
action, or proceeding; in each case to the extent, but only to the extent, that
such untrue statement or alleged untrue statement or omission or alleged omission
was so made in conformity with written information furnished by such Holder specifically
for inclusion therein. The foregoing indemnity agreement is subject to the condition
that, insofar as it relates to any such untrue statement (or alleged untrue statement),
or omission (or alleged omission) made in the preliminary prospectus but eliminated
or remedied in the amended prospectus at the time the registration statement
becomes effective in the final prospectus, such indemnity agreement shall not
inure to the benefit of (i) the Company, and (ii) any underwriter, if a copy
of the final prospectus was not furnished to the person or entity asserting the
loss, liability, claim, or damage at or prior to the time such furnishing is
required by the Security
Act; </FONT><U><FONT face="serif">provided, further</FONT></U><FONT face="serif">,
that this indemnity</FONT> </div>
    </td>
  </tr>
</TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_54"></A>
<TABLE>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"> <FONT face="serif">shall not be deemed to relieve any underwriter
        of any of its due diligence obligations; </FONT><U><FONT face="serif">provided,
        further</FONT></U><FONT face="serif">, that the indemnity agreement contained
        in this Section 6.2 shall not apply to amounts paid in settlement of
        any such claim loss, damage, liability, or action if such settlement
        is effected without the consent of such Holder, as the case may be, which
        consent shall not be unreasonably withheld; and provided, further, that
        the maximum amount of liability in respect of such indemnification shall
        be limited, in the case of each Holder, to an amount equal to the net
        proceeds actually received by such Holder from the sale of Registrable
        Shares sold pursuant
to such registration.</FONT> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top"><FONT face="serif">6.3. </FONT><br>
    </td>
    <td width="89%" valign="top">      <div align="justify"><FONT face="serif"> Promptly after receipt by an
            Indemnified and/or Indemnifiable Party pursuant to the provisions of
            Section 6.1 or 6.2 of notice of the commencement of any action involving
            the subject matter of the foregoing indemnity provisions, such Indemnified
            and/or Indemnifiable Party will, if a claim thereof is to be made against
            the indemnifying party pursuant to the provisions of said Section 6.1
            or 6.2, promptly notify the indemnifying party of the commencement
            thereof; but the omission to notify the indemnifying party shall only
            relieve it from any liability which it may have to any Indemnified
            and/or Indemnifiable Party to the extent that such indemnifying party
            has been damaged by such omission
  to notify
  hereunder.</FONT> <br>
  <FONT face="serif">In case such action is brought against any Indemnified and/or
  Indemnifiable party and it notifies the indemnifying party of the commencement
  thereof, the indemnifying party shall have the right to participate in, and,
  to the extent that it may wish, jointly with any other indemnifying party similarly
  notified, to assume the defense thereof with counsel reasonably satisfactory
  to such Indemnified or Indemnifiable Party; </FONT><U><FONT face="serif">provided,
  however</FONT></U><FONT face="serif">, that if the defendants in any action include
  both the Indemnified or Indemnifiable Party and the indemnifying party and if
  in the reasonable judgment of the Indemnified or Indemnifiable party there are
  separate defenses that are available to the Indemnified or Indemnifiable party
  or there is a conflict of interest which would prevent counsel for the indemnifying
  party from also representing the Indemnified or Indemnifiable party, the Indemnified
  or Indemnifiable Party(ies) shall have the right to select, at the expense of
  the indemnifying party, separate counsel to participate in the defense of such
  action; </FONT><U><FONT face="serif">provided, further, however</FONT></U><FONT face="serif">,
  that if the Holders are the Indemnified Party, the Holders shall be entitled
  to one (1) separate counsel at the expense of the Company and if underwriters
  are also Indemnified parties who are entitled to counsel separate from the indemnifying
  party, then all underwriters as a group shall be entitled to one (1) separate
  counsel at the expense of the Company. After notice from the indemnifying party
  of its election so to assume the defense thereof, the indemnifying party will
  not be liable to such Indemnified or Indemnifiable Party pursuant to the provisions
  of said Section 6.1 or 6.2 above for any legal or other expense subsequently
  incurred by such Indemnified or Indemnifiable Party in connection with the defense
  thereof, unless (i) the Indemnified or Indemnifiable Party shall have employed
  counsel in accordance with the provision of the preceding sentence, (ii) the
  indemnifying party shall not have employed counsel reasonably satisfactory to
  the Indemnified or Indemnifiable
  Party to represent the</FONT> </div></td>
  </tr>
</TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_55"></A>
<TABLE>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"> <div align="justify"><FONT face="serif">same within a reasonable
          time after the notice of the commencement of the action and within
          fifteen (15)
          days after written notice of the Indemnified or Indemnifiable Party&#146;s
          intention to employ separate counsel pursuant to the previous sentence,
          (iii) the indemnifying party has authorized the employment of counsel
          for the Indemnified or Indemnifiable Party at the expense of the indemnifying
          party, or (iv) the indemnifying party has authorized the employment
          of counsel but such party or counsel fails to vigorously defend the
          action.
          No indemnifying party will consent to entry of any judgment or enter
          into any settlement, which does not include as an unconditional term
          thereof the giving by the claimant or plaintiff to such Indemnified
          or Indemnifiable Party of a release from all liability in respect to
          such
    claim or litigation. </FONT> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top"><FONT face="serif">6.4. </FONT><br>
    </td>
    <td width="89%" valign="top">
      <div align="justify"> <FONT face="serif"> If recovery is not available
          under the foregoing indemnification provisions, for any reason other
          than as specified therein, the parties entitled to indemnification
          by the terms thereof shall be entitled to contribution to liabilities
          and expenses. In determining the amount of contribution to which the
          respective parties are entitled, there shall be considered the parties&#146; relative
          knowledge and access to information concerning the matter with respect
          to which the right to indemnification was asserted, the opportunity
          to correct and prevent any statement or omission, and any other equitable
          consideration appropriate under the circumstances. In no event shall
          any party that is found liable for fraudulent misrepresentation within
          the meaning of Section 1(f) of the Securities Act be entitled to contribution
      hereunder from any party not found so liable. </FONT> </div>
    </td>
  </tr>
</TABLE>
<TABLE width="100%">
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="62" valign="top">7.</td>
    <td colspan="2" valign="top"><div align="justify"><B><U><FONT face="serif">Obligations of the
              Company</FONT></U></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Whenever
            required under this Agreement to effect the registration of any Registrable
            Shares, the Company shall, as
  expeditiously as possible:</FONT><BR>
    </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="52" valign="top">&nbsp;</td>
    <td width="974" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"> <font face="serif">7.1. </font> </td>
    <td valign="top"><div align="justify"><font face="serif">Prepare and file
          with the Commission a registration statement with respect to such Registrable
          Shares and use its best efforts to cause such registration statement
          to become effective</font><b><font face="serif"> </font></b><font face="serif">with
          the Commission or pursuant to the Blue Sky laws of such jurisdictions
          as shall be reasonably requested by the Holders, and, upon the request
          of the Holders of the majority of the Registrable Shares registered
          thereunder, keep such registration statement effective for a period
          of up to two (2) years for any registration under Form F-3 (which shall
          be kept effective subject to the provisions of Rule 415), or for nine
          (9) months for any registration under F-1, or if sooner until the distribution
          contemplated in the registration statement has been completed.</font><b><font face="serif"> </font></b></div>
    </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.2. </FONT></td>
    <td valign="top"> <div align="justify"><FONT face="serif">Prepare and file with the Commission
          such amendments and supplements to such registration statement and the
          prospectus used in connection with such registration statement as may
          be necessary to comply with the provisions of the Securities Act with
          respect to the disposition of all Registrable Shares covered by such
    registration statement. </FONT> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"></div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.3. </FONT></td>
    <td valign="top"> <div align="justify"><FONT face="serif">Furnish to the Holders and each duly
          authorized underwriter such numbers of copies of a prospectus, including
          a preliminary prospectus, in
  conformity with the</FONT> </div></td>
  </tr>
</TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_56"></A>
<TABLE width="100%">
  <tr>
    <td width="7%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="88%" valign="top"> <FONT face="serif">requirement of the Securities Act, and
        such other documents as they may reasonably request in order to facilitate
    the disposition of Registrable Shares owned by the Holders. </FONT> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.4. </FONT></td>
    <td valign="top">      <div align="justify"><FONT face="serif">In the event of any underwritten
            public offering, enter into and perform its obligations under an underwriting
            agreement, in usual and customary form, with the managing underwriter
            of such offering. Each Holder participating in such underwriting shall
            also enter into and perform its obligations under
  such agreement. </FONT> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><div align="justify"></div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.5. </FONT></td>
    <td valign="top"> <div align="justify"><FONT face="serif">Notify each Holder of Registrable Shares
          covered by such registration statement at any time when a prospectus
          relating thereto is required to be delivered under the Securities Act
          of the happening of any event as a result of which the prospectus included
          in such registration statement, as then in effect, includes an untrue
          statement of a material fact or omits to state a material fact required
          to be stated therein or necessary to make the statements therein not
          misleading in light of the circumstances then existing, and promptly
          amend such prospectus by filing a post effective supplement so that such
          prospectus does not contain an untrue statement of material fact or omit
          to state a material fact required to be stated therein or necessary to
          make the statements therein not misleading in light of the circumstances
          then existing, and deliver copies
  thereof to the Holder. </FONT> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.6. </FONT></td>
    <td valign="top"> <div align="justify"><FONT face="serif">Cause all Registrable Shares registered
          pursuant hereunder to be listed on each securities exchange or Nasdaq
          on which similar securities
  issued by the Company are then listed.</FONT> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.7. </FONT></td>
    <td valign="top"> <div align="justify"><FONT face="serif">Provide a transfer agent and registrar
          for all Registrable Shares registered pursuant to this Agreement and
          a CUSIP number for all such Registrable Shares, in each case not later
    than the effective date of such registration. </FONT> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.8. </FONT></td>
    <td valign="top"> <div align="justify"><FONT face="serif">Furnish, at the request of any Holder,
          on the date that such Registrable Shares are delivered to the underwriters
          for sale in connection with a registration pursuant to this Agreement,
          if such securities are being sold through underwriters, or, if such securities
          are not being sold through underwriters, on the date that the registration
          statement with respect to such securities becomes effective, (i) an opinion,
          dated such date, of the counsel representing the Company for the purposes
          of such registration, in form and substance as is customarily given to
          underwriters in an underwritten public offering, addressed to the underwriters,
          if any, and to such Holder, and (ii) a letter dated such date, from the
          independent certified public accountants of the Company, in form and
          substance as is customarily given by independent certified public accountants
          to underwriters in an underwritten public offering addressed to the underwriters,
          if any, and to such
  Holder. </FONT> </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT face="serif">7.9. </FONT></td>
    <td valign="top"> <div align="justify"><FONT face="serif">Promptly notify each Holder, if the
          Holder is selling Registrable Shares covered by a registration statement,
          of the issuance by the Commission of any stop order suspending the effectiveness
          of the registration statement or the initiation of any proceedings for
          that purpose. The Company shall use
  its reasonable best efforts to</FONT> </div></td>
  </tr>
</TABLE>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_57"></A>

<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE>
<TR>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"></div></td>
  <TD colspan="2" valign="top"> <div align="justify"><font face="serif">obtain the withdrawal of any
    order suspending the effectiveness of the registration statement. </font> </div></TD>
</tr>
<TR>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"></div></td>
  <TD colspan="2" valign="top"><div align="justify"></div></TD>
</tr>
<TR>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"><font face="serif">7.10.</font></div></td>
  <TD colspan="2" valign="top"><div align="justify"><u><font face="serif">Conditions to Registration</font></u><font face="serif">.
          The Company shall not be obligated to effect the registration of the Registrable
          Shares pursuant to this Agreement unless the Holders participating therein
          consent to customary conditions of a reasonable nature that are imposed
    by the Company, including, but no limited to, the following: </font> </div></TD>
  </tr>
<TR>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"></div></td>
  <TD valign="top"><div align="justify"></div></TD>
  <td width="83%" valign="top"><div align="justify"></div></td>
</tr>
<TR>
   <td valign="top" width="7%">&nbsp;</td>
   <td valign="top" width="5%"><div align="justify"></div></td>
   <TD valign="top" width="5%"><div align="justify"><FONT face="serif">(a)</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td valign="top"><div align="justify"><FONT face="serif">Conditions requiring the Holders to comply with all applicable provisions of the Securities Act and the Exchange Act, including, but not limited to, the prospectus delivery requirements; and</FONT><BR>
   </div></td>
</tr>
<tr>
   <td valign="top" width="7%">&nbsp;</td>
   <td valign="top" width="5%"><div align="justify"></div></td>
   <td valign="top" width="5%"><div align="justify"><FONT face="serif">(b)</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><FONT face="serif">Conditions prohibiting the Holders, upon receipt of written notice from the Company that it is required by law to correct or update the registration statement or prospectus, from effecting sales of the
  Registrable Shares until the Company has completed the necessary correction or updating.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="7%"><FONT face="serif">8.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top" colspan="3"><div align="justify"><B><FONT face="serif"><U>Customary&nbsp;Arrangements</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Each
         Holder may not participate in any underwritten offering pursuant to
         a registration filed hereunder unless such person (a) agrees to sell
         such person&#146;s securities on the basis provided in customary underwriting arrangements, and (b) provides all relevant information and completes and executes all questionnaires, powers of attorney,
  indemnities, underwriting agreements, and other documents required under the terms of such underwriting arrangements; provided, however, that the Holders participating in the underwritten registration may appoint one legal or other representative to
  negotiate the underwriting arrangements, at such Holder&#146;s expense.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="7%"><FONT face="serif">9.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top" colspan="3"><div align="justify"><B><FONT face="serif"><U>Public&nbsp;Information</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">The Company shall undertake to make publicly available and available to the Holders adequate current public
  information within the meaning of, and as required pursuant to, Rule 144 and shall use its reasonable best efforts to satisfy the Registrant Requirements for the use of Form F-3 during the term of this Agreement.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="7%"><FONT face="serif">10.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top" colspan="3"><div align="justify"><B><FONT face="serif"><U>Non-United&nbsp;States&nbsp;Offering</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">In the event of a public offering of securities of the Company outside of the United States, the Company
  will afford the Holders registration rights in accordance with applicable law and comparable in substance to the foregoing registration rights.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="7%"><FONT face="serif">11.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top" colspan="3"><div align="justify"><B><FONT face="serif"><U>Assignment&nbsp;of&nbsp;Registration&nbsp;Rights</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">The
         rights to cause the Company to register Registrable Shares pursuant
         to this Agreement may only be assigned by a Holder (the "</FONT><B><FONT face="serif">Assignment</FONT></B><FONT face="serif">")
         under the following conditions:</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"></div></td>
  <td colspan="2" valign="top"><div align="justify"></div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><div align="justify"><font face="serif">(i)</font><br>
&nbsp;&nbsp;</div></td>
  <td colspan="2" valign="top"><div align="justify"><font face="serif">The Assignment shall be concurrent with
        the sale or transfer of Registrable Shares and only with respect to the
        transferred Registrable Shares;</font><br>
  </div></td>
  </tr>
</TABLE>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_58"></A>

<TABLE width="100%">
<TR>
   <TD valign="top" width="7%"><BR>&nbsp;&nbsp;</TD>
   <td width="5%" valign="top"><font face="serif">(ii)</font></td>
   <td width="88%" valign="top"><font face="serif">Pursuant to the Assignment, a Holder may
       only assign the registration rights contained herein on up to two (2)
    occasions, to no more than five (5) transferees on each occasion;</font><br></td>
</tr>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top"><font face="serif">(iii)</font></td>
  <td valign="top"><font face="serif">The assignees of the registration rights
      may not further assign the registration rights.</font><br>
</td>
</tr>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td colspan="2" valign="top"> <div align="justify"><font face="serif">Provided, (a) the Company,
        is upon such transfer, furnished with written notice of the name and address
        of such transferee or assignee and the securities with respect to which
        such registration rights are being assigned, and (b) such transferee or
        assignee agrees in writing to be bound by and subject to the terms and
    conditions of this Agreement.</font><b><font face="serif"> </font></b> </div></td>
  </tr>
</TABLE>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="7%"><div align="justify"><FONT face="serif">12.</FONT><BR>
   &nbsp;&nbsp;</div></TD>
   <td width="93%" valign="top"><div align="justify"><B><FONT face="serif"><U>Changes&nbsp;in&nbsp;Registrable&nbsp;Shares</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">If, and as often as, there are any changes in the Registrable Shares by way of stock split, stock dividend,
  combination or reclassification, or through merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions of this Agreement, as may be required, so that the rights and
  privileges granted hereby shall continue with respect to the Registrable Shares as so changed.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="7%"><div align="justify"><FONT face="serif">13.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Entire&nbsp;Agreement</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">This Agreement constitutes the full and entire understanding and agreement among the parties hereto with respect to the
  subject matter hereof and supersedes all prior agreements (including, without limitation, the Letter Agreement entered into between the Company and the Holders, and any and all negotiations and oral understandings with respect thereto) and any and
  all registration rights that the Company had previously granted to any party hereto in any capacity whatsoever. Nothing in this Agreement, express or implied, is intended to confer upon any Person, other than the parties hereto and their respective
  successors and assigns, any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided herein.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="7%"><div align="justify"><FONT face="serif">14.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Governing&nbsp;Law</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">This Agreement shall be governed in all respects by the laws of the State of New York, as such laws are applied to agreements
  between State of New York residents entered into and to be performed entirely within State of New York, whether or not all parties hereto are residents of State of New York.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="7%"><div align="justify"><FONT face="serif">15.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Successors&nbsp;and&nbsp;Assigns</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Subject to the provisions of Section 11 above, the provisions hereof shall inure to the benefit of, and be binding upon,
  the successors, assigns, heirs, executors and administrators of the parties hereto.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="7%"><div align="justify"><FONT face="serif">16.</FONT><BR>
   &nbsp;&nbsp;</div></td>
   <td valign="top"><div align="justify"><B><FONT face="serif"><U>Notices</U></FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and if: (i) served or sent
  by post shall be deemed to have been served or delivered ten (10) days after the time when the letter was deposited in the mail, postage prepaid for first class mail or airmail, as applicable, or (ii) sent via</FONT><BR>
   </div></td>
</tr>
</TABLE>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_59"></A>
<TABLE>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td width="93%" valign="top"> <div align="justify"><font face="serif">facsimile or electronic mail, shall be
        deemed to have been served or delivered on the first business day following
        the date that the facsimile or electronic mail was sent, provided that,
        if no electronic mail confirmation is delivered by the recipient of such
        notice to the sender thereof within twenty-four (24) hours following the
        delivery of such notice, such notice has to be resent via facsimile and
        shall be deemed to have been served or delivered on the first business
        day following the date that such notice was resent via facsimile, all to
        the addresses of the Holders as set forth on </font><b><u><font face="serif">Schedule&nbsp;1</font></u></b><b><font face="serif"></font></b><font face="serif"> hereto,
        or to such other address as such party shall furnish the Company in writing,
        and if to the Company, at its address set forth in the preamble to this
        Agreement or at such other address as the Company shall have furnished
    to the parties in writing. </font> </div></td>
</tr>
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="7%"><FONT face="serif">17.</FONT><BR>&nbsp;&nbsp;</TD>
   <td valign="top"><div align="justify"><B><FONT face="serif">Severability</FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">Any invalidity, illegality or limitation on the enforceability of this Agreement or any part thereof, by any party whether arising
  by reason of the law of the respective party's domicile or otherwise, shall in no way affect or impair the validity, legality or enforceability of this Agreement with respect to other parties. If any provision of this Agreement shall be judicially
  determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</FONT><BR>
   </div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="7%"><FONT face="serif">18.</FONT></td>
   <td valign="top"><div align="justify"><B><FONT face="serif">Titles and Subtitles</FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">The titles of the Sections of this Agreement are for convenience of reference only and are not to be considered in
  construing this Agreement.</FONT></div></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="7%"><FONT face="serif">19.</FONT><BR>&nbsp;&nbsp;</td>
   <td valign="top"><div align="justify"><B><FONT face="serif">Counterparts</FONT></B><B><FONT face="serif">. </FONT></B><FONT face="serif">This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall
  constitute one instrument. This Agreement may be executed by exchange of signatures via facsimile.</FONT><BR>
   </div></td>
</tr>
</TABLE>
<P>
<B><FONT face="serif">IN WITNESS WHEREOF</FONT></B><FONT face="serif">, the parties have signed this Agreement, as of the date first appearing above. </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD><B><FONT face="serif">Nur Macroprinters Ltd.</FONT></B></TD>
   <TD align="center" width="44%"><div align="left"><B><FONT face="serif">X Securities Ltd.</FONT></B></div></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT face="serif">By: &nbsp;&nbsp;__________________</FONT></TD>
   <TD><FONT face="serif">By: &nbsp;&nbsp;__________________</FONT></TD>
</TR>
<TR>
   <TD><FONT face="serif">Title: __________________</FONT></TD>
   <TD><FONT face="serif">Title: __________________</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>_________________________________</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="44%"><B><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Fuchs</FONT></B></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>_________________________________</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD> <b><font face="serif">Matthew Norton </font></b> </TD>
</TR>
</TABLE>

<HR noshade align="center" width="100%" size=2>

<P>&nbsp;</P>

<PAGE>
<A name="page_61"></A>

<P align="center">
<B><U><FONT face="serif">Schedule 1</FONT></U></B><B><FONT face="serif"> </FONT></B>
</P>
<P align="center">
<FONT face="serif">List of Holders </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan=2><HR noshade size=2>
    </TD>
  </TR>
<TR>
   <TD align="center"><div align="left"><B><FONT size=2 face="serif">Name of Holder</FONT></B></div></TD>
   <TD align="center" width="59%"><div align="left"><B><FONT size=2 face="serif">Address</FONT></B></div></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
</TR>
<TR>
   <TD><FONT face="serif">David Fuchs</FONT></TD>
   <TD width="59%"><FONT face="serif">135 Rogers Drive</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">New Rochelle, NY 10804</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">United States</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">Fax: +1- _________________</FONT></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
</TR>
<TR>
   <TD><FONT face="serif">X Securities, Ltd.</FONT></TD>
   <TD width="59%"><FONT face="serif">830 3</FONT><SUP><FONT face="serif">rd </FONT></SUP><FONT face="serif">Ave. 14</FONT><SUP><FONT face="serif">th </FONT></SUP><FONT face="serif">Floor</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">New York, NY 10022</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">United States</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="59%"><FONT face="serif">Fax: +1- _________________</FONT></TD>
</TR>
<TR>
   <TD colspan=2><HR noshade size=2></TD>
</TR>
<TR>
   <TD><FONT face="serif">Matthew L. Norton</FONT></TD>
   <TD width="59%"><FONT face="serif">43-19 41</FONT><SUP><FONT face="serif">st </FONT></SUP><FONT face="serif">Street Apt. 3C</FONT></TD>
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   <TD width="59%"><FONT face="serif">Sunnyside, NY 11104</FONT></TD>
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   <TD width="59%"><FONT face="serif">United States</FONT></TD>
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   <TD width="59%"><FONT face="serif">Fax: +1- _________________</FONT></TD>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>6
<FILENAME>c31946_ex5-1.htm
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<p align=center><font size=3>[BARNEA &amp; CO. LETTERHEAD]</font></p>
<p align=right><font size=2><u>Exhibit 5.1</u></font></p>
<p align=center><font size=2>April 13, 2004</font></p>
<p align=left><font size=2>NUR Macroprinters Ltd.<br>12 Abba Hillel Silver Street<br>P.O. Box 1281<br>Lod 71111<br>Israel</font></p>
<ul><p align=left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:&nbsp;&nbsp;&nbsp;<u>NUR Macroprinters Ltd. &#150; Registration Statement on Form F-3</u></font></p></ul>
<p align=left><font size=2>Dear Ladies and Gentlemen:</font></p>
<p align=justify><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to NUR Macroprinters Ltd., an Israeli corporation (the &#147;<b>Company</b>&#148;), in connection with the preparation and filing under the Securities Act of 1933, as amended (the &#147;<b>Act</b>&#148;), of a registration statement on Form F-3 (the &#147;Registration Statement&#148;) with the Securities and Exchange Commission regarding the sale by certain selling securityholders (the &#147;<b>Selling Securityholders</b>&#148;) of up to (i) 3,790,321 issued and outstanding ordinary shares of the Company (the &#147;<b>Existing Shares</b>&#148;) issued pursuant to the conversion of certain convertible loans (the &#147;<b>Convertible Loans</b>&#148;) issued by the Company to certain of the Selling Securityholders, (ii) 677,883 ordinary shares of the Company (the &#147;<b>Warrant Shares</b>&#148;) issuable upon exercise of warrants (the &#147;<b>Warrants</b>&#148;) granted by the Compan
y to certain of the Selling Securityholders and (iii) 180,211 ordinary shares of the Company (the &#147;<b>Placement Agent Warrant Shares</b>&#148;) issuable upon exercise of placement agent warrants (the &#147;<b>Placement Agent Warrants</b>&#148;) granted by the Company to certain of the Selling Securityholders.</font></p>
<p align=justify><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have reviewed the Company&#146;s charter documents and have examined copies of the corporate proceedings taken by the Company in connection with the issuance and sale of the Existing Shares, the Warrants and the Placement Agent Warrants, the Convertible Loan and Warrant Agreements, the Warrant Agreements and the Placement Agent Warrants relating to the issuance and sale of the Convertible Loans, the Existing Shares, the Warrants and the Placement Agent Warrants and such other corporate documents, records and certificates, and have made such investigations of law, as we have deemed necessary in order to render the opinion hereinafter set forth. In our examination we have assumed the genuineness of all signatures and the conformity with the originals of all documents submitted to us as copies. We have, when relevant facts material to our opinion were not independently established by us, relied, to the exten
t we deemed such reliance proper, upon written or oral statements of officers and other representatives of the Company. Based on such review, we are of the opinion that:</font></p>

  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="3%">&nbsp;&nbsp;&nbsp;</td>
      <td width="4%" align="left" valign="top"><font size=2>(i)</font></td>
      <td width="93%" align="left" valign="top"><font size=2>the Existing Shares have been duly authorized and are
      validly issued, fully paid and non-assessable;</font></td>
    </tr>
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      <td>&nbsp;</td>
      <td align="left" valign="top">&nbsp;</td>
      <td align="left" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td align="left" valign="top"><font size=2>(ii)</font></td>
      <td align="left" valign="top"><div align="justify"><font size=2>the Warrant Shares have been duly authorized and,
            upon issuance and delivery against payment therefor in accordance with
            the terms of the applicable Warrants, will be validly issued, fully
      paid and non-assessable; and</font></div></td>
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<p align=left><font size=2>&nbsp;&nbsp;&nbsp;</font></p>
<CENTER><font size=2></font></CENTER><br><HR noshade align=center width=100% size=2><PAGE>

<p align=left><font size=2>&nbsp;</font></p>
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  <tr>
    <td width="3%">&nbsp;&nbsp;&nbsp;</td>
    <td width="4%" align="left" valign="top"><font size=2>(iii)</font></td>
    <td width="93%" align="left" valign="top"><div align="justify"><font size=2>&nbsp;the
          Placement Agent Warrant Shares have been duly authorized and, upon
          issuance and delivery against payment therefor in
          accordance with the terms of the applicable Placement Agent Warrants,
    will be validly issued, fully paid and non-assessable.</font></div></td>
  </tr>
</table><br>
<p align=left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the filing of this opinion letter
      as Exhibit 5.1 to the Registration Statement and to the reference to this
      firm under the caption &#147;Legal Matters&#148; in the prospectus which
      is part of the Registration Statement. In giving this consent, we do not
      thereby admit that we are within the category of persons whose consent is
      required under Section 7 of the Act, the rules and regulations of the Securities
      and Exchange Commission promulgated thereunder, or Item 509 of Regulation
      S-K. This opinion letter is rendered as of the date first written above and
      we disclaim any obligation to advise you of facts, circumstances, events
      or developments which hereafter may be brought to our attention and which
      may alter, affect or modify the opinion expressed herein. Our opinion is
      expressly limited to the matters set forth above and we render no opinion,
  whether by implication or otherwise, as to any other matters relating to the
  Company, the Existing Shares, the Warrant Shares or the Placement Agent Shares.
  In giving the opinion expressed herein, no opinion is expressed as to the laws
  of any jurisdiction other than the State of Israel.<br>
</font></p>
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  <tr>
    <td width="45%">&nbsp;</td>
    <td width="55%"><font size=2>Very truly yours,</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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<TYPE>EX-5.2
<SEQUENCE>7
<FILENAME>c31946_ex5-2.htm
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<P align="right"><U><FONT face="serif">Exhibit 5.2</FONT></U><FONT face="serif"></FONT>
</P>
<P align="center">
<FONT face="serif">April 13, 2004</FONT>
</P>
<P>
<FONT face="serif">NUR Macroprinters Ltd. <br>
12 Abba Hillel Silver Street <br>
P.O. Box 1281 <br>
Lod 71111 Israel </FONT>
</P>
<P align="left">
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="serif">NUR Macroprinters Ltd. &#150; Registration Statement on Form F-3</FONT></U><FONT face="serif"> </FONT>
</P>
<P align="justify">
<FONT face="serif">Dear Ladies and Gentlemen: </FONT>
</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">I have acted as counsel to NUR
Macroprinters Ltd., an Israeli corporation (the &#147;Company&#148;), in connection
with the preparation and filing under the Securities Act of 1933, as amended
(the
&#147;Act&#148;), of a registration statement on Form F-3 (the &#147;Registration
Statement&#148;) with the Securities and Exchange Commission regarding the sale
by Poalim Capital Markets  Ltd.
(the &#147;Selling
Securityholder&#148;) of up to 11,000 ordinary shares of the Company (the &#147;Warrant
Shares&#148;) issuable upon exercise of a warrant granted by the Company to the
Selling Securityholder (the &#147;Warrant&#148;). </FONT>
</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">I have reviewed the Company&#146;s charter documents, the corporate proceedings taken by the Company in connection with the issuance of the Warrant and the Warrant Agreement relating to the issuance
of the Warrant, and such other corporate documents, records and certificates, and have made such investigations of law, as I have deemed necessary in order to render the opinion hereinafter set forth. Based on such review, I am of the opinion that
the Warrant Shares have been duly authorized and, upon issuance and delivery against payment therefor in accordance with the terms of the Warrant, will be validly issued, fully paid and non-assessable. </FONT>
</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">I consent to the filing of this opinion letter as Exhibit 5.2 to the Registration Statement and to the reference to me under the caption &#147;Legal Matters&#148; in the prospectus which is part of
the Registration Statement. In giving this consent, I do not thereby admit that I am within the category of persons whose consent is required under Section 7 of the Act, the rules and regulations of the Securities and Exchange Commission promulgated
thereunder, or Item 509 of Regulation S-K. This opinion letter is rendered as of the date first written above and I disclaim any obligation to advise you of facts, circumstances, events or developments which hereafter may be brought to my attention
and which may alter, affect or modify the opinion expressed herein. My opinion is expressly limited to the matters set forth above and I render no opinion, whether by implication or otherwise, as to any other matters relating to the Company or the
Warrant Shares. In giving the opinion expressed herein, no opinion is expressed as to the laws of any jurisdiction other than the State of Israel. </FONT>
</P>
<P>&nbsp;
</P>
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    <td width="50%">&nbsp;</td>
    <td width="50%"><p><font face="serif">Very truly yours, </font> </p>
    <p> <font face="serif">/s/ Doron Faibish </font></p></td>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>8
<FILENAME>c31946_ex23-1.htm
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<P align="right">
<U><FONT face="serif">Exhibit 23.1</FONT></U><FONT face="serif"></FONT>
</P>
<P align="center">
<B><FONT face="serif">Consent of Independent Auditors</FONT></B><FONT face="serif"> </FONT>
</P>
<P align="justify">
<FONT face="serif">We consent to the reference to our firm under the caption &#147;Experts&#148; in
the Registration Statement on Form F-3 and related Prospectus of NUR Macroprinters
Ltd. for the registration of 4,659,415 of its Ordinary Shares of  and to the
incorporation by reference therein of our report dated February 26, 2004, with
respect to the consolidated
financial statements and schedules of NUR Macroprinters Ltd. included in its
Annual
Report
(Form 20-F)
for the year ended December 31, 2003,
filed with the Securities and Exchange Commission. </FONT>
</P>
<P align="justify">&nbsp;</P>
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   <TD width="51%"><FONT face="serif">Tel-Aviv, Israel</FONT></TD>
   <TD align="center" width="49%"><div align="left"><FONT face="serif">/s/ Kost
    Forer Gabbay &amp; Kasierer</FONT></div></TD>
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   <TD><font face="serif">April 13, 2004</font></TD>
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   <TD>&nbsp;</TD>
   <TD width="49%"><FONT face="serif">Kost Forer Gabbay &amp; Kasierer</FONT></TD>
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