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<SEC-DOCUMENT>0001178913-05-000454.txt : 20050331
<SEC-HEADER>0001178913-05-000454.hdr.sgml : 20050331
<ACCEPTANCE-DATETIME>20050331115323
ACCESSION NUMBER:		0001178913-05-000454
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20050331
FILED AS OF DATE:		20050331
DATE AS OF CHANGE:		20050331

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26498
		FILM NUMBER:		05717640

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUR ADVANCED TECHNOLOGIES LTD
		DATE OF NAME CHANGE:	19950607
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk51431.htm
<TEXT>
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     <!-- Control Number: 51431                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Nur Macroprinters Ltd                                            -->
     <!-- Project Name:   6-K                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>6-K</TITLE>
</HEAD>
<BODY>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>SECURITIES AND
EXCHANGE COMMISSION </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Washington, D.C. 20549 </FONT></H1>

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

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

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the month of March
2005 <BR>
Commission File Number: 000-26498 </FONT></P>

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

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

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

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form 20-F <FONT size="3" face="Wingdings">x
</font> Form 40-F
<FONT size="3" face="Wingdings">o
</font> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
 by  check  mark if the  registrant  is  submitting  the Form  6-K in  paper  as
 permitted  by Regulation S-T Rule 101(b)(1): ____ </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
 by  check  mark if the  registrant  is  submitting  the Form  6-K in  paper  as
 permitted  by Regulation S-T Rule 101(b)(7): ____ </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
by check mark whether by furnishing the information contained in this Form, the registrant
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Yes <FONT size="3" face="Wingdings">o
</font> No <FONT size="3" face="Wingdings">x</font> </FONT></P>

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


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


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 30, 2005, NUR Macroprinters Ltd. (the &#147;Company&#148;) issued a press announcing
that a special shareholders meeting will be held on Sunday, April 17, 2005. Among the
matters that will be considered and voted upon at the special shareholders meeting are
matters related to the previously announced investment by Inspire Investments Ltd. and
matters related to the restructuring of NUR&#146;s outstanding debt. Inadvertently,  the
debt  restructuring  agreement  was not enclosed as part of the proxy  materials and
therefore it is being attached hereto. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
text of the press release is attached hereto as Exhibit 1. The text of the notice of special meeting of the shareholders and
proxy statement is attached
hereto as Exhibit 2. The text of the previously  reported debt restructuring  agreement entered between the Company and the
lender banks is attached hereto as Exhibit 3. </FONT></P>

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

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<TR VALIGN=TOP>
<TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 1.  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press
Release dated March 30, 2005  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 2.  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notice
of a special general meeting of the shareholders and proxy statement  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 3.  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Debt
restructuring agreement </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>



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<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters Ltd.<BR><BR>
<BR>BY: /S/ David Seligman<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
David Seligman<BR>Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
March 31, 2005</FONT></P>

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


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


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<TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 1.  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press
Release Dated March 30, 2005 </FONT></TD>
</TR>
</TABLE>


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<TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 2.  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notice
of a special general meeting of the shareholders and proxy statement </FONT></TD>
</TR>
</TABLE>


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<TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 3.  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Debt
restructuring agreement </FONT></TD>
</TR>
</TABLE>
<BR>


<p align=center>
<font size=2>3</font></p>
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<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit_1.htm
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     <!-- Control Number: 51431                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Nur Macroprinters Ltd                                            -->
     <!-- Project Name:   6-K                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>6-K</TITLE>
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<P ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit 1</B></U> </FONT> </P>

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     <TD ALIGN="Right" VALIGN="Bottom"><FONT FACE="Times New Roman, Times, Serif" SIZE="7"><B><I>NEWS</I></B> </FONT> </TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="4"><U><B>FOR IMMEDIATE RELEASE</B></U> </FONT> </P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>NUR MACROPRINTERS
ANNOUNCES DATE OF <BR>
SPECIAL SHAREHOLDERS
MEETING </FONT></H1>

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<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>
The Shareholders Meeting will be held on April 17, 2005</B> </FONT> </TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOD,
Israel, March 30, 2005 &#150; NUR Macroprinters Ltd. (Nasdaq: <U>NURM</U>), a leading
supplier of wide-format inkjet production printing systems for the out-of-home advertising
market, today announced that a special shareholders meeting will be held on Sunday, April
17, 2005. Among the matters that will be considered and voted upon at the special
shareholders meeting are matters related to the previously announced investment by Inspire
Investments Ltd. and matters related to the restructuring of NUR&#146;s outstanding debt.
Each of the proposals to be considered at the special shareholders meeting is described in
the proxy statement that was mailed on or about March 23, 2005 to holders of NUR&#146;s
ordinary shares who were record owners of NUR&#146;s ordinary shares at the close of
business on March 17, 2005. The proxy statement is also available on NUR&#146;s website at
www.nur.com </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>ABOUT NUR MACROPRINTERS
LTD.</B> </FONT> <BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters (Nasdaq-SCM: NURM)
is a leading supplier of wide-format inkjet printing systems used for the production of
out-of-home advertising materials. From entry-level photo-realistic printers to
high-throughput production presses, NUR&#146;s complete line of cost-effective, reliable
printing solutions and companion inks are helping customers in over 100 countries
worldwide address the full spectrum of wide-format printing requirements. NUR customers,
including commercial printing companies, sign printers, screen printers, billboard and
media companies, photo labs, and digital printing service providers, count on NUR to help
them deliver the high quality and fast turnaround they need to meet their clients&#146;
exacting demands and succeed in today&#146;s competitive marketplace. More information
about NUR Macroprinters is available at <U>www.nur.com</U>. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SAFE HARBOR:</B> <BR>
This press release contains
forward-looking statements that involve substantial risks and uncertainties. All
statements, other than statements of historical facts, included in this press release
regarding our plans and objectives of management are forward-looking statements. The use
of certain words, including the words &#147;estimate,&#148; &#147;project,&#148;
&#147;intend,&#148; &#147;expect,&#148; &#147;believe&#148; and similar expressions are
intended to identify forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. We may not actually achieve the plans,
intentions or expectations disclosed in our forward-looking statements and you should not
place undue reliance on our forward-looking statements. Actual results or events could
differ materially from the plans, intentions and expectations disclosed in the
forward-looking statements we make. Various important factors could cause actual results
or events to differ materially from those which may be expressed or implied by the
forward-looking statements that we make, including, among others, the failure of our
appeal of the Staff&#146;s determination to delist our ordinary shares from the Nasdaq
SmallCap Market, our inability to have our ordinary shares listed for trading on the OTC
Bulletin Board in the event our ordinary shares are delisted from the Nasdaq SmallCap
Market, our inability to consummate the agreements with each of our lender banks regarding
the restructuring of our bank debt, the failure of our previously announced proposed
transaction with Inspire Investments Ltd. to close, changes in general economic and
business conditions and specifically, a decline in demand for our products, our inability
to secure waivers from our lenders regarding our failure to fulfill covenants contained in
our loan agreements; our inability to timely develop and introduce new technologies,
products and applications and loss of market share and pressure on prices resulting from
competition; our inability to successfully conclude the negotiations with potential
investors and thus our inability to secure additional funding to our present and future
operations. These and other risks and uncertainties associated with our business are
described in greater detail in the filings we make from time to time with, Securities and
Exchange Commission, including our Annual Report on Form 20-F. The forward-looking
statements are made as of this date and the Company does not undertake any obligation to
update any forward-looking statements, whether as a result of new information, future
events or otherwise. This press release is available at <U>www.nur.com</U> </FONT></P>



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     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONTACT:</FONT></TD>
     <TD WIDTH=27% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David Seligman</FONT></TD>
     <TD WIDTH=13% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IR Firm:</FONT></TD>
     <TD WIDTH=44% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ehud Helft / Kenny Green</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CFO</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GK Investor Relations</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>+ 972 (54) 772-6559</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>exhibit_2.htm
<TEXT>
<HTML>

<HEAD>
<TITLE></TITLE>
</HEAD>

<BODY>


<P ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit 2</B></U> </FONT> </P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><IMG SRC="image.jpg" ALT="COMPANY LOGO"></FONT></P>

<P ALIGN=CENTER><FONT SIZE=5 FACE="TIMES NEW ROMAN"><B>NUR MACROPRINTERS LTD.</B></FONT></P>
<P ALIGN=CENTER><FONT SIZE=4 FACE="TIMES NEW ROMAN">Notice of a Special General<BR>
Meeting of Shareholders<BR>
and Proxy Statement</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Thursday</B>,<B> April 17, 2005<BR>
at 10:00 a.m. Israel Time<BR>
12 Abba Hillel Silver Street<BR>
Lod, Northern Industrial Park<BR>
Israel</B></FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>NUR MACROPRINTERS
LTD.<BR></B>12 Abba Hillel Silver Street<BR>
Lod, Northern Industrial Park<BR>
Israel</FONT></P>

<HR SIZE=2 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=CENTER>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>NOTICE OF A SPECIAL
GENERAL MEETING OF SHAREHOLDERS</B><BR>
<B>To be held on April 17, 2005<BR>
10:00 a.m.</B></FONT></P>

<HR SIZE=2 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=CENTER>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
Our Shareholders:</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
special general meeting of shareholders of NUR Macroprinters Ltd. (referred
hereinafter as &#147;<B>NUR</B>&#148; or the &#147;<B>Company</B>&#148;) will be held at our offices at 12
Abba Hillel Silver Street, Lod, Northern Industrial Park, Israel on April 17,
2005, at 10:00 a.m., Israel time, and thereafter as it may be adjourned from
time to time (the &#147;<B>meeting</B>&#148;), to
obtain approval for the following proposals:</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
approve the terms of a private placement to investors of $10 million of the
Company&#146;s ordinary shares, nominal value NIS 1.0 each (the &#147;<B>ordinary shares</B>&#148;) and warrants to purchase
ordinary shares, pursuant to the terms of that certain Share Purchase Agreement
dated as of December 29, 2004, as amended by Amendment No. 1 dated as of March
21, 2005, and the transactions contemplated by the Share Purchase Agreement;</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
approve the terms of that certain Debt Restructuring Agreement dated as of
March 21, 2005 by and among the Company and its three lender banks, including
the issuance by the Company to the lender banks, of ordinary shares and
warrants to purchase ordinary shares and the transactions contemplated by the
Debt Restructuring Agreement;</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
approve the Voting Agreement dated as of January 23, 2005, as amended,
suspended and superseded by the Voting Trust Agreement dated as of March 7,
2005, including a grant by the Company to Dan Purjes of a five-year warrant to
purchase 3,000,000 ordinary shares at $0.75 per share contemplated by the
Voting Trust Agreement;</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
approve remuneration to the Acting Chairman of the Board of Directors,
including a grant of options to purchase ordinary shares;</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
amend the Company&#146;s Amended and Restated Articles of Association and Memorandum
of Association in order to increase the Company&#146;s authorized share capital by
NIS 70,000,000 divided into 70,000,000 ordinary shares, so that following the
increase the Company&#146;s authorized share capital will be NIS 120,000,000 divided
into 120,000,000 ordinary shares; and</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
act upon any other matters that may properly come before the meeting or any
adjournment(s) thereof.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">i</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors believes that the proposed private placement and the debt
restructuring agreement represent the best opportunity available to enable NUR
to continue as a going concern and represent the only opportunity for the
shareholders to have a continuing financial interest in NUR&#146;s future. Receipt
of the funds from the private placement and restructuring of existing bank debt
is essential in order for NUR to continue as a viable company.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
private placement and the debt restructuring will significantly dilute your
shareholding. However, if shareholders do not approve the proposals necessary
to secure the proposed investment and debt restructuring, NUR may be compelled
to cease its operations entirely and the Company&#146;s independent auditor would
likely classify the entire outstanding bank debt as short-term debt on the
Company&#146;s financial statements for the year ended December 31, 2004, requiring
the audit report to be qualified by a going-on concern opinion. Under such
circumstances the Company will </B><B>not meet the
minimum stockholders&#146; equity requirement pursuant to Nasdaq Marketplace Rule 4320(e)(2)(B) and it would voluntarily
seek that its ordinary shares cease to be quoted on the Nasdaq SmallCap Market</B>. <B>If our Company is forced to liquidate, all proceeds
will likely go to our secured lenders. Holders of ordinary shares likely would
not receive any recovery whatsoever; your existing shares would become
worthless.</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board of Directors recommends that you vote in favor of the foregoing
proposals, all of which are more fully described in the accompanying Proxy
Statement.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s Board of Directors has fixed the close of business on March 17, 2005,
as the date (the &#147;<B>Record Date</B>&#148;)
for determining the holders of record of ordinary shares entitled to notice of,
and to vote at, the meeting. Only shareholders of record at the close of
business on the Record Date are entitled to notice of, and to vote at, the
meeting or any adjournments.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company expects to mail the Proxy Statement and the accompanying form of proxy
attached hereto, to shareholders of record (as determined above) on or about
March 23, 2005.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the meeting. <B>Whether or not you plan to be present at
the meeting and regardless of the number of ordinary shares you own, you are
requested to complete and return the enclosed proxy, which is solicited by the
Company&#146;s Board of Directors, and mail it promptly in the accompanying
envelope, so that your votes may be recorded. Under the Company&#146;s Amended and
Restated Articles of Association, your proxy must be received by 10:00 a.m.,
Israel time, on April 15, 2005, to be counted for the meeting.</B> If
you attend the meeting, you may revoke your proxy and vote your shares in
person. If you are present at the meeting and desire to vote in person, you may
revoke your appointment of proxy at the meeting so that you may vote your
shares personally.</FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="50%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By Order of the Board of
  Directors,</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">/s/ Robert F. Hussey</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="35%" NOSHADE COLOR=BLACK ALIGN=LEFT></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Robert F. Hussey</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Acting Chairman of the
  Board</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">ii</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>NUR MACROPRINTERS LTD.<BR>12 Abba Hillel Silver Street<BR>
Lod, Northern Industrial Park<BR>
Israel</B></FONT></P>


<HR SIZE=2 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=CENTER>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>PROXY STATEMENT FOR A
SPECIAL GENERAL MEETING OF SHAREHOLDERS</B><BR>
<B>To be held on April 17, 2005<BR>
10:00 a.m.</B></FONT></P>


<HR SIZE=2 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=CENTER>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The special
general meeting of shareholders of NUR Macroprinters Ltd. will be held on
Thursday, April 17, 2005 at our offices, located at 12 Abba Hillel Silver
Street, Lod, Northern Industrial Park, Israel, at 10:00 a.m., Israel time (the
&#147;<B>meeting</B>&#148;). The enclosed form of
proxy is solicited by our Board of Directors for use at the meeting and at any
adjournments of the meeting.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proxy
materials are being mailed to shareholders on or about March 23, 2005. The
attachments hereto do not form a part of the proxy solicitation materials.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in
this proxy statement, the terms &#147;NUR,&#148; the &#147;Company,&#148; and &#147;we&#148; each refer to
NUR Macroprinters Ltd. and includes its subsidiaries, unless the context
otherwise requires.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>INFORMATION ABOUT THE MEETING</B></FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Why am I receiving these materials?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company,
  at the direction of its Board of Directors (the &#147;<B>Board</B>&#148;), is providing these proxy materials to holders of
  ordinary shares, NIS 1.0 nominal value (the &#147;<B>ordinary shares</B>&#148;), in
  anticipation of the meeting, which will take place on April 17, 2005. The
  Company is required to obtain the approval of its shareholders for the
  proposed private placement, debt restructuring agreement, voting trust
  agreement and the amendments to the Company&#146;s charter documents.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>What information is contained in these materials?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
<P><FONT   SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">A
  description of the proposals to be voted on at the meeting; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">A
  description of the voting process.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Also
  enclosed is:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">a proxy card
  with a return, pre-paid and addressed envelope; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">a copy of
  the 1998 Stock Option Plan for Non-Employee Directors, as amended on August
  2004.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">a copy of
  the Share Purchase Agreement dated as of December 29, 2004.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">1</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">a copy of
  the Amendment No. 1 to Share Purchase Agreement dated as of March 21, 2005.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">a copy of
  the Debt Restructuring Agreement with the lender banks dated as of March 21,
  2005.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">A copy of
  the Voting Trust Agreement dated as of March 7, 2005.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>What am I being asked to vote on?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">We are seeking approval of the following five proposals.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>PROPOSAL 1</U>
  We are seeking shareholder approval of the terms of a private placement,
  which will provide $10 million of new funds, and which requires the issuance
  and sale by NUR to Inspire Investments Ltd. (&#147;<B>Inspire</B>&#148;) and certain other entities (together, the &#147;<B>Inspire Investors</B>&#148;) of 15,384,615
  ordinary shares at a purchase price per share of $0.65 and warrants to
  purchase up to an additional 15,384,615 ordinary shares at an exercise price
  of $0.75. The transaction is referred to throughout this proxy statement as
  the Private Placement;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>PROPOSAL 2</U>&#160; We are seeking shareholder approval of the
  terms of a debt restructuring agreement, pursuant to which Bank Hapoalim
  B.M., Bank Leumi le Israel B.M. and Israel Discount Bank Ltd. (collectively
  referred hereinafter as the &#147;<B>lender banks</B>&#148;)
  would convert an aggregate of $5 million of NUR&#146;s outstanding bank debt into
  5,000,000 ordinary shares (reflecting a price per ordinary share of $1), and
  would convert an aggregate of $10 million of NUR&#146;s outstanding debt into
  warrants to purchase for no consideration an aggregate of 20,000,000 ordinary
  shares (reflecting a price per ordinary share underlying each warrant of
  $0.50). The transaction is referred to throughout this proxy statement as the
  Debt Restructuring; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>PROPOSAL 3</U>&#160; We are seeking shareholder approval for
  the grant to Dan Purjes, a former Director and former Chairman of the Board,
  and the owner of approximately 30% of NUR&#146;s ordinary shares, of a five-year
  warrant to purchase 3,000,000 ordinary shares at $0.75 per share in
  consideration for his agreement to enter into the (a) voting agreement dated
  as of January 23, 2005, coupled with an irrevocable proxy, as amended,
  suspended and superseded by (b) a voting trust agreement dated as of March 7,
  2005 under which voting control of all shares owned by Mr. Purjes and his
  family and affiliates will be controlled by an independent trustee who will
  vote those securities proportionally according to the votes cast by NUR&#146;s
  other shareholders on any matter submitted to a shareholder vote; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>PROPOSAL 4</U>&#160; We are seeking shareholder approval for
  remuneration to the Acting Chairman of the Board of Directors, including the
  grant by the Company of options to purchase ordinary shares; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>PROPOSAL 5</U>&#160; We are seeking shareholder approval for an
  amendment to the Company&#146;s Amended and Restated Articles of Association and
  Memorandum of Association increasing the Company&#146;s authorized share capital
  by NIS 70,000,000 divided into 70,000,000 ordinary shares, so that following
  the amendment the Company&#146;s authorized share capital will be NIS 120,000,000
  divided into 120,000,000 ordinary shares.</FONT></P></TD>
 </TR>

</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">2</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Private
  Placement (PROPOSAL 1) is conditioned upon the completion of the Debt
  Restructuring (PROPOSAL 2). In turn, the Debt Restructuring is conditioned
  upon the completion of the Private Placement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Why is the Company seeking to complete the
  Private Placement and Debt Restructuring?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">From 1996 to
  2000, the Company&#146;s annual revenues grew from $17 million to $120 million,
  and NUR was focused principally on digital printers for both machines and
  consumables sales.&#160; In 2001, NUR
  experienced a challenging year as a result of a general economic slow down,
  resulting in a decline in advertising spending.&#160; As a result, NUR&#146;s sales declined from 2001 until mid-2003.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">In April
  2003, the Board recruited a new President and Chief Executive Officer, who
  quickly recruited a new senior management team with executives from within
  the technology sector experienced in growing revenue and effecting successful
  business turnarounds. New additions at the senior executive level included
  the Chief Financial Officer, Chief Operation Officer, the Vice President of
  Operations, and the Vice President of Research and Development, as well as
  two out of three managing directors of the Company&#146;s major subsidiaries.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  has made a significant progress over the past six quarters, initially by
  stabilizing NUR&#146;s financial position and then by strengthening NUR&#146;s business
  and operations on several fronts, including by achieving revenue growth,
  returning the Company to profitability in the second calendar quarter of 2004
  for the first time in three years, reducing operating expenses and losses,
  and through balance sheet enhancements, process improvements and new
 financing arrangements.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Notwithstanding
  the progress that NUR has made since mid-2003, the Company continues to face
  two challenges: attracting new capital and restructuring its bank debt.&#160; The Private Placement and the Debt
  Restructuring (each of which transaction is conditioned upon successful
  completion of the other) are intended to address these challenges.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">During the
 fourth calendar quarter of 2004 it became apparent to the Company that it
  required a substantial new equity investment. However, given the Company&#146;s
  indebtedness and prevailing market conditions, it became clear that it would
  not be possible to complete a new financing without restructuring the
  Company&#146;s existing bank debt. The Company&#146;s senior management presented the
  Chairman of the Board, the Chairman of the Audit Committee, as well as other
  members of the Board, with a plan for attracting additional financing and
  restructuring the Company&#146;s debt. On October 26, 2004, the Company approached
  its lender banks with its proposed plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Following
  several meetings with the lender banks held in October and November 2004, the
  lender banks made it very clear that as a pre-condition to any restructuring
  discussions, the Company must complete an equity financing, which would
  provide it with significant additional cash.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">3</FONT></P>

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<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  immediately approached several potential candidates. The Company found
  Inspire&#146;s offer to be the most suitable in terms of price, deal structure and
  time frame.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Following
  execution of the Share Purchase Agreement with Inspire, NUR informed the
  lender banks that it had obtained a commitment for additional new financing
  that met the financing pre-condition. NUR also extended a proposal to the
  lender banks to restructure and reschedule the Company&#146;s outstanding debt.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Receipt of
  the funds from the Private Placement and the completion of the Debt
  Restructuring are essential to permit NUR to continue as a viable
  company.&#160; We believe that the Private
  Placement and the Debt Restructuring represent the best opportunity available
  to enable existing holders of ordinary shares to have a continuing financial
  interest in NUR&#146;s future. <B>If the shareholders do not approve the Private
  Placement and the Debt Restructuring the
  Company&#146;s independent auditor would likely classify the entire outstanding
  bank debt as short-term debt on the Company&#146;s financial statements for the
  year ended December 31, 2004, requiring the audit report to be qualified by a
  going-on concern opinion. Under such circumstances the Company will not
  meet the minimum stockholders&#146; equity requirement pursuant to Nasdaq
  Marketplace Rule 4320(e)(2)(B)
  and it would voluntarily seek that its ordinary shares cease to be quoted on
  the Nasdaq SmallCap Market</B>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Why is NUR seeking shareholder approval of
  the Private Placement and the Debt Restructuring?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>(1) Condition to Closing.&nbsp;</B>NUR is
  required to seek and obtain shareholder approval as a condition to closing
  the Private Placement pursuant to the Share Purchase Agreement dated as of
  December 29, 2004 between NUR and Inspire (the &#147;<B>Share Purchase Agreement</B>&#148;), as amended by Amendment No. 1 to
  Share Purchase Agreement dated as of March 21, 2005. Copies of the Share
  Purchase Agreement and the Amendment No. 1 to Share Purchase Agreement are
  attached as <B><U>Exhibit B</U></B> and
  <B><U>Exhibit C</U></B>, respectively.
  NUR is required to seek and obtain shareholder approval as a condition to
  closing of the Debt Restructuring under the terms of the Debt Restructuring
  Agreement dated as of March 21, 2005 between NUR, Bank Hapoalim B.M., Bank
  Leumi le Israel B.M. and Israel Discount Bank Ltd. (the &#147;<B>Debt Restructuring Agreement</B>&#148;). A copy of
  the Debt Restructuring Agreement is attached as <B><U>Exhibit D</U></B>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>(2) A Transaction Representing a Change of
  Control.</B>&nbsp;NUR is subject to the Nasdaq&#146;s
  Marketplace Rules as a result of its shares being listed for trading on The
  Nasdaq SmallCap Market. Marketplace Rule 4350(i)(1)(B) requires that a
  company seek shareholder approval prior to the issuance or potential issuance
  of securities that will result in a change of control (based on certain
  criteria and presumptions established by Nasdaq).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Based on the shares outstanding as of March 1, 2005, following the
  closing of the Private Placement and the Debt Restructuring, and the grant of
  a warrant to Dan Purjes to purchase 3,000,000 ordinary shares:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary
  shares to be issued to Inspire in the Private Placement would constitute
  33.02% of the issued share capital of the Company (16.69% on a fully diluted
  basis). The ordinary shares underlying the warrant to be granted to Inspire
  in the Private Placement would constitute 33.02% of the issued share capital
  of the Company (16.69% on a fully diluted basis);</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">4</FONT></P>

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<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary
  shares to be issued to the lender banks in the Debt Restructuring would
  constitute 10.73% of the issued share capital of the Company (5.43% on a
 fully diluted basis). The ordinary shares underlying the warrants to be
  granted to the lender banks in the Debt Restructuring would constitute 42.93%
  of the issued share capital of the Company (21.70% on a fully diluted basis);
  and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrant to be granted to Mr.
  Purjes in consideration for his agreement to enter the Voting Trust Agreement
  would constitute 6.43% of the issued share capital of the Company (3.25% on a
 fully diluted basis).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Consequently, the Company believes that completion of the Private
  Placement would constitute a &#147;change of control&#148; under Marketplace Rule
  4350(i)(1)(B) and, therefore, seeks shareholder approval of the Private
  Placement. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>(3) An i</B><B>ssuance of ordinary shares in
  excess of 20% of the ordinary shares outstanding at a discount.</B>Nasdaq Marketplace Rule 4350(i)(1)(D)
  requires that a listed company seek shareholder approval if it proposes to
  issue shares constituting more than 20% of its outstanding share capital at a
  price that is less than the greater of the market value or the book value of
  the shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">As of March 1, 2005:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares to be issued to Inspire would constitute 58.71%
  of the issued share capital of the Company before the issuance thereof
  (46.09% on a fully diluted basis). Assuming (1) the closing of the Private
  Placement, (2) the closing of the Debt Restructuring, and (3) the grant of a
  warrant to Dan Purjes to purchase 3,000,000 ordinary shares as described in
  PROPOSAL 3, the ordinary shares to be issued at the closing of the Private
  Placement to Inspire would constitute 33.02% of the issued share capital of
  the Company (16.69% on a fully diluted basis). The purchase price per share
  to be paid by Inspire in the Private Placement is $0.65, which was 11 cents
  (or 14.47%) below the closing bid price of NUR&#146;s ordinary shares on December 28, 2004 (the day prior to the day that NUR
  and Inspire entered into the Share Purchase Agreement);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrant to be granted to Inspire
  would constitute 58.71% of the issued share capital of the Company before the
  grant thereof (46.09% on a fully diluted basis). Assuming (1) the closing of
  the Private Placement, (2) the closing of the Debt Restructuring, and (3) the
  grant of a warrant to Dan Purjes to purchase 3,000,000 ordinary shares, the
  ordinary shares underlying the warrants to be granted to Inspire would
  constitute 33.02% of the issued share capital of the Company (16.69% on a
 fully diluted basis). The exercise price per ordinary share to be paid by
  Inspire in connection with the warrants is $0.75, which was 1 cent (or 1.31%)
  below the closing bid price of NUR&#146;s ordinary shares on December 28, 2004;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares to be issued to the lender banks would constitute
  19.08% of the issued share capital of the Company before the issuance thereof
  (14.98% on a fully diluted basis). Assuming (1) the closing of the Private
  Placement, (2) the closing of the Debt Restructuring, and (3) the grant of a
  warrant to Dan Purjes to purchase 3,000,000 ordinary shares, the ordinary
  shares to be issued at the closing of the Debt Restructuring to the lender
  banks would constitute 10.73% of the issued share capital of the Company
  (5.43% on a fully diluted basis). The price per ordinary share reflected in
  the issuance of ordinary shares to the lender banks in the Debt Restructuring
  is $1.00, which was 39 cents (or 63.93%) above the closing bid price of NUR&#146;s
  ordinary shares on March 18, 2005 (three days prior to the day that NUR and the lender banks
  entered into the Debt Restructuring Agreement); </FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">5</FONT></P>

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<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrants to be granted to the
  lender banks would constitute 76.33% of the issued share capital of the
  Company before the grant thereof (59.92% on a fully diluted basis). Assuming
  (1) the closing of the Private Placement, (2) the closing of the Debt
  Restructuring, and (3) the grant of a warrant to Dan Purjes to purchase
  3,000,000 ordinary shares, the ordinary shares underlying the warrants to be
  granted to the lender banks would constitute 42.93% of the issued share
  capital of the Company (21.70% on a fully diluted basis). The price per
  ordinary share reflected in the warrants is $0.50, which was 11 cents (or
  18.03%) below the closing bid price of NUR&#146;s ordinary shares on March 18,
  2005;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrant to be granted to Dan
  Purjes would constitute 11.44% of the issued share capital of the Company
  before the grant thereof (8.98% on a fully diluted basis). Assuming (1) the
  closing of the Private Placement, (2) the closing of the Debt Restructuring,
  and (3) the grant of a warrant to Dan Purjes to purchase 3,000,000 ordinary
  shares, the ordinary shares underlying the warrant to be granted to Mr.
  Purjes would constitute 6.43% of the issued share capital of the Company
  (3.25% on a fully diluted basis). The exercise price per ordinary share to be
  paid by Dan Purjes in connection with the warrant is $0.75, which was 17
  cents (or 29.31%) above the closing bid price of NUR&#146;s ordinary shares on
  March 4, 2005 (three days prior to the day that NUR and Dan Purjes entered
  into the Voting Trust Agreement);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares to be issued to Inspire and the lender banks, in
  the aggregate, would constitute 77.79% of the issued share capital of the
  Company before the issuance thereof (61.07% on a fully diluted basis).
  Assuming (1) the closing of the Private Placement, (2) the closing of the
  Debt Restructuring, and (3) the grant of a warrant to Dan Purjes to purchase
  3,000,000 ordinary shares, the ordinary shares to be issued to Inspire and
  the lender banks, in the aggregate, would constitute 43.76% of the issued
  share capital of the Company (22.13% on a fully diluted basis); and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrants to be granted to Inspire,
  the lender banks and Dan Purjes, in the aggregate, would constitute 146.48%
  of the issued share capital of the Company before the grant thereof (114.99%
  on a fully diluted basis). Assuming (1) the closing of the Private Placement,
  (2) the Debt Restructuring, and (3) the grant of a warrant to Dan Purjes to
  purchase 3,000,000 ordinary shares, the ordinary shares underlying the
  warrants to be granted to Inspire, the lender banks and Dan Purjes, in the
  aggregate, would constitute 82.38% of the issued share capital of the Company
  (41.64% on a fully diluted basis).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Since each transaction if considered on its own, and the transactions
  if considered in the aggregate, would represent private placements requiring
  shareholder approval pursuant to Marketplace Rule 4350(i)(1)(D), the Company
  is seeking shareholder approval in connection with PROPOSAL 1, PROPOSAL 2 and
  PROPOSAL 3.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">6</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Why is the Company entering into the Voting
  Agreement and the Voting Trust Agreement?</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">As a pre-condition to entering into the Share Purchase Agreement,
  Inspire required that Dan Purjes enter into a voting agreement or an irrevocable
  proxy pursuant to which Mr. Purjes&#146; shares would be voted with Inspire. Mr.
  Purjes, a former Director and former Chairman of the Board,
  owns approximately 30% of NUR&#146;s ordinary shares. In order to induce Mr.
  Purjes to enter into a voting agreement with Inspire, or grant an irrevocable
  proxy to Inspire, Inspire agreed that
  it would transfer to Dan Purjes 3,000,000 of the warrants being granted to
  Inspire by the Company upon closing of the Private Placement.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Mr. Purjes and Inspire were not able to reach an agreement. In order
  to induce Inspire to enter into the Share Purchase Agreement, the Company
  entered into a voting agreement, coupled with an irrevocable proxy, with Dan
  Purjes, dated as of January 23, 2005 and referred to throughout
  this proxy statement as the Voting Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">As a result of concerns raised by Nasdaq with the Company, the
  Company and Mr. Purjes entered into a voting trust agreement dated as of
  March 7, 2005 that amends, suspends and supersedes the Voting Agreement and referred
  to throughout this proxy statement as the Voting Trust
  Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Under the terms of the Voting Trust Agreement, Mr. Purjes agreed to
  place shares beneficially owned by him and by his family and affiliates into
  a voting trust. As a result, voting control of all shares owned by Mr.
  Purjes, his family and affiliates will be controlled by New
  York Private Bank &amp; Trust Company, an independent trustee, who will vote those securities proportionally
  according to the votes cast by NUR&#146;s other shareholders on any matter
  submitted to a shareholder vote.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">In consideration of Mr. Purjes entering into the Voting Trust
  Agreement, NUR will grant to Mr. Purjes a five-year warrant to purchase
  3,000,000 ordinary shares at $0.75 per share. <B>If the
  shareholders do not approve the grant, the Voting Trust Agreement and the
  Voting Agreement will terminate automatically and NUR&#146;s ordinary shares will
  immediately cease to be quoted on the Nasdaq SmallCap Market</B>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Why is NUR seeking shareholder approval of
  the Voting Agreement and Voting Trust Agreement?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Compliance
  with Israel&#146;s Companies Law</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Israeli Companies Law, 1999 (the &#147;<B>Companies Law</B>&#148;) provides that an extraordinary transaction
  of a publicly traded company with its controlling person or an extraordinary
  transaction of a publicly traded company with a person in which the
  controlling person has a personal interest, including a private placement
  which is an extraordinary transaction, requires the approval of the company&#146;s
  audit committee, board of directors and shareholders, in that order. </FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">7</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">An &#147;extraordinary transaction&#148; is defined by the Companies Law as a
  transaction that is not in the ordinary course of business, a transaction
  that is other than at arms&#146; length, or a transaction that may have a material
  effect on the profitability, assets or liabilities of the company. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">A &#147;controlling person&#148; is defined by the Companies Law as a person or
  entity that has the ability to direct the actions of the company (other than
  such an ability that derives solely from a position as a director or
  officer), and including in particular the ability to nominate more than half
  of the directors or the ability to appoint the chief executive officer of the
  company. A person who holds at least 25% of the voting power is deemed to be
  a controlling person, unless another person holds more than 50% of the voting
  power. The Companies Law aggregates the holdings of all persons who have a
  personal interest in a transaction to determine whether there is a controlling
  person.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Mr. Purjes currently beneficially owns approximately 30% of the
  ordinary shares and is a former Director and former Chairman of the Board. He
  may be deemed to have a personal interest in the Voting Agreement and the
  Voting Trust Agreement. The Voting Agreement and the Voting Trust Agreement
  are described in a greater detail under PROPOSAL 3. Under the Companies Law,
  Mr. Purjes may be deemed to have &#147;control&#148; over the Company. Therefore,
  pursuant to the Companies Law, approval of this proposal requires, in
  addition to the affirmative vote of the majority of the shares voted at the
  meeting, that either:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(1)</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the votes in favor of this resolution include at least one third of
  the votes of participating shareholders (not counting abstaining votes) who
  do not have a Personal Interest (as defined in the Companies Law) in the
  approval of the resolution; or</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(2)</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the aggregate votes of the opposing shareholders, who do not have
  such Personal Interest, represent less than 1% of the Company&#146;s outstanding
  share capital.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Pursuant to the Companies Law, a &#147;Personal Interest&#148; is a personal
  interest in the engagement contemplated by this resolution, including the
  interest of certain family relatives and of corporations affiliated to any
  person having such interest.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Each shareholder voting on this proposal is required, as a condition
  to having his/her vote counted, to indicate on the proxy if he/she has a
  &#147;Personal Interest&#148; in the approval of this proposal. Each shareholder should
  seek legal counsel as to whether such shareholder has a &#147;Personal Interest&#148;
 for the purpose herein.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit Committee and the Board approved the arrangement with Mr.
  Purjes on March 2, 2005 and March 8, 2005, respectively.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>How does NUR&#146;s Board of Directors recommend
  that I vote on the proposals?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">NUR&#146;s Board
  recommends that you vote your shares:</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">8</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#147;<B>FOR</B>&#148;
  the Private Placement; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#147;<B>FOR</B>&#148;
  the Debt Restructuring;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#147;<B>FOR</B>&#148;
  the Voting Agreement and the Voting Trust Agreement;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#147;<B>FOR</B>&#148;
  the remuneration to the Acting Chairman of the Board of Directors, including
  the grant of options to purchase ordinary shares; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#147;<B>FOR</B>&#148;
  the amendment of the Company&#146;s Amended and Restated Articles of Association
  and Memorandum of Association in order to increase the Company&#146;s authorized
  share capital by NIS 70,000,000 divided into 70,000,000 ordinary shares, so
  that following the increase the Company&#146;s authorized share capital will be
  NIS 120,000,000 divided into 120,000,000 ordinary shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Who is entitled to vote at the meeting?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Only holders
  of record of ordinary shares at the close of business on March 17, 2005 are
  entitled to notice of and to vote at the meeting. We refer to this date as
  the &#147;Record Date.&#148;&#160; As of the Record
  Date, the Company had 26,205,681 ordinary shares outstanding. Each ordinary
  share is entitled to one vote.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Joint
  holders of ordinary shares should take note that, pursuant to Article 27.6 of
  the Company&#146;s Amended and Restated Articles of Association, the right to vote
  at the meeting shall be conferred exclusively upon the senior among the joint
  owners attending the meeting, in person or by proxy, and for this purpose,
  seniority shall be determined by the order in which the names appear in the
  Company&#146;s register of shareholders.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Is cumulative voting permitted?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>No</B>.The
  Company&#146;s Amended and Restated Articles of Association do not provide for
  cumulative voting. Each ordinary share is entitled to one vote on each matter
  to be voted on at the meeting.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" COLSPAN="3" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>HOW TO VOTE YOUR SHARES</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>How can I vote my shares?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">You may vote
  by one of the following two ways:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><I>Mail.&nbsp;</I>You may
  vote by mail by signing the enclosed proxy card and mailing it in the
  enclosed, prepaid and addressed envelope.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><I>In person at the meeting</I>.&nbsp;Written
  ballots will be passed out to anyone who is eligible and wants to vote at the
  meeting. If you hold your shares in &#147;street name&#148; (i.e., through a broker,
  bank or other nominee), you must request a legal proxy from your broker or
  other nominee before the meeting to vote at the meeting. See &#147;What is the
  difference between holding shares as a shareholder of record and as a
  beneficial owner?&#148; below.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">9</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>How are my votes cast when I sign and
  return a proxy card?</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">When you
  sign the proxy card, you appoint David Amir, our President and Chief
  Executive Officer, and David Seligman, our Chief Financial Officer, as your
  representatives at the meeting. One of Messrs. Amir or Seligman will vote
  your shares at the meeting as you have instructed on the proxy card.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">A form of
  proxy for use at the meeting and a return envelope for the proxy are
  enclosed. Upon the receipt of a properly signed and dated proxy in the form
  enclosed, which is received in time and not revoked prior to the meeting, one
  of Messrs. Amir or Seligman will vote the ordinary shares represented thereby
  at the meeting in accordance with the instructions indicated on the proxy. In
  accordance with the Company&#146;s Amended and Restated Articles of Association,
  your proxy must be received by the Company by 10:00 a.m., Israel time, on
  April 15, 2005 in order to be counted at the meeting. The Company knows of no
  other matters to be submitted at the meeting other than as specified in the
  Notice of A Special General Meeting of Shareholders included with this Proxy
  Statement. If any other business is properly brought before the meeting,
  however, it is the intention of the person(s) named as proxies to vote in
  respect thereof in accordance with their best judgment.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Even if you
  plan to attend the meeting, it is a good idea to complete, sign and return
  your proxy card in advance of the meeting in case your plans change. This
  way, your shares will be voted whether or not you actually attend the
  meeting.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>What is the difference between holding shares as a shareholder of
  record and as a beneficial owner?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Many NUR
  shareholders hold their shares through a stockbroker, bank or other nominee
  rather than directly in their own name. As summarized below, there are some distinctions
  between shares held of record and shares owned beneficially.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Shareholder of Record</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">If your
  shares are registered directly in your name with our transfer agent,
  Continental Stock Transfer &amp; Trust Company of New York, New York, you are
  considered, with respect to those shares, the shareholder of record. In such
  case, these proxy materials are being sent directly to you. As the
  shareholder of record, you have the right to grant your voting proxy directly
  to NUR or to vote in person at the meeting. NUR has enclosed a proxy card and
  a pre-paid and addressed envelope.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Beneficial Owner</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">If your
  shares are held in a stock brokerage account or by a bank or other nominee,
  you are considered the beneficial owner of those shares. The shares held by a
  stock brokerage account or by a bank or other nominee are said to be held in
  street name. If your shares are held in street name, these proxy materials
  are being forwarded to you by your broker or nominee who is considered, with
  respect to those shares, the shareholder of record. As the beneficial owner,
  you have the right to direct your broker on how to vote your shares for the
  meeting. You also are invited to attend the meeting. However, since you are
  not the shareholder of record, you may not vote these shares in person at the
  meeting, unless you obtain a signed proxy from the record holder (i.e., your
  broker, bank or other nominee) giving you the right to vote the shares. Your
  broker or nominee has enclosed a voting instruction card for you to use in
  directing the broker or nominee regarding how to vote your shares.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">10</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>How can I vote my shares without attending
  the meeting?</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Whether you
  hold shares directly as the shareholder of record or beneficially in street
  name, you may direct your vote without attending the meeting by completing
  and mailing your proxy card or voting instruction card in the enclosed
  prepaid and addressed envelope. Please refer to the enclosed materials for
  details.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>How can I vote my shares in person at the
  meeting?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Shares held
  directly in your name as the shareholder of record may be voted in person at
  our meeting. If you choose to do so, please bring the enclosed proxy card or
  proof of identification. Even if you plan to attend the meeting, NUR recommends
  that you vote your shares in advance as described below so that your vote
  will be counted if you later decide not to attend our meeting.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Shares held
  in street name may be voted in person by you only if you obtain a signed
  proxy from the record holder (i.e., your broker, bank or other nominee)
  giving you the right to vote the shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Can I change my vote?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Yes.&nbsp;</B>You may
  change your proxy instructions at any time prior to the vote at the meeting.
  You may accomplish this be entering a new vote or by granting a new proxy
  card or new voting instruction card bearing a later date (which automatically
  revokes the earlier proxy) or by attending the meeting and voting in person.
  Attendance at the meeting will not cause your previously granted proxy to be
  revoked unless you specifically so request. There will be no double counting
  of votes.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Can I revoke my proxy?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Yes.&nbsp;</B>A
  shareholder may revoke his/her proxy at any time prior to its exercise by
  notice in writing to the Secretary of the Company, delivered at the Company&#146;s
  address above, indicating that his/her proxy is revoked, by submitting
  another proxy with a later date, or by attending the meeting and voting in
  person. Please note, however, that if a shareholder&#146;s shares are held of
  record by a broker, bank or other nominee and that shareholder wishes to vote
  at the meeting, the shareholder must bring a letter from the broker, bank or
  other nominee confirming that shareholder&#146;s beneficial ownership of shares.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">11</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>What does it mean if I receive more than
  one proxy card?</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">It means
  that you have multiple accounts at the transfer agent and/or with
  brokers.&#160; Please sign and return all
  proxy cards to ensure that all your shares are voted.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>ABOUT
VOTING PROCEDURE AT THE MEETING</B></FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>How many votes do you need to hold the
  meeting?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Shares are
  counted as present at the meeting if the holder of those shares either is
  present and votes in person at the meeting or has properly submitted a proxy
  card.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">To conduct
  business at the meeting, two or more shareholders must be present, in person
  or by proxy, representing more than 33 1/3%, or 8,735,227, of the 26,205,681
  ordinary shares outstanding as of the Record Date, i.e., a quorum.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Ordinary
  shares represented in person or by proxy (including broker non-votes and
  shares that abstain or do not vote with respect to one or more of the matters
  to be voted upon) will be counted for purposes of determining whether a
  quorum exists. &#147;Broker non-votes&#148; are shares held in a street name by a bank
  or brokerage firm that indicates on its proxy that it does not have
  discretionary authority to vote on a particular matter.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">If a quorum
  is not present, the meeting will be adjourned until a quorum is obtained.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>How will votes be counted?</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">PROPOSAL 1
  (approval of the Private Placement), PROPOSAL 2 (approval of the Debt
  Restructuring), PROPOSAL 3 (approval of the Voting Agreement and Voting Trust
  Agreement), PROPOSAL 4 (approval of Remuneration to the Acting Chairman) and
  PROPOSAL 5 (approval of the amendment increasing the Company&#146;s share capital)
  require the affirmative vote of a majority (i.e., more than 50%) of the
  ordinary shares of the Company voted in person or by proxy at the meeting on
  the matter presented for passage.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">PROPOSAL 3
  (approval of the Voting Agreement and the Voting Trust Agreement) requires,
  in addition to the affirmative vote of the majority set forth above, that
  either (a) the votes in favor of this proposal include at least one third of
  the votes of participating shareholders (not counting abstaining votes) who
  do not have a Personal Interest, as such term is defined in the Companies
  Law, in approving the proposal; or (b) the aggregate votes of the opposing
  shareholders who do not have a Personal Interest represent less than 1% of
  the Company&#146;s outstanding share capital.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Abstentions
  and broker non-votes are each included for purposes of determining the
  presence or absence of a sufficient number of shares to constitute a quorum
 for the transaction of business. On all matters considered at the meeting,
  abstentions and broker non-votes will not be treated as either a vote &#147;for&#148;
  or &#147;against&#148; the matter. A broker non-vote occurs when a nominee holding
  shares for a beneficial owner does not vote on a particular proposal because
  the nominee does not have discretionary voting power with respect to that
  proposal and has not received instructions from the beneficial owner.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">12</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Is my vote confidential?</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Yes</B>.&nbsp;Only the inspector of elections
  and certain employees of NUR will have access to your proxy card. The
  inspector of elections will tabulate and certify the vote. Any comments
  written on the proxy card will remain confidential unless you ask that your
  name be disclosed.</FONT></P>
  </TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>HOW
TO FIND VOTING RESULTS</B></FONT></P>




<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Q:</B></FONT></P>
  </TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>Where do I find the voting results of the
  meeting?</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>A:</B></FONT></P>
  </TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">We plan to
  announce preliminary voting results at the meeting and will publish the final
  results in a Form 6-K filed with the SEC promptly following the meeting. You
  may obtain a copy of the Form 6-K through any of the following means:</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">reviewing
  our SEC filings under the heading SEC filings within the Investor Relations
  section of our website at <I>www.nur.com</I>;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">reviewing
  our SEC filings through the SEC&#146;s EDGAR filing system at <I>www.sec.gov</I>;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">contacting
  our Secretary at +972-8-9145526; or</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">contacting
  the SEC at (800) SEC-0330 for the location of the nearest public reference
  room.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">13</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>PRINCIPAL
SHAREHOLDERS, DIRECTORS AND EXECUTIVE OFFICERS</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information regarding the beneficial
ownership of the Company&#146;s ordinary shares as of March 1, 2005, by each person
known by the Company to be the beneficial owner of more than 5% of the
outstanding ordinary shares and the ownership of each director and executive
officer of the Company. All of the information with respect to beneficial
ownership of the ordinary shares is given to the best of the Company&#146;s
knowledge and has been furnished by the beneficial owner.</FONT></P>




<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="20%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Ordinary&nbsp;shares<BR>beneficially&nbsp;owned&nbsp;(1)</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="23%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>Percentage&nbsp;of&nbsp;ordinary<BR>
  shares&nbsp;beneficially&nbsp;owned</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="20%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="23%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Dan
  Purjes(2)</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">7,879,849</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">29.36</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">United
  Mizrahi Bank Ltd.(3)</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2,945,833</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">10.99</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Myles
  Wittenstein(4)</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1,994,491</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.53</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Robert F.
  Hussey</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Lauri A.
  Hanover</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Koby
  Shtaierman</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Oded
  Akselrod</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Tammy Peller</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">David Amir</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">324,237</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.23</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">David Seligman</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>




<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="100%" COLSPAN="2" VALIGN=TOP>
  <HR SIZE=1 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Less
  than one percent of the outstanding ordinary shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(1)</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">As
  used in this table, &#147;beneficial ownership&#148; means the sole or shared power to
  vote or direct the voting or to dispose or direct the disposition of any
  security.&#160; For purposes of this table,
  a person is deemed to be the beneficial owner of securities that can be
  acquired within 60 days from March 1, 2005, through the exercise of any option or warrant.
  Ordinary shares subject to options or warrants that are currently exercisable
  or exercisable within 60 days are deemed outstanding for computing the
  ownership percentage of the person holding such options or warrants, but are
  not deemed outstanding for computing the ownership percentage of any other
  person. The amounts and percentages are based upon 26,201,514 ordinary shares
  outstanding as of March 1, 2005.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(2)</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">According to Amendment No.
  5 to Schedule 13-D filed by Mr. Purjes with the SEC on May 16, 2004, Mr.
  Purjes beneficially owned 7,820,851 ordinary shares of the Company. Following
  May 16, 2004, the Company issued to Dan Purjes an aggregate of 59,898
  ordinary shares in consideration for management services rendered to the
  Company by Mr. Purjes until December 20, 2004 pursuant to a Terms of Services
  Agreement dated December 31, 2001. In the aggregate Mr. Purjes is the
  beneficial owner of 7,879,849 or 29.36% percent of the Company&#146;s ordinary
  shares, as of March 1, 2005. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(3)</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Investment Corp. of
  United Mizrahi Bank Ltd. notified the Company that effective as of October 20,
  2004 it was merged into United Mizrahi Bank Ltd., an Israeli public company
  traded on the Tel Aviv Stock Exchange (TASE: Mizrahi).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(4)</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">According to Schedule 13-G
  filed by Mr. Wittenstein with the SEC on May 19, 2004, Mr. Wittenstein
  beneficially owned 1,994,491 ordinary shares of the Company, or 7.53% percent
  of the Company&#146;s ordinary shares, as of March 1, 2005.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">14</FONT></P>

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<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>MATTERS SUBMITTED TO SHAREHOLDERS</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>PROPOSAL 1</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>APPROVAL OF THE TERMS
OF THE PRIVATE PLACEMENT</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Preliminary Note</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December
22, 2004, the Company received a notice from Nasdaq Listing Qualifications (the
&#147;<B>Staff</B>&#148;) indicating that the
Company&#146;s ordinary shares would be delisted from the Nasdaq SmallCap Market at
the opening of business on December 31, 2004 (the &#147;<B>Delisting Notice</B>&#148;) due to the Company&#146;s failure to comply with
the minimum $2.5 million stockholders&#146; equity requirement for continued listing
set forth in Marketplace Rule 4320(e)(2)(B). The Company requested a hearing,
pursuant to the Nasdaq Marketplace Rules, in order to appeal the Staff&#146;s
determination. On January 27, 2005, representatives of the Company appeared
before an independent Nasdaq Listing Qualifications hearing panel (the &#147;<B>Panel</B>&#148;) to appeal the Staff&#146;s previously
announced decision to delist the Company&#146;s ordinary shares from the Nasdaq
SmallCap Market. Requesting the hearing has temporarily stayed the delisting of
the Company&#146;s ordinary shares until a decision is rendered by the Panel. If the
Company&#146;s appeal is not successful, the Company&#146;s ordinary shares will cease to
be quoted on the Nasdaq SmallCap Market and the Company will seek to have its
ordinary shares made eligible for trading on the OTC Bulletin Board. There can
be no assurance that the Company will be successful in having its ordinary
shares made eligible for trading on the OTC Bulletin Board.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The receipt
of the Delisting Notice followed communications between the Company and the
Staff regarding the Company&#146;s failure to comply with the minimum stockholders&#146;
equity requirement under Marketplace Rule 4320(e)(2)(B), which requires that an
issuer maintain (i) stockholders&#146; equity of $2.5 million, or (ii) market value
of listed securities of $35 million, or (iii) net income from continuing
operations of $0.5 million in the most recently completed fiscal year or two or
the last three most recently completed fiscal years.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December
14, 2004, the Company submitted a response to communications received from the
Staff regarding its compliance with Marketplace Rule 4320(e)(2)(B). In its
response, the Company stated that it anticipates net income from continuing
operations of between $0.5 million and $0.8 million for the fourth quarter
ending December 31, 2004. The Company also informed the Staff that, after
taking into account certain non-equity expenses, it anticipates that
stockholders&#146; equity will be above $2.5 million at December 31, 2004.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Staff
noted in the Delisting Notice that the Company had not included definitive
documentation to substantiate its statement regarding profitability in the
fourth quarter of 2004 other than its publicly released projections. The Staff
also noted the Company&#146;s history of losses and the Company&#146;s previous
non-compliance with the Marketplace Rule 4320(e)(2)(B). In this regard, the
Staff noted that the Company had previously been notified of its non-compliance
with Marketplace Rule 4320(e)(2)(B) by letter dated March 24, 2004 (the Company
subsequently regained compliance and the matter was closed).</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">15</FONT></P>

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<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February
2, 2005, the Company announced that it was considering discontinuing its Salsa
product line due to diminished customer demand in order to optimize its current
and future product lines. The discontinuation of this product line is expected
to result in a write-off of excess inventories and good-will associated with
this product line. In addition, the Company also is evaluating some of its
estimates regarding account receivables with respect to which the Company has
pursued legal and other means of collection. While the actual amount of the
write-off associated with inventory, accounts receivables and other assets has
not yet been finally determined, NUR expects that the amount of these special
charges will be between $13 and $18 million.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
believes that the increase in shareholders&#146; equity that would result from
consummation of the Private Placement described in PROPOSAL 1 and the Debt
Restructuring described in PROPOSAL 2, will, following the expected write-offs
mentioned above, permit the Company to meet and sustain compliance with the
continued listing requirements of The Nasdaq SmallCap Market.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Background</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the
fourth calendar quarter of 2004 it became apparent to the Company that its
financial condition required substantial additional financing. However, the
Company&#146;s considerable indebtedness and prevailing market conditions dictated
that it would be impossible to attract new financing, without restructuring its
bank debt.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s senior management presented the Chairman of the Board, the Chairman
of the Audit Committee, as well as other members of the Board, with a plan to
attract new financing and restructure the Company&#146;s debt. On October 26, 2004,
the Company approached the lender banks with a proposed plan.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
several meetings with the lender banks held in October 2004 and November 2004,
the lender banks made it very clear that as a pre-condition to any discussion
regarding debt restructuring, the Company must complete an equity financing,
which would provide significant additional cash.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
immediately approached several potential candidates for an equity investment.
The Company found Inspire&#146;s offer to be the most suitable in terms of price,
deal structure and time frame.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Share Purchase Agreement</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December
29, 2004, the Company entered into a Share Purchase Agreement for the sale of
ordinary shares to Inspire and certain other entities to be identified on the
closing in the schedule of investors to the Share Purchase Agreement (i.e., the
Inspire Investors). On March 21, 2005, the Company and Inspire amended the
Share Purchase Agreement. The transaction is subject to the closing conditions
set forth in the Share Purchase Agreement, as amended, which include obtaining
shareholder approval. Key terms of the Share Purchase Agreement, as amended,
are as follows:</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">16</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>


<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  will sell 15,384,615 ordinary shares (the &#147;<B>Inspire
  Shares</B>&#148;) to the Inspire Investors, for an aggregate purchase price
  of $10 million. The purchase price per share is $0.65, which was lower than
  the closing bid price of our ordinary shares on December 28, 2004 (the day
  prior to date on which the Share Purchase Agreement was executed).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Inspire
  Investors also will receive warrants to purchase up to 15,384,615 ordinary
  shares at an exercise price of $0.75 per share (the &#147;<B>Inspire Warrants</B>&#148;). If the Company does
  not enter into the Debt Restructuring Agreement on or before the closing of
  the Private Placement and the Inspire Investors waive such closing condition
  requirement, the Company will issue to the Inspire Investors warrants to
  purchase only up to 4,200,000 ordinary shares. The Inspire Warrants will have
  a five-year term. However, the exercise price of the Inspire Warrants will be
  reduced to $0.55 per share if the Company&#146;s ordinary shares cease to be
  quoted on the Nasdaq SmallCap Market within six months of the closing of the
  Private Placement unless such delisting would occur due to a technical
  mistake and it would be reversed within two (2) trading days thereafter. If
  the Company&#146;s ordinary shares cease to be quoted on the Nasdaq SmallCap
  Market within six (6) months from the Closing for any reason other than a
  technical mistake and the delisting is reversed within two (2) trading days
  thereafter, the exercise price per share will remain $0.75 provided that the
  ordinary shares will continue to be quoted on the Nasdaq SmallCap Market for
  at least six (6) months after the shares are reinstated for trade on the
  Nasdaq SmallCap Market. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Assuming (1)
  the closing of the Private Placement, (2) the closing of the Debt
  Restructuring, and (3) the grant of a warrant to Dan Purjes to purchase
  3,000,000 ordinary shares:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Inspire
  Shares represent 33.02% of the Company&#146;s issued share capital (or 16.69% on a
  fully diluted basis). The ordinary shares underlying the Inspire Warrants
  (the &#147;<B>Inspire Warrant Shares</B>&#148;)
  represent 33.02% of the Company&#146;s issued share capital. The Inspire Shares
  and the Inspire Warrant Shares collectively will represent 33.39% of the
  Company&#146;s issued and outstanding share capital on a fully diluted basis.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares to be issued to the lender banks represent 10.73%
  of the Company&#146;s issued share capital immediately (or 5.43% on a fully
  diluted basis). The ordinary shares underlying the warrants to be granted to
  the lender banks represent 42.93% of the Company&#146;s issued share capital (or
  21.70% on a fully diluted basis). The ordinary shares to be issued to the
  lender banks together with the ordinary shares underlying the warrants to be
  granted to the lender banks collectively will represent 27.13% of the
  Company&#146;s issued and outstanding share capital on a fully diluted basis.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary
  shares underlying the warrant to be granted to Dan Purjes represent 6.43% of
  the Company&#146;s issued share capital (or 3.25% on a fully diluted basis).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Consummation
  of the transactions contemplated by the Share Purchase Agreement are subject,
  in addition to receipt of shareholder approval, to the following additional
  closing conditions, which may be waived by the Inspire Investors:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">completion
  of due diligence by the Inspire Investors;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">receipt of
  any required regulatory or governmental approvals;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">execution by
  the Company of an agreement with the lender banks restructuring and
  rescheduling the Company&#146;s outstanding debt;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">approval by
  the lender banks of the Share Purchase Agreement and the transactions
  contemplated thereby;</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">17</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<BR>




<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the
  Company&#146;s approval of its audited financial statements for the year ended
  December 31, 2004; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">approval of
  the Share Purchase Agreement and the transactions contemplated thereby by the
  Inspire Investors.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Inspire
  Shares and the Inspire Warrant Shares to be issued by the Company pursuant to
  the Share Purchase Agreement, as amended, will be issued pursuant to an
  exemption from registration under the Securities Act of 1933, as amended, and
  may not be offered or sold in the United States absent registration or an
  applicable exemption from the registration requirements. Under a Registration
  Rights Agreement to be signed concurrently with the closing of the
  transaction, the Company may be required by the Inspire Investors to register
  for resale the Inspire Shares and the Inspire Warrant Shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Each of the
  Company and the Inspire Investors has made representations, warranties and
  undertakings standard for a transaction of this type.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  has undertaken to cause its Board to elect, in addition to the existing
  members of the Board, three nominees proposed by Inspire who will serve as
  members of the Board effective immediately after consummation of the
  transaction, and the Company will convene a general meeting of its
  shareholders in order to elect a new Board that will include these Inspire
  directors.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company undertook
  that during a period ending upon the earlier of: May 1, 2005, or forty-eight
  hours following the approval of the Company&#146;s audited financial statements
  for the year ended December 31, 2004, not to solicit, negotiate and/or accept
  any financing or investment offers by others, or to declare or make any
  distribution to shareholders or enter into any new interested party
  transaction without Inspire&#146;s consent.</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt
of the funds from the Private Placement is essential if NUR is to continue as a
viable company. We believe this proposed investment represents the best
opportunity available to enable existing holders of ordinary shares to have a
continuing financial interest in NUR&#146;s future.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This financing will significantly dilute your
shareholding.&#160; However, if shareholders
do not approve PROPOSAL 1, NUR may be compelled to cease its operations
entirely and the Company&#146;s independent auditor would likely be forced to
classify the Company&#146;s outstanding debt as short-term debt, requiring a going
concern qualification in the report of the independent auditors on the
Company&#146;s financial statements for the year ended December 31, 2004. Under such
circumstances the Company will not meet the minimum stockholders&#146; equity
requirement pursuant to Nasdaq Marketplace Rule 4320(e)(2)(B) and it would
voluntarily seek that its ordinary shares cease to be quoted on the Nasdaq
SmallCap Market. If the Company is forced to liquidate, all proceeds will go to
our secured lenders. As holders of ordinary shares, you would likely receive no
recovery whatsoever, and your existing shares would become worthless.</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board approved the terms of the Private Placement at meetings held on December
26, 2004, January 26, 2005, March 8, 2005 and March 21, 2005. </FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">18</FONT></P>

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<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>


<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Shareholder Approval</B></FONT></P>




<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">We are
  seeking shareholder approval of the Private Placement for the following
  reasons:</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>(1) Condition to Closing.</B> NUR is
  required to seek and obtain shareholder approval as a condition to closing
  the Private Placement pursuant to the Share Purchase Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>(2) A
  Transaction Representing a Change of Control.</B> NUR
  is subject to the Nasdaq&#146;s Marketplace Rules as a result of its shares being
  listed for trading on The Nasdaq SmallCap Market. Marketplace Rule 4350(i)(1)(B)
  requires that a company seek shareholder approval prior to the issuance or
  potential issuance of securities that will result in a change of control
  (based on certain criteria and presumptions established by Nasdaq).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Based on the shares outstanding as of March 1, 2005, following the
  closing of the Private Placement and the Debt Restructuring, and the grant of
  a warrant to Dan Purjes to purchase 3,000,000 ordinary shares as described in
  PROPOSAL 3:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares to be issued to Inspire in the Private Placement
  would constitute 33.02% (33.39% on a fully diluted basis).&#160; The ordinary shares underlying the warrant
  to be granted to Inspire in the Private Placement would constitute 33.02% of
  the issued share capital of the Company (16.69% on a fully diluted basis);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary
  shares to be issued to the lender banks in the Debt Restructuring would
  constitute 10.73% of the issued share capital of the Company (5.43% on a
  fully diluted basis). The ordinary shares underlying the warrants to be granted
  to the lender banks in the Debt Restructuring would constitute 42.93% of the
  issued share capital of the Company (21.70% on a fully diluted basis); and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrant to be granted to Mr.
  Purjes in consideration to his agreement to enter the Voting Trust Agreement
  would constitute 6.43% of the issued share capital of the Company (3.25% on a
  fully diluted basis).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Consequently, the Company believes that completion of the Private
  Placement would constitute a &#147;change of control&#148; under Marketplace Rule
  4350(i)(1)(B) and, therefore, seeks shareholder approval of the Private
  Placement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>(3) An
  issuance of ordinary shares in excess of 20% of the ordinary shares
  outstanding at a discount.</B> Nasdaq Marketplace Rule 4350(i)(1)(D) requires that a listed company
  seek shareholder approval if it proposes to issue shares constituting more
  than 20% of its outstanding share capital at a price that is less than the
  greater of the market value or the book value of the shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">As of March 1, 2005:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares to be issued to Inspire would constitute 58.71%
  of the issued share capital of the Company before the issuance thereof
  (46.09% on a fully diluted basis). Assuming (1) the closing of the Private
  Placement, (2) the closing of the Debt Restructuring, and (3) the grant of a
  warrant to Dan Purjes to purchase 3,000,000 ordinary shares as described in
  PROPOSAL 3, the ordinary shares to be issued at the closing of the Private
  Placement to Inspire would constitute 33.02% of the issued share capital of
  the Company (16.69% on a fully diluted basis). The purchase price per share
  to be paid by Inspire in the Private Placement is $0.65, which was 11 cents
  (or 14.47%) below the closing bid price of NUR&#146;s ordinary shares on December 28, 2004 (the day prior to the day that NUR
  and Inspire entered into the Share Purchase Agreement).</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">19</FONT></P>

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<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrant to be granted to Inspire
  would constitute 58.71% of the issued share capital of the Company before the
  grant thereof (46.09% on a fully diluted basis). Assuming (1) the closing of
  the Private Placement, (2) the closing of the Debt Restructuring, and (3) the
  grant of a warrant to Dan Purjes to purchase 3,000,000 ordinary shares, the
  ordinary shares underlying the warrant to be granted to Inspire would
  constitute 33.02% of the issued share capital of the Company (16.69% on a
  fully diluted basis). The exercise price per ordinary share to be paid by
  Inspire in connection with the warrants is $0.75, which was 1 cent (or 1.31%)
  below the closing bid price of NUR&#146;s ordinary shares on December 28, 2004.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares to be issued to the lender banks would constitute
  19.08% of the issued share capital of the Company before the issuance thereof
  (14.98% on a fully diluted basis). Assuming (1) the closing of the Private
  Placement, (2) the closing of the Debt Restructuring, and (3) the grant of a
  warrant to Dan Purjes to purchase 3,000,000 ordinary shares, the ordinary
  shares to be issued to the lender banks would constitute 10.73% of the issued
  share capital of the Company (5.43% on a fully diluted basis). The price per
  ordinary share reflected in the issuance of ordinary shares to the lender
  banks is $1.00, which was 39 cents (or 63.93%) above the closing bid price of
  NUR&#146;s ordinary shares on March 18, 2005 (three days prior to the day that NUR and the lender banks
  entered into the Debt Restructuring Agreement);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrants to be granted to the
  lender banks would constitute 76.33% of the issued share capital of the
  Company before the grant thereof (59.92% on a fully diluted basis). Assuming
  (1) the closing of the Private Placement, (2) the closing of the Debt
  Restructuring, and (3) the grant of a warrant to Dan Purjes to purchase
  3,000,000 ordinary shares, the ordinary shares underlying the warrants to be
  granted to the lender banks would constitute 42.93% of the issued share
  capital of the Company (21.70% on a fully diluted basis). The price per
  ordinary share reflected in the warrants is $0.50, which was 11 cents (or
  18.03%) below the closing bid price of NUR&#146;s ordinary shares on March 18,
  2005;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrant to be granted to Dan
  Purjes would constitute 11.44% of the issued share capital of the Company
  before the grant thereof (8.98% on a fully diluted basis). Assuming (1) the
  closing of the Private Placement, (2) the closing of the Debt Restructuring,
  and (3) the grant of a warrant to Dan Purjes to purchase 3,000,000 ordinary shares,
  the ordinary shares underlying the warrant to be granted to Mr. Purjes would
  constitute 6.43% of the issued share capital of the Company (3.25% on a fully
  diluted basis). The exercise price per ordinary share to be paid by Dan
  Purjes in connection with the warrant is $0.75, which was 17 cents (or
  29.31%) above the closing bid price of NUR&#146;s ordinary shares on March 4, 2005
  (three days prior to the day that NUR and Dan Purjes entered into the Voting
  Trust Agreement);</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">20</FONT></P>

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<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<BR>




<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares to be issued to Inspire and the lender banks, in
  the aggregate, would constitute 77.79% of the issued share capital of the
  Company before the issuance thereof (61.07% on a fully diluted basis).
  Assuming (1) the closing of the Private Placement, (2) the closing of the
  Debt Restructuring, and (3) the grant of a warrant to Dan Purjes to purchase
  3,000,000 ordinary shares, the ordinary shares to be issued to Inspire and
  the lender banks, in the aggregate, would constitute 43.76% of the issued
  share capital of the Company (22.13% on a fully diluted basis); and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrants to be granted to Inspire,
  the lender banks and Dan Purjes, in the aggregate, would constitute 146.48%
  of the issued share capital of the Company before the issuance thereof
  (114.99% on a fully diluted basis). Assuming (1) the closing of the Private
  Placement, (2) the closing of the Debt Restructuring, and (3) the grant of a
  warrant to Dan Purjes to purchase 3,000,000 ordinary shares, the ordinary
  shares underlying the warrants to be granted to Inspire, the lender banks and
  Dan Purjes, in the aggregate, would constitute 82.38% of the issued share
  capital of the Company (41.64% on a fully diluted basis).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Since each transaction if considered on its own, and the transactions
  if considered in the aggregate, would represent private placements requiring
  shareholder approval pursuant to Marketplace Rule 4350(i)(1)(D), the Company
  is seeking shareholder approval in connection with PROPOSAL 1, PROPOSAL 2 and
  PROPOSAL 3.</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Dilutive Effect</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Private
Placement and the Debt Restructuring described in PROPOSAL 2 will have a highly
dilutive effect on current holders of ordinary shares in that the percentage
ownership of current NUR shareholders will decline significantly as a result of
the Private Placement and the Debt Restructuring. The number of shares issued
pursuant to the Private Placement and the Debt Restructuring will increase
substantially the number of ordinary shares currently outstanding. This means
that our current shareholders will own a much smaller interest in NUR as a
result of the Private Placement and the Debt Restructuring.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of illustration only, a shareholder who owns 10% of our outstanding
ordinary shares as of March 1, 2005, would own:</FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Just 6.3% of
  the outstanding ordinary shares immediately following the Private Placement
  described in PROPOSAL 1 (or 4.6% on a fully diluted basis), assuming the
  issuance of 15,384,615&#160; ordinary
  shares and warrants to purchase 15,384,615 ordinary shares to the Inspire
  Investors. This represents a dilutive effect of 37% (or 54% on a fully
  diluted basis). The dilutive effect on all shareholders, except for the
  lender banks and Dan Purjes, collectively, will be 37% (47.9% on a fully
  diluted basis);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Just 8.39%
  of the outstanding ordinary shares immediately following the Debt
  Restructuring described in PROPOSAL 2 (or 4.48% on a fully diluted basis),
  assuming the issuance of 5,000,000 ordinary shares and warrants to purchase
  20,000,000 ordinary shares to the lender banks. This represents a dilutive
  effect of 16.1% (or 55.2% on a fully diluted basis). The dilutive effect on
  all shareholders, except for the lender banks and Dan Purjes, collectively,
  will be 16% (42.82% on a fully diluted basis);</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">21</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<BR>




<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">10% of the
  outstanding ordinary shares immediately following the grant of a warrant to
  Dan Purjes described in PROPOSAL 3 (or 7.2% on a fully diluted basis),
  assuming the grant of a warrant to purchase 3,000,000 ordinary shares to Dan
  Purjes. This represents a dilutive effect of 0% (or 28% on a fully diluted
  basis). The dilutive effect on all shareholders, except for the lender banks
  and Dan Purjes, collectively, will be 0% (or 8.24% on a fully diluted basis).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Just 5.61%
  of the outstanding ordinary shares immediately following the Private
  Placement, the Debt Restructuring and the grant of the warrant to Dan Purjes
  (or 2.83% on a fully diluted basis), assuming the issuance of 20,384,615&#160; ordinary shares and warrants to purchase
  38,384,615 ordinary shares to the Inspire Investors, the lender banks and Dan
  Purjes, in the aggregate. This represents a dilutive effect of 43.9% (or
  71.7% on a fully diluted basis). The dilutive effect on all shareholders,
  except for the lender banks and Dan Purjes, collectively, will be 43.9%
  (63.7% on a fully diluted basis). </FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table reflects the dilutive effect of the Private Placement, the Debt
Restructuring and the grant of the warrant to Mr. Purjes:</FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="15" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Securities&nbsp;beneficially<BR>
  owned&nbsp;prior&nbsp;to&nbsp;the&nbsp;proposed&nbsp;transactions*</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Securities&nbsp;offered</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="15" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Securities&nbsp;beneficially</B><FONT SIZE=1><B><BR>
  owned&nbsp;after&nbsp;the&nbsp;proposed&nbsp;transactions**</B></FONT></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="15" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="15" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>Holder</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>Shares</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>Outstanding<BR>
  Percent</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>Warrants^</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>Fully<BR>
  Diluted<BR>
  Percent</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>Shares</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>Warrants</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>Outstanding<BR>
  Shares</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>Outstanding<BR>
  Percent</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>Warrants^</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>Fully<BR>
  Diluted<BR>
  Percent</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Dan&nbsp;<BR>
  Purjes^^</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">7,242,112</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">27.64</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">637,737</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">23.61</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">3,000,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">7,242,112</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15.55</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">3,637,737</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">11.81</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Lender<BR>
  banks</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">1,340,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">4.01</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">5,000,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">20,000,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">5,000,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">10.73</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">21,340,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">28.59</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Other<BR>
  holders<SUP><FONT SIZE=1>&#936;</FONT></SUP></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">18,959,402</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">72.36</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">5,197,573</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">72.38</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">18,959,402</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">40.70</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">5,197,573</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">26.22</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Inspire</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15,384,615</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15,384,615</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15,384,615</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">33.02</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15,384,615</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">33.39</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Total</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>26,201,514</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>100.00</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>%</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>7,175,310</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>100.00</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>%</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>20,384,615</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>38,384,615</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>46,586,129</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>100.00</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>%</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>45,559,925</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>100.00</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>%</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>




<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" colspan=2 VALIGN=TOP>
  <HR SIZE=1 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=LEFT></TD>
 </TR>

 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">As used in this table,
  &#147;beneficial ownership&#148; means the sole or shared power to vote or direct the
  voting or to dispose or direct the disposition of any security. The amounts
  and percentages are based upon 26,201,514 ordinary shares and 7,175,310
  warrants outstanding as of March 1, 2005.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">**</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The securities
  beneficially held by a holder assuming (1) the closing of the Private
  Placement, (2) the closing of the Debt Restructuring, and (3) the grant of a warrant
  to Dan Purjes to purchase 3,000,000 ordinary shares, and the issuance of
  20,384,615 ordinary shares and warrants to purchase 38,384,615 ordinary
  shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">^</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">For purposes of this
  table, a person is deemed to be the beneficial owner of warrants if such
  beneficial owner can acquire through the exercise of any option or warrant
  ordinary shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">^^</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">According to Amendment No.
  5 to Schedule 13-D filed by Mr. Purjes with the SEC on May 16, 2004, Mr.
  Purjes beneficially owned 7,820,851 ordinary shares of the Company. Following
  May 16, 2004, the Company issued to Mr. Purjes an aggregate of 59,898
  ordinary shares in consideration for management services rendered to the
  Company by Mr. Purjes until December 20, 2004 pursuant to a Terms of Services
  Agreement dated December 31, 2001.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#936;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The amounts and
  percentages include the ordinary shares underlying options under the
  Company&#146;s approved stock option plans.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">22</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire
will not bear the dilution resulting from the Debt Restructuring, or from the
grant of a warrant to Dan Purjes. Inspire would own 33.02% of the outstanding
ordinary shares assuming (1) the closing of the Private Placement, (2) the closing of the
Debt Restructuring,, and (3) the grant of a warrant to Dan Purjes, and 33.39%
of the outstanding shares assuming the exercise and/or conversion of all
warrants and options outstanding following the consummation of such
transactions.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Proposal</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the
meeting, the Board will propose that the following resolution be adopted:</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
that the private placement and the other transactions contemplated by the Share
Purchase Agreement between the Company and Inspire Investments Ltd. dated
December 29, 2004, as amended on March 21, 2005 pursuant to Amendment No. 1 to
the Share Purchase Agreement, be, and hereby are, approved.&#148;</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Vote of Dan Purjes&#146; Shares in respect of
PROPOSAL 1</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in PROPOSAL 3, Dan Purjes, a former Director and former Chairman of
the Board, and owner of approximately 30% of NUR&#146;s ordinary shares, agreed to
place the shares beneficially owned by him and by his family and affiliates
into a voting trust. As a result, when the shares beneficially owned by Mr.
Purjes and by his family and affiliates are placed in the voting trust, voting
control of all such shares will be controlled by New York Private Bank &amp;
Trust Company, an independent trustee, who will vote those securities
proportionally according to the votes cast by NUR&#146;s other shareholders on any
matter submitted to a shareholder vote, including PROPOSAL 1.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Board Recommendation</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board recommends that the shareholders vote &#147;FOR&#148; the approval of (1) the
Private Placement, (2) any action undertaken by the Board or by officers of the
Company with the approval of the Board, which are deemed by the Board to be
necessary or desirable to permit completion of the Private Placement and (3)
the ratification of any and all prior actions taken by the Board of Directors or
the Company&#146;s officers related to the negotiation or execution of the Private
Placement.</B></FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>PROPOSAL 2</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>APPROVAL OF THE DEBT
RESTRUCTURING</U></B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Background</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July
2000, the Company acquired substantially all the assets and assumed certain
specified liabilities of Salsa Digital, Ltd. and related entities, previously
one of the Company&#146;s competitors in the digital printing market. Under the
terms of that agreement, the Company acquired the assets for $30 million, which
consisted of $20 million in cash and 666,667 ordinary shares valued (at the
time of issuance) at approximately $10 million.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July and
December 2000, the Company took long-term commercial bank loans of $20 million
and $15 million from Bank Hapoalim B.M. (&#147;<B>Bank
Hapoalim</B>&#148;) and Bank Leumi le Israel B.M. (&#147;<B>Bank Leumi</B>&#148;), respectively, primarily to
finance the cash portion of the Salsa Digital purchase and other acquisition
costs. </FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">23</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most
recent amendments to the long-term loan agreements were entered into in July
2003 and February 2004, and provided a 12-month grace period on the quarterly
principal payments and a balloon payment of the remainder of the long-term
loans in the first quarter of 2006. According to these amendments, the
remaining long-term loans of $13.8 million from Bank Leumi and $15.8 million
from Bank Hapoalim bear interest rates of LIBOR plus 2.25% per annum with
respect to the $11.8 million outstanding and LIBOR plus 2.5% per annum on the
remaining $2.0 million outstanding at Bank Leumi, and bear interest at LIBOR
plus 2.5% per annum on the $15.8 million outstanding from Bank Hapoalim. As of
March 1, 2005 $15.02 million was outstanding under the Bank Hapoalim loan and
$13.1 million was outstanding under the Bank Leumi loan.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in order to support the Company&#146;s ongoing operations NUR relies on
short-term bank credit from certain banking institutions. As of March 1, 2005,
the Company utilized short-term facilities of $8 million from Bank Hapoalim,
$4.43 from Israel Discount Bank Ltd. (&#147;Discount Bank&#148;) and $2.65 million from
Bank Leumi.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table shows the outstanding amounts:</FONT></P>




<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="541">
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="17%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Credit
  Lines<BR>
  (Interest Rate)</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Long-term
  loans<BR></B><FONT SIZE=1><B>(Interest Rate)</B></FONT></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>Total</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="17%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" COLSPAN="8" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT   SIZE=1 FACE="TIMES NEW ROMAN"><B>(In thousands)</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Bank
  Hapoalim</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P></TD>
  <TD WIDTH="16%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">8,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P></TD>
  <TD WIDTH="17%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">15,025</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">23,025</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">(LIBOR+2.5%)</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">(LIBOR+2.5%)</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Bank
  Leumi</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P></TD>
  <TD WIDTH="16%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2,650</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P></TD>
  <TD WIDTH="17%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">11,100</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">15,750</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">(LIBOR+2.5%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">)</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">(LIBOR+2.50%)</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P></TD>
  <TD WIDTH="17%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">(LIBOR+2.25%)</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Discount
  Bank</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P></TD>
  <TD WIDTH="16%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">4,430</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="17%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">4,430</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">(LIBOR+2.75%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">)</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Total</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P></TD>
  <TD WIDTH="16%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">15,080</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P></TD>
  <TD WIDTH="17%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">28,125</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">43,205</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s loans are secured by a floating lien on all of the Company&#146;s assets,
a negative pledge on the assets of the Company&#146;s subsidiaries, NUR America, NUR
Europe, NUR Media Solutions and NUR Asia Pacific, and unlimited guarantees by
such subsidiaries. The long-term and short-term loans also contain customary
events of default, including the failure to timely pay interest or principal,
material breach of any representation or warranty or breach of any covenant,
cross-defaults, bankruptcy, or a change in control event relating to the
Company or its subsidiaries. The loans are governed by the laws of the State of
Israel.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
July 2003, NUR&#146;s lender banks agreed to amend the financial ratios contained in
the Company&#146;s loan agreements. During 2003, the Company failed to meet some of
the amended financial ratios. NUR&#146;s lender banks have agreed in writing not to
act upon their contractual rights arising as a result of the Company&#146;s default.
The financial ratios were further amended on February 2004. Under the long-term
and short-term loan agreements, as amended in July 2003 and February 2004, the
Company undertook, among other things:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">24</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">To maintain earnings before income tax,
  depreciation and amortization (EBITDA) of not less than $6 million for 2004.
  The EBITDA requirement for 2005 would be determined under the Debt
  Restructuring agreement to be entered between NUR and the lender banks.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">To maintain tangible equity of not less
  than: (i) $0.5 million in the first calendar quarter of 2004, $0.7 million in
  the second calendar quarter of 2004, $1 million in the third calendar quarter
  of 2004, and $1.3 million in the fourth calendar quarter of 2004; and (ii)
  $15.5 million or less than 16% of the Company&#146;s tangible assets in 2005. Tangible
  equity is the Company&#146;s equity after deduction of deferred expenses, treasury
  stock, receivables from affiliated parties, guarantees of the Company that
  secure debts of interested parties and affiliates and intangible assets,
  including goodwill, patents, trademarks, tradenames, copyrights etc.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">To maintain at the end of each quarter a
  cash balance of at least $6 million.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">To refrain from merging, consolidating,
  amalgamating or entering into any other form of business combination with a
  third party, or liquidating or dissolving.</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on
the results for the third quarter of 2004, the Company did not meet certain of
these financial covenants. As part of the Debt Restructuring described in this
PROPOSAL 2 the lender banks waived their contractual rights arising in
connection with the Company&#146;s failure to meet certain financial covenants prior
to the closing of the Debt Restructuring.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
execution of the Share Purchase Agreement with Inspire, the Company informed
the lender banks that the Company had obtained a definitive commitment for new
financing. The Company presented the lender banks with a proposal to
restructure its outstanding debt.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Debt Restructuring Agreement</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March
21, 2005, the Company entered into the Debt Restructuring Agreement converting
its outstanding debt into equity (through the issuance to the banks of ordinary
shares and warrants to purchase ordinary shares) and rescheduling the repayment
of the outstanding debt not converted into equity. This transaction is subject
to the satisfaction of the closing conditions set forth in the Debt
Restructuring Agreement, which include obtaining shareholder approval. The
principal terms of the Debt Restructuring Agreement are as follows:</FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  will issue 5,000,000 ordinary shares (the &#147;<B>Bank
  Shares</B>&#148;) to the lender banks in lieu of repaying $5,000,000 of
  outstanding debt, reflecting a price per ordinary share of $1.00, which was
  higher than the closing bid price of our ordinary shares on March 18, 2005
  (three days prior to date the Debt Restructuring Agreement was executed).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The lender
  banks also will receive warrants to purchase up to 20,000,000 ordinary shares
  for no additional consideration (the &#147;<B>Bank
  Warrants</B>&#148;) in lieu of the right to receive repayment of
  $10,000,000 of indebtedness. 6,667,000 Bank Warrants, which are subject to a
  call option granted to the Company by the lender banks as described below,
  shall be automatically converted into ordinary shares on the earlier of the
  60-month anniversary of the closing of the Debt Restructuring Agreement or
  thirty days following the occurrence of certain triggering events. The
  remaining 13,333,000 Bank Warrants, which are subject to a call option
  granted to Inspire by the lender banks as detailed under &#147;PROPOSAL 2: The
  Agreement between Inspire and the Lender Banks&#148;, shall be exercisable
  immediately following the closing of the Debt Restructuring and shall be
  automatically converted into ordinary shares of the Company on the earlier of
  the 60-month anniversary of the closing of the Debt Restructuring Agreement
  or thirty days following the occurrence of certain triggering events. The
  &#147;conversion price&#148; per underlying warrant share under the Debt Restructuring
  transaction is $0.50, which was lower than the closing bid price of our
  ordinary shares on March 18, 2005. </FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">25</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
&#147;triggering events&#148; which accelerate the exercise period of the Bank Warrants
include:</FONT></P>




<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">a bankruptcy
  or insolvency of the Company, the appointment of a receiver or liquidator or
  the Company becoming subject to a stay of proceedings order under the
  Companies Law; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the disposal
  of all or substantially all of the Company&#146;s assets and business activity;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the
  consummation of a sale of the Company&#146;s securities by the Inspire Investors
  following which sale the Inspire Investors hold less than 50% of their
  outstanding shares;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the
  Company&#146;s declaration of a dividend that equals to 50% or more of its profits
  for the four calendar quarters prior to the declaration of such dividend
  provided that the same occurs following the closing of the Debt Restructuring
  and prior to the expiration of the earlier of 60 months from the closing of
  the Debt Restructuring or thirty days following the occurrence of a
  triggering event.</FONT></P></TD>
 </TR>
</TABLE>




<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  shall have the right to purchase up to 6,667,000 Bank Warrants from the
  lender banks for a price of $0.65 per share (the &#147;<B>Company Call Option</B>&#148;) at any time following the closing of
  the Debt Restructuring and until the earlier of (1) the 60-month anniversary
  of the closing of the Debt Restructuring Agreement, or (2) immediately prior
  to the first occurrence of a triggering event.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  shall have the right to purchase up to additional 13,330,000 Bank Warrants
  which are subject to a call option granted to Inspire by the lender banks as
  detailed under &#147;PROPOSAL 2: The Agreement between Inspire and the Lender
  Banks&#148;, in case Inspire does not exercise its call option until (1) the 60
  month anniversary of the closing of the Debt Restructuring, or (2) upon the
  occurrence of a triggering event.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The lender
  banks may, for two years following consummation of the Debt Restructuring
  Agreement, sell in the open market each calendar month, such number of
  ordinary shares as shall constitutes in the aggregate a percentage of the
  Company&#146;s issued and outstanding share capital that is not higher than 0.5%
  at such time per month. This restriction on open market sales shall
  altogether terminate and the lender banks will be free to sell any amount of
  ordinary shares held by them, if the Company&#146;s ordinary shares trade for an
  average trading price per share of at least $2 with a minimum trading volume
  of 20,000 shares per day for a period of at least ninety consecutive trading
  days.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The
  consummation of the Debt Restructuring Agreement is subject to, in addition
  to the receipt of shareholder approval, the following additional closing
  conditions:</FONT></P></TD>
 </TR>
</TABLE>




<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the
  consummation of the Private Placement; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the approval
  of the Debt Restructuring Agreement by the lender banks&#146; respective boards of
  directors and investment or credit committees; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">entering
  into definitive documentation relating to the terms and various agreements
  set forth in the Debt Restructuring Agreement.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">26</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<BR>




<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">If the
  closing conditions are not completed by the earlier of: two weeks following
  the date of the publication of the Company&#146;s financial statements for the
  year ended December 31, 2004, or June 15, 2005, the Debt Restructuring
  Agreement shall be null and void.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Under a registration
  rights agreement to be signed concurrently with the closing of the Debt
  Restructuring Agreement, the Company may be required by the lender banks to
  register for resale the Bank Shares and the ordinary shares underlying the
  Bank Warrants (the &#147;<B>Bank Warrant Shares</B>&#148;).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The lender
  banks may transfer the Bank Warrants to a third party, provided that the
  transferee would continue to be subject to the Company Call Option. The
  transferring lender bank will give the Company a notice detailing the terms
  of a proposed transfer and the Company may purchase those Bank Warrants, but
  in any case not more that 6,667,000 Bank Warrants in the aggregate under
  identical terms proposed by the third party wishing to purchase such Bank
  Warrants.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The
  repayment of the Company&#146;s remaining outstanding debt in an amount of
  approximately $28.2 million (the &#147;<B>Remaining
  Debt</B>&#148;) will be rescheduled. In addition, subject to the entering
  into new loan agreements relating to the Remaining Debt, the lender banks
  will waive the Company&#146;s current failure to meet certain of the financial
  covenants. The principal terms of the rescheduling are as follows: a credit
  facility in an amount of $28 million will be granted to the Company for a
  seven-year period, whereby the Company will repay principal in quarterly
  installments of $0.6 million, and the remainder of the principal will be
  renewed at the end of each year, provided that the Company is in compliance
  with the terms and conditions of the new loan agreements. The Company also will
  pay to the lender banks accrued interest on the entire remaining $28 million.</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring
of the Company&#146;s debt is essential if NUR is to continue as a viable
company.&#160; We believe this proposed debt
restructuring terms represent the best opportunity available to enable existing
holders of ordinary shares to have a continuing financial interest in NUR&#146;s
future.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
debt restructuring will significantly dilute your shareholding. However, if
shareholders do not approve PROPOSAL 2, NUR may be compelled to cease its
operations entirely and the Company&#146;s independent auditor would likely be
forced to classify the Company&#146;s outstanding debt as short term debt, requiring
a going-on concern qualification in the report of the independent auditors on
the Company&#146;s financial statements for the year ended December 31, 2004. Under
such circumstances the Company will </B><B>not meet the
minimum stockholders&#146; equity requirement pursuant to Nasdaq Marketplace Rule 4320(e)(2)(B) and it would voluntarily
seek that its ordinary shares cease to be quoted on the Nasdaq SmallCap Market</B>. <B>If the
Company is forced to liquidate, all proceeds will go to our secured lenders. As
holders of ordinary shares, you would likely receive no recovery whatsoever,
and your existing shares would become worthless.</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board approved the Debt Restructuring on March 21, 2005.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">27</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>The Agreement between Inspire and the Lender
Banks</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire has
informed NUR that it will separately enter into an agreement with the lender
banks (the &#147;<B>Inspire-Lender Banks Agreement</B>&#148;).
Key features of the Inspire-Lender Banks Agreement are as follows:</FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Inspire
  shall have the right to purchase the up to 13,333,000 Bank Warrants from the
  lender banks for a price of $0.65 per share (the &#147;<B>Inspire</B> <B>Call Option</B>&#148;)
  at anytime until the earlier of (1) the 60-month anniversary of the closing
  of the Debt Restructuring Agreement, or (2) thirty days following the first
  occurrence of certain triggering events.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The term
  &#147;triggering events&#148; as used above includes:</FONT></P></TD>
 </TR>
</TABLE>




<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">a
  bankruptcy, insolvency of the Company, the appointment a receiver or
  liquidator or the Company becoming subject to a stay of proceedings order
  under the Companies Law; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the disposal
  of all or substantially all of the Company&#146;s assets and business activity;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the
  consummation of a sale of the Company&#146;s securities by the Inspire Investors
  following such sale the Inspire Investors hold less than 50% of their
  outstanding shares;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the
  Company&#146;s declaration of a dividend that equals to 50% or more of its profits
  for the four calendar quarters prior to the declaration of such dividend
  provided that the same occurs following the closing of the Debt Restructuring
  and prior to the expiration of the earlier of 60 months from the closing of the
  Debt Restructuring or the occurrence of a triggering event.</FONT></P></TD>
 </TR>
</TABLE>




<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Any ordinary
  share not purchased by Inspire pursuant to the Inspire Call Option would
  become purchasable by the Company under the Company Call Option as detailed
  under &#147;PROPOSAL 2: Debt Restructuring Agreement&#148;.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The lender
  banks undertook not to exercise the approximately 13.3 million Bank Warrants,
  which are subject to the Inspire Call Option, prior to the earlier of the
  60-month anniversary of the closing of the Debt Restructuring or thirty days
  following the first occurrence of certain triggering events.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Inspire may
  sell Inspire Shares and Inspire Warrants to a third party, provided that it
  maintains at least 51% thereof. During a period commencing on the closing of
  the Debt Restructuring and ending 12 months thereafter, each lender bank will
  have a veto right over any sale of ordinary shares by Inspire to any third
  party at a price per share lower than $0.65. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Inspire will
  give the lender banks an opportunity to participate in sales of more than 30%
  of the ordinary shares issued to it in the Private Placement on a pro rata
  basis. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">If Inspire
  will sell to a third party 50% or more ordinary shares issued to it in the
  Private Placement at a price per share of $1.10, it may demand that each
  lender bank would participate in such sale under the same terms and
  conditions.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The lender
  banks may transfer the Bank Warrants to a third party, provided that the
  transferee would continue to be subject to the Inspire Call Option and the
  undertaking not to exercise the Bank Warrants prior to the earlier of the
  60-month anniversary of the closing of the Debt Restructuring or thirty days
  following the first occurrence of certain triggering events. The transferring
  lender bank will give Inspire a notice detailing the terms of the proposed
  transfer and Inspire may purchase those Bank Warrants, but in any case not
  more that 13,333,000 Bank Warrants in the aggregate under identical terms
  proposed by the third party wishing to purchase such Bank Warrants.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">28</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<BR>




<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The
  consummation of the Inspire-Lender Banks Agreement is subject to the
  following closing conditions:</FONT></P></TD>
 </TR>
</TABLE>




<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the
  consummation of the Private Placement;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the approval
  of the Debt Restructuring Agreement by the lender banks&#146; respective boards of
  directors and investment or credit committees; and </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">entering
  into definitive documentation relating to the Debt Restructuring.</FONT></P></TD>
 </TR>
</TABLE>




<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">If the
  closing conditions are not completed by the earlier of: two weeks following
  the date of the publication of the Company&#146;s financial statements for the
  year ended December 31, 2004, or June 15, 2005, the Inspire-Bank Lenders
  Agreement shall be null and void.</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Shareholder Approval</B></FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><B>(1) Condition to Closing. </B>NUR is
  required to seek and obtain shareholder approval as a condition to closing of
  the Debt Restructuring under the terms of the Debt Restructuring Agreement
  dated as of March 21, 2005 between NUR, Bank Hapoalim B.M., Bank Leumi le
  Israel B.M. and Israel Discount Bank Ltd.&#160;
  </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>(2) Issuance of ordinary shares in
  excess of 20% of the ordinary shares outstanding.</B> Nasdaq Marketplace Rule 4350(i)(1)(D)
  requires that a listed company seek shareholder approval if it proposes to
  issue shares constituting more than 20% of its outstanding share capital at less than the
  greater of market value or book value of the shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">As of March 1, 2005:</FONT></P></TD>
 </TR>
</TABLE>




<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares to be issued to the lender banks would constitute
  19.08% of the issued share capital of the Company before the issuance thereof
  (14.98% on a fully diluted basis). Assuming (1) the closing of the Private
  Placement, (2) the closing of the Debt Restructuring, and (3) the grant of a
  warrant to Dan Purjes to purchase 3,000,000 ordinary shares, the ordinary
  shares to be issued to the lender banks would constitute 10.73% of the issued
  share capital of the Company (5.43% on a fully diluted basis). The price per
  ordinary share reflected in the issuance of ordinary shares to the lender
  banks is $1.00, which was 39 cents (or 63.93%) above the closing bid price of
  NUR&#146;s ordinary shares on March 18, 2005 (three days prior to the day that NUR and the lender banks
  entered into the Debt Restructuring Agreement); </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrants to be granted to the
  lender banks would constitute 76.33% of the issued share capital of the
  Company before the grant thereof (59.92% on a fully diluted basis). Assuming
  (1) the closing of the Private Placement, (2) the closing of the Debt
  Restructuring, and (3) the grant of a warrant to Dan Purjes to purchase
  3,000,000 ordinary shares, the ordinary shares underlying the warrants to be
  granted to the lender banks would constitute 42.93% of the issued share
  capital of the Company (21.70% on a fully diluted basis). The price per
  ordinary share reflected in the warrants is $0.50 which was 11 cents (or
  18.03%) below the closing bid price of NUR&#146;s ordinary shares on March 18,
  2005.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">29</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<BR>




<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares to be issued to Inspire would constitute 58.71%
  of the issued share capital of the Company before the issuance thereof
  (46.09% on a fully diluted basis). Assuming (1) the closing of the Private
  Placement, (2) the closing of the Debt Restructuring, and (3) the grant of a
  warrant to Dan Purjes to purchase 3,000,000 ordinary shares as described in
  PROPOSAL 3, the ordinary shares to be issued at the closing of the Private
  Placement to Inspire would constitute 33.02% of the issued share capital of
  the Company (16.69% on a fully diluted basis). The purchase price per share
  to be paid by Inspire in the Private Placement is $0.65, which was 11 cents
  (or 14.47%) below the closing bid price of NUR&#146;s ordinary shares on December 28, 2004 (the day prior to the day that NUR
  and Inspire entered into the Share Purchase Agreement).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrant to be granted to Inspire
  would constitute 58.71% of the issued share capital of the Company before the
  grant thereof (46.09% on a fully diluted basis). Assuming (1) the closing of
  the Private Placement, (2) the closing of the Debt Restructuring, and (3) the
  grant of a warrant to Dan Purjes to purchase 3,000,000 ordinary shares, the
  ordinary shares underlying the warrant to be granted to Inspire would
  constitute 33.02% of the issued share capital of the Company (16.69% on a
  fully diluted basis). The exercise price per ordinary share to be paid by
  Inspire in connection with the warrants is $0.75, which was 1 cent (or 1.31%)
  below the closing bid price of NUR&#146;s ordinary shares on December 28, 2004.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrant to be granted to Dan
  Purjes would constitute 11.44% of the issued share capital of the Company
  before the grant thereof (8.98% on a fully diluted basis). Assuming (1) the
  closing of the Private Placement, (2) the closing of the Debt Restructuring,
  and (3) the grant of a warrant to Dan Purjes to purchase 3,000,000 ordinary
  shares, the ordinary shares underlying the warrant to be granted to Mr.
  Purjes would constitute 6.43% of the issued share capital of the Company
  (3.25% on a fully diluted basis). The exercise price per ordinary share to be
  paid by Dan Purjes in connection with the warrant is $0.75, which was 17
  cents (or 29.31%) above the closing bid price of NUR&#146;s ordinary shares on
  March 4, 2005 (three days prior to the day that NUR and Dan Purjes entered into
  the Voting Trust Agreement);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares to be issued to Inspire and the lender banks, in
  the aggregate, would constitute 77.79% of the issued share capital of the
  Company before the issuance thereof (61.07% on a fully diluted basis). Assuming
  (1) the closing of the Private Placement, (2) the closing of the Debt
  Restructuring, and (3) the grant of a warrant to Dan Purjes to purchase
  3,000,000 ordinary shares, the ordinary shares to be issued to Inspire and
  the lender banks, in the aggregate, would constitute 43.76% of the issued
  share capital of the Company (22.13% on a fully diluted basis); and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The ordinary shares underlying the warrants to be granted to Inspire,
  the lender banks and Dan Purjes, in the aggregate, would constitute 146.48%
  of the issued share capital of the Company before the issuance thereof
  (114.99% on a fully diluted basis). Assuming (1) the closing of the Private
  Placement, (2) the closing of the Debt Restructuring, and (3) the grant of a
  warrant to Dan Purjes to purchase 3,000,000 ordinary shares, the ordinary
  shares underlying the warrants to be granted to Inspire, the lender banks and
  Dan Purjes, in the aggregate, would constitute 82.38% of the issued share
  capital of the Company (41.64% on a fully diluted basis).</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">30</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>


<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Since each transaction if considered on its own, and the transactions
  if considered in the aggregate, would represent private placements requiring
  shareholder approval pursuant to Marketplace Rule 4350(i)(1)(D), NUR is
  seeking to shareholder approval in connection with PROPOSAL 1, PROPOSAL 2 and
  PROPOSAL 3.</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Vote of Dan Purjes&#146; Shares on PROPOSAL 2</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in PROPOSAL 3, Dan Purjes, a former Director and former Chairman of
the Board, and owner of approximately 30% of NUR&#146;s ordinary shares, agreed to
place the shares beneficially owned by him and by his family and affiliates
into a voting trust. As a result, when the shares beneficially owned by Mr.
Purjes and by his family and affiliates are placed in the voting trust, the
voting control of all such shares will be controlled by New York Private Bank
&amp; Trust Company, an independent trustee, who will vote those securities
proportionally according to the votes cast by NUR&#146;s other shareholders on any
matter submitted to a shareholder vote, including PROPOSAL 2.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Dilutive Effect</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Private
Placement described in PROPOSAL 1 and the Debt Restructuring will have a highly
dilutive effect on current holders of ordinary shares in that the percentage
ownership of current NUR shareholders will decline significantly as a result of
the Private Placement and the Debt Restructuring. The number of shares issued
pursuant to the Private Placement and the Debt Restructuring will increase
substantially the number of ordinary shares currently outstanding. This means
that our current shareholders will own a much smaller interest in NUR as a
result of the Private Placement and the Debt Restructuring.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of illustration only, a shareholder who owns 10% of our outstanding
ordinary shares as of March 1, 2005, would own:</FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Just 6.3% of
  the outstanding ordinary shares immediately following the Private Placement
  described in PROPOSAL 1 (or 4.6% on a fully diluted basis), assuming the
  issuance of 15,384,615&#160; ordinary
  shares and warrants to purchase 15,384,615 ordinary shares to the Inspire
  Investors. This represents a dilutive effect of 37% (or 54% on a fully
  diluted basis). The dilutive effect on all shareholders, except for the
  lender banks and Dan Purjes, collectively, will be 37% (47.9% on a fully
  diluted basis);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Just 8.39%
  of the outstanding ordinary shares immediately following the Debt
  Restructuring described in PROPOSAL 2 (or 4.48% on a fully diluted basis),
  assuming the issuance of 5,000,000 ordinary shares and warrants to purchase
  20,000,000 ordinary shares to the lender banks. This represents a dilutive
  effect of 16.1% (or 55.2% on a fully diluted basis). The dilutive effect on
  all shareholders, except for the lender banks and Dan Purjes, collectively,
  will be 16% (42.82% on a fully diluted basis);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">10% of the
  outstanding ordinary shares immediately following the grant of a warrant to
  Dan Purjes described in PROPOSAL 3 (or 7.2% on a fully diluted basis),
  assuming the grant of a warrant to purchase 3,000,000 ordinary shares to Dan
  Purjes. This represents a dilutive effect of 0% (or 28% on a fully diluted
  basis). The dilutive effect on all shareholders, except for the lender banks
  and Dan Purjes, collectively, will be 0% (or 8.24% on a fully diluted basis).</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">31</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<BR>




<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Just 5.61%
  of the shares outstanding immediately following the Private Placement, the
  Debt Restructuring and the grant of the warrant to Dan Purjes (2.83% on a
  fully diluted basis), assuming the issuance of 20,384,615&#160; ordinary shares and warrants to purchase 38,384,615
  ordinary shares to the Inspire Investors, the lender banks and Dan Purjes, in
  the aggregate. This represents a dilutive effect of 43.9% (71.7% on a fully
  diluted basis). The dilutive effect of all shareholders, except for the
  lender banks and Dan Purjes, collectively, will be 43.9% (63.7% on a fully
  diluted basis).</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table reflects the dilutive effect of the Private Placement, the Debt
Restructuring and the grant of the warrant to Mr. Purjes:</FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="14" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Securities&nbsp;beneficially<BR>
  owned&nbsp;prior&nbsp;to&nbsp;the&nbsp;proposed&nbsp;transactions*</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Securities&nbsp;offered</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="36%" COLSPAN="15" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Securities&nbsp;beneficially</B><FONT SIZE=1><B><BR>
  owned&nbsp;after&nbsp;the&nbsp;proposed&nbsp;transactions**</B></FONT></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="14" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="36%" COLSPAN="15" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Holder</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Shares</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Outstanding&nbsp;<BR>
  Percent</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Warrants^</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Fully<BR>
  Diluted<BR>
  Percent</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Shares</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Warrants</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Outstanding<BR>
  Shares</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Outstanding<BR>
  Percent</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Warrants^</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Fully<BR>
  Diluted<BR>
  Percent</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Dan&nbsp;<BR>
  Purjes^^</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">7,242,112</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">27.64</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">637,737</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">23.61</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">3,000,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">7,242,112</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15.55</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">3,637,737</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">11.81</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Lender<BR>
  banks</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">1,340,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">4.01</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">5,000,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">20,000,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">5,000,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">10.73</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">21,340,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">28.59</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Other<BR>
  holders<SUP><FONT SIZE=1>&#936;</FONT></SUP></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">18,959,402</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">72.36</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">5,197,573</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">72.38</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">18,959,402</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">40.70</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">5,197,573</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">26.22</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Inspire</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15,384,615</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15,384,615</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15,384,615</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">33.02</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15,384,615</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">33.39</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Total</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>26,201,514</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>100.00</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>%</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>7,175,310</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>100.00</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>%</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>20,384,615</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>38,384,615</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>46,586,129</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>100.00</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>%</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>45,559,925</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>100.00</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>%</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <HR SIZE=1 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">As used in this table,
  &#147;beneficial ownership&#148; means the sole or shared power to vote or direct the
  voting or to dispose or direct the disposition of any security. The amounts
  and percentages are based upon 26,201,514 ordinary shares and 7,175,310
  warrants outstanding as of March 1, 2005.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">**</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The securities
  beneficially held by a holder assuming (1) the closing of the Private
  Placement, (2) the closing of the Debt Restructuring, and (3) the grant of a warrant
  to Dan Purjes to purchase 3,000,000 ordinary shares, and the issuance of
  20,384,615 ordinary shares and warrants to purchase 38,384,615 ordinary
  shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">^</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">For purposes of this
  table, a person is deemed to be the beneficial owner of warrants if such
  beneficial owner can acquire through the exercise of any option or warrant
  ordinary shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">^^</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">According to Amendment No.
  5 to Schedule 13-D filed by Mr. Purjes with the SEC on May 16, 2004, Mr.
  Purjes beneficially owned 7,820,851 ordinary shares of the Company. Following
  May 16, 2004, the Company issued to Mr. Purjes an aggregate of 59,898
  ordinary shares in consideration for management services rendered to the
  Company by Mr. Purjes until December 20, 2004 pursuant to a Terms of Services
  Agreement dated December 31, 2001.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#936;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The amounts and
  percentages include the ordinary shares underlying options under the
  Company&#146;s approved stock option plans.</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Proposal</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the
meeting, the Board will propose that the following resolution be adopted: </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED, that the debt restructuring and
rescheduling under the Debt Restructuring Agreement between the Company and
Bank Hapoalim B.M., Bank Leumi le Israel B.M. and Israel Discount Bank Ltd. of
March 21, 2005, be, and hereby is, approved.&#148;</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">32</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Board Recommendation</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board recommends that the shareholders vote &#147;FOR&#148; the approval of (1) the Debt
Restructuring, (2) any action undertaken by the Board or by officers of the
Company with the approval of the Board, which are deemed by the Board of to be
necessary or desirable to permit the completion of the Debt Restructuring and
(3) the ratification of any and all prior actions taken by the Board of
Directors or the Company&#146;s officers related to the negotiation, execution or
closing of the Debt Restructuring.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>PROPOSAL 3</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>APPROVAL OF VOTING
AGREEMENT AND VOTING TRUST AGREEMENT</U></B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Background</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a
pre-condition to entering into the Share Purchase Agreement Inspire required
that a substantial part of the holdings of Dan Purjes, a former Director and
former Chairman of the Board and owner of approximately 30% of NUR&#146;s ordinary
shares, will be voted with Inspire under an irrevocable proxy. Inspire agreed
to transfer to Mr. Purjes 3,000,000 warrants out of the warrants to be granted
to it at the closing of the Private Placement.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Purjes
and Inspire did not reach an agreement regarding the future management of the
Company. In order to enable the Private Placement, the Company negotiated a
voting agreement, with Mr. Purjes.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Voting Agreement</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January
23, 2005, the Company entered into a Voting Agreement (the <B>&#147;Voting Agreement&#148;</B>) coupled with an
irrevocable proxy, with Dan Purjes. Key features of the Voting Agreement, as
amended, suspended and superseded by the Voting Trust Agreement are as follows:</FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Mr. Purjes
  granted to the Board or a nominee appointed by it voting control over
  7,706,683 ordinary shares beneficially owned by him, coupled with an
  irrevocable proxy (the <B>&#147;Proxy&#148;</B>),
  and the Board or the nominee appointed by it will vote the shares in any
  meeting or actions of the shareholders and with respect to any matter
  submitted to shareholder with the majority of votes of the other shareholders
  of the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Proxy
  became effective on January 23, 2005, the date of the Voting Agreement, and
  will terminate when Mr. Purjes is no longer the record holder or beneficial
  owner of ordinary shares or securities exercisable for or convertible into
  ordinary shares (the <B>&#147;Term&#148;</B>). </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">During the
  Term Mr. Purjes may not dispose of any of the ordinary shares and securities
  exercisable for or convertible into ordinary shares which are subject to the
  Proxy, other than: </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">any number
  of shares in the open market through a stock broker or dealer for the sole
  purpose of effecting an immediate sale of such shares;</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">33</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">to a person
  or entity that is not affiliated, directly or indirectly, with Mr. Purjes
  through a private transaction. During the period ending on the earlier of
  January 23, 2006 or immediately following the Company&#146;s general meeting of
  shareholders which would be convened for electing directors appointed or
  recommended by a new investor to the Company&#146;s board of directors (the <B>&#147;Restricted Period&#148;</B>), the transferee will
  grant to the Company&#146;s Board or a nominee appointed by it a proxy with
  respect to the transferred shares, which proxy will be effective until the
  end of the Restricted Period;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">to a certain
  unaffiliated third party through a private transaction;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">pledging,
  hypothecating, creating a security interest in or lien on, or commit to do
  any of the foregoing with respect to the subject securities, provided, that
  such securities will continue to be subject to the Proxy; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">transfers of
  securities covered by the Proxy to Mr. Purjes&#146; family and affiliates. The
  transferee will be bound by the terms of the Voting Agreement and the
  securities so transferred will continue to be subject to the Proxy.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  agreed to indemnify Mr. Purjes for claims, demands and actions, and
  liabilities, damages, or expenses resulting therefrom, resulting from the
  Proxy given to the Company or its representative or the Company or its
  representative voting such shares. </FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further to
conversations between representatives of NUR and Nasdaq, NUR and Mr. Purjes entered
into the Voting Trust Agreement as of March 7, 2005 that amended, superseded
and suspended the Voting Agreement as detailed in &#147;PROPOSAL 3: Voting Trust
Agreement&#148;, and as of that date and until the voting trust would be converted
to the Voting Agreement under its terms, the Proxy may not be used or voted. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Voting
Agreement and the Proxy will automatically terminate in the event NUR&#146;s
shareholders fail to approve the grant to Mr. Purjes of a warrant to purchase
3,000,000 ordinary shares at purchase price of $0.75 per share under the Voting
Trust Agreement on or before April 27, 2005.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Voting Trust Agreement</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 7,
2005, the Company entered into a Voting Trust Agreement (the <B>&#147;Voting Trust Agreement&#148;</B>) with Dan Purjes
and an independent trustee, New York Private Bank &amp; Trust (the <B>&#147;Trustee&#148;</B>), under which Mr. Purjes agreed
to place all the ordinary shares and securities exercisable for or convertible
into ordinary shares of NUR owned by him and by his family and affiliates (hereinafter
referred as the <B>&#147;subject securities&#148;</B>)
into a voting trust. A copy of the Voting Trust Agreement is attached as <B><U>Exhibit E.</U></B> As a result, voting control
of all subject securities will be controlled by the Trustee who will vote those
securities proportionally according to the votes cast by NUR&#146;s other
shareholders on any matter submitted to a shareholder vote. Key features of the
Voting Trust Agreement are as follows:</FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">In exchange
  for the voting control mentioned above, the Company will grant to Mr. Purjes
  a warrant to purchase 3,000,000 ordinary shares at a purchase price per share
  of $0.75 (the <B>&#147;Purjes Warrant&#148;</B>).
  The Purjes Warrant will have a five-year term.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Mr. Purjes
  agreed to deposit with the Trustee, immediately following the execution of the
  Voting Trust Agreement, all of the ordinary shares of NUR and all securities
  issued by, convertible into or exercisable for securities issued or issuable
  by the NUR which are beneficially owned by him and by his family and
  affiliates.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">34</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
  </TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">On receipt
  by the Trustee of the certificates for the subject securities and the
  transfer of them into the name of the Trustee, the Trustee is to issue to Mr.
  Purjes a voting trust certificate representing the deposited subject
  securities. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">During the
  term of the Voting Trust Agreement, Mr. Purjes may not release the subject
  securities or dispose of them, other than:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">transfer of
  voting trust certificates to Mr. Purjes&#146; family members and affiliates. The
  transferee will be bound by the terms of the voting trust and Voting Trust
  Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Pledge,
  hypothecate, creation of a security interest in or lien on, or commit to do
  any of the foregoing with respect to the subject securities, provided, that
  such subject securities will continue to be subject to the voting trust and
  the Voting Trust Agreement;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">release
  subject securities from the voting trust and transfer them, subject to
  pre-approval by Nasdaq, to a transferee not affiliated with Mr. Purjes.
  During the period ending on the earlier of March 7, 2006 or immediately
  following the general meeting of the Company&#146;s shareholders which would be
  convened for electing directors appointed or recommended by a new investor to
  the Company&#146;s board of directors (the &#147;<B>Contained Period</B>&#148;), the transfer will
  take place through a transfer of voting trust certificate(s) and the subject
  securities underlying such certificates shall not be released from the voting
  trust until the expiration of the Contained Period. If the transfer occurs
  following the Contained Period, then the Trustee shall release and transfer
  the subject securities to the transferee.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">release
  subject securities from the voting trust and transfer them in open market
  sales and public transactions (i.e., merger, consolidation or acquisition,
  tender offer, repurchase of shares by NUR, public sale in a secondary
  offering, sale or exchange of subject securities pursuant to an offer made
  generally to NUR&#146;s security holders and open market sale through a
  broker-dealer or market maker). Any such transfer will not be made to Mr.
  Purjes&#146; family or affiliates.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Trustee
  is authorized to exercise on Mr. Purjes&#146; behalf the rights to which Mr.
  Purjes is entitled to in connection with offering of securities to all of
  NUR&#146;s shareholders, distribution of dividends, dissolution and
  recapitalization of NUR.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">NUR agreed
  to indemnify the Trustee for liabilities resulting from actions taken
  pursuant to the Voting Trust Agreement. In addition, NUR agreed to indemnify
  Mr. Purjes for claims, demands and actions, and liabilities, damages, or
  expenses resulting therefrom, resulting from the voting trust or the Trustee
  voting the subject securities.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Voting
  Trust Agreement will continue in effect until March 7, 2015 and it may be
  extended to an additional 10-year periods thereafter (the &#147;Voting Trust
  Term&#148;). The Voting Trust Agreement and the voting trust will automatically
  terminate in the event NUR&#146;s shareholders fail to approve the issuance of the
  Purjes Warrant on or before April 27, 2005.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The voting trust
  will automatically be converted into the Voting Agreement, in the event-</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">that NUR is
  no longer listed on the Nasdaq National Market or SmallCap Market; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">of Mr.
  Purjes&#146; death, mental incapacity or incompetence; or</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">35</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Mr. Purjes&#146;
  beneficial ownership of NUR&#146;s ordinary shares falls below 5% of NUR&#146;s
  outstanding share capital. If Mr. Purjes&#146; ownership rises back to 5% of NUR&#146;s
  outstanding share capital or above, all subject securities owned by Mr.
  Purjes, his family and affiliates will again be submitted to the voting
  trust.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  agreed to include in any registration statement filed by the Company all or
  part of the Purjes Warrant and the ordinary shares underlying the Purjes
  Warrant (the <B>&#147;Purjes Warrant Shares&#148;</B>),
  as well as other securities held by Mr. Purjes only to the extend they are
  not registered for public sale under the applicable securities laws.</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If the shareholders do not approve the Voting
Agreement as amended, superseded and suspended by the Voting Trust Agreement,
including the grant of the Purjes Warrant, NUR&#146;s ordinary shares will
immediately cease to be quoted on the Nasdaq SmallCap Market and NUR will seek
to have its ordinary shares made eligible for trading on the OTC Bulletin
Board.</B> There can be no assurance that the Company will be successful
in having its ordinary shares made eligible for trading on the OTC Bulletin
Board.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee and the Board approved the Voting Agreement, as amended,
superseded and suspended by the Voting Trust Agreement on March 2, 2005 and
March 8, 2005, respectively.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Shareholder Approval</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are
seeking shareholder approval of the Voting Agreement as amended, suspended and
superseded by the Voting Trust Agreement since the Companies Law provides that an
extraordinary transaction of a publicly traded company with its controlling
person or an extraordinary transaction of a publicly traded company with a
person in which the controlling person has a personal interest, including a
private placement which is an extraordinary transaction, requires the approval
of the company&#146;s audit committee, board of directors and shareholders, in that
order. An &#147;extraordinary transaction&#148; is defined by the Companies Law as a
transaction that is not in the ordinary course of business, a transaction that
is other than at arms&#146; length, or a transaction that may have a material effect
on the profitability, assets or liabilities of the company. A &#147;controlling
person&#148; is defined by the Companies Law as a person or entity that has the
ability to direct the actions of the company (other than such an ability that
derives solely from a position as a director or officer), and including in
particular the ability to nominate more than half of the directors or the
ability to appoint the chief executive officer of the company. A person who
holds at least 25% of the voting power is deemed to be a controlling person,
unless another person holds more than 50% of the voting power. The Companies
Law aggregates the holdings of all persons who have a personal interest in a
transaction to determine whether there is a controlling person.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dan
Purjes who currently beneficially owns approximately 30% of the ordinary shares
and who is a former Director and Chairman of the Board, may be deemed to have
personal interest in the Voting Agreement, as amended, suspended and superseded
by the Voting Trust Agreement. Under the Companies Law, Mr. Purjes may be
deemed to have &#147;control&#148; over the Company, and therefore, pursuant to the
Companies Law, approval of this resolution requires, in addition to the
affirmative vote of the majority of the shares voted at the meeting, that
either: (1) the votes in favor of this resolution include at least one third of
the votes of participating shareholders (not counting abstaining votes) who do
not have a Personal Interest (as defined in the Companies Law) in the approval
of the resolution; or (2) the aggregate votes of the opposing shareholders, who
do not have such Personal Interest, represent less than 1% of the Company&#146;s
outstanding share capital. Pursuant to the Companies Law, a &#147;Personal Interest&#148;
is deemed as a personal interest in the engagement contemplated by this
resolution, including the interest of certain family relatives and of
corporations affiliated to any person having such interest.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">36</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>


<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
shareholder participating in the vote on this resolution is required, as a
condition to having his/her vote counted, to indicate on this proxy if he/she
has a &#147;Personal Interest&#148; in the approval of this resolution. Each shareholder
should seek legal counsel as to whether such shareholder has a &#147;Personal
Interest&#148; for the purpose herein.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Vote of Dan Purjes&#146; Shares on PROPOSAL 3</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Purjes,
a former Director and former Chairman of the Board and owner of approximately
30% of NUR&#146;s ordinary shares, agreed to place the shares beneficially owned by
him and by his family and affiliates into a voting trust. As a result, when the
shares beneficially owned by Mr. Purjes and by his family and affiliates are
placed in the voting trust, the voting control of all shares owned by them will
be controlled by New York Private Bank &amp; Trust Company, an independent
trustee, who will vote those securities proportionally according to the votes
cast by NUR&#146;s other shareholders on any matter submitted to a shareholder vote.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Proposal</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the
meeting, the Board will propose that the following resolution be adopted: </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#148;RESOLVED,
that the Voting Agreement between the Company and Dan Purjes dated as of
January 23, 2005, as amended, suspended and superseded by the Voting Trust
Agreement between the Company, Mr. Purjes and New York Private Bank &amp; Trust
of March 7, 2005 and the Company&#146;s undertakings under the Voting Agreement and
the Voting Trust Agreement, including the grant to Mr. Purjes of a five-year
warrant to purchase 3,000,000 ordinary shares at a purchase price of $0.75 per
share, be, and hereby are, approved.&#148;</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Board Recommendation</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Board recommends that the shareholders vote &#147;FOR&#148;
the approval of (1) the Voting Agreement, (2) the Voting Trust Agreement, (3)
the Company&#146;s undertakings under the Voting Agreement as amended, suspended and
superseded by the Voting Trust Agreement, (4) any action undertaken by the
Board or by officers of the Company with the approval of the Board, which are
deemed by the Board of to be necessary or desirable to permit the completion of
the Voting Agreement and the Voting Trust Agreement and (5) the ratification of
any and all prior actions taken by the Board of Directors or the Company&#146;s
officers related to the negotiation or execution of the Voting Agreement and
the Voting Trust Agreement.</B></FONT></P>


<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">37</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>PROPOSAL 4</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>REMUNERATION TO THE
ACTING CHAIRMAN OF THE BOARD OF DIRECTORS</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Background</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the
annual meeting, the shareholders will be asked to approve remuneration to Mr.
Robert F. Hussey, the Acting Chairman of the Board. Following the decision of
Dan Purjes, a former Director and former Chairman of the Board, and owner of
approximately 30% of NUR&#146;s ordinary shares, to resign from the Board, Mr.
Hussey agreed to take upon himself the office of Acting Chairman of the Board
and the Board elected him to fulfill such office on December 23, 2004.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.
Hussey has served as a director of the company since September 1997 and he was
the Chairman of the Audit Committee until his appointment as Acting Chairman of
the Board. Mr. Hussey is a private investor. From June 1991 to April 1997, Mr.
Hussey served as the president and chief executive officer of Metrovision of
North America. Prior thereto, from 1984 to 1991, Mr. Hussey served as the
president, chief executive officer and director of POP Radio Corp., a company
which he helped form. From 1979 to 1984, Mr. Hussey served as the vice
president/management supervisor for Grey Advertising, Inc. Mr. Hussey is also a
director of Digital Lightwave, Inc., New World Power Corp., Digital Data
Networks, Corp. and Axcess Inc., which are all publicly held companies. Mr.
Hussey holds a B.S. degree in Finance from Georgetown University and an MBA
degree in International Finance from George Washington University.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Remuneration to the Acting Chairman</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
is seeking shareholder approval for paying Mr. Hussey during his chairmanship a
quarterly cash fee of $10,000 or a prorate portion for services rendered during
part of a calendar quarter. The foregoing cash fee will replace any other cash
compensation or meeting allowances otherwise due to a Director under the
Company&#146;s policies. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Company wishes to approve the granting to Mr. Hussey of a
quarterly grant of options to purchase 2,500 ordinary shares, or a prorate portion for services rendered
during part of a calendar quarter. The quarterly grants will be made on the first business day following the
last month of each calendar quarter. The options will be fully vested
and exercisable immediately upon their grant and the exercise price per
ordinary share shall be the closing price of the ordinary shares known on the
last trading day of the calendar quarter for which the options are being
granted. The grants described in this paragraph are in addition to any grants
under the 1998 Stock Option Plan for Non-Employee Directors, as amended on
August 2004 (the &#147;<B>1998 Plan</B>&#148;). A
copy of the 1998 Plan is attached to this proxy statement as <B><U>Exhibit A</U></B>.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee and the Board approved the remuneration to the Acting Chairman
of the Board, including the grant of options to purchase ordinary shares on
March 2, 2005 and March 8, 2005, respectively.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">38</FONT></P>
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<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Terms of Directors</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Directors (other than the External Directors) are elected annually at the
Company&#146;s Annual Meeting of Shareholders and remain in office until the next
Annual Meeting, unless a Director has previously resigned, vacated his/her
office, or was removed in accordance with the Company&#146;s Amended and Restated
Articles of Association.&#160; In addition,
the Board may elect additional Directors to the Board. Pursuant to the
Companies Law, the two External Directors of the Board serve for a period of
three (3) years unless their office is vacated earlier in accordance with the
Company&#146;s then current articles of association and the Companies Law. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Alternate Directors</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s Amended and Restated Articles of Association provide that, subject to
the Board&#146;s approval, a Director may appoint, by written notice to the Company,
any individual (subject to Article 37.4 of the Company&#146;s Amended and Restated
Articles of Association) to serve as an alternate Director. Any alternate
Director shall have all of the rights and obligations of the Director
appointing him or her, except the power to appoint an alternate (unless the
instrument appointing him or her expressly provides otherwise). The alternate
Director may not act at any meeting at which the Director appointing him or her
is present. Unless the appointing Director limits the time period or scope of
any such appointment, such appointment is effective for all purposes and for an
indefinite time, but will expire upon the expiration of the appointing
Director&#146;s term. Currently, there are no alternate Directors.&#160; To our knowledge, no Director currently
intends to appoint any other person as an alternate Director, except if the
Director is unable to attend a meeting of the Board.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>External Directors</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Companies Law provides that a person may not be appointed as an External
Director if the person or the person&#146;s relative, partner, employer or any
entity under the person&#146;s control, has, as of the date of the person&#146;s
appointment to serve as an External Director, or had, during the two years
preceding that date, any affiliation with the company, any entity controlling
the company or any entity controlled by the company or by this controlling
entity.&#160; The term &#147;affiliation&#148; under
the Companies Law includes (1) an employment relationship, (2) a business or
professional relationship maintained on a regular basis, (3) control and (4)
service as an officer holder.&#160; The
Companies Law further provides that if, at the time the External Directors are
appointed, a company&#146;s board of directors is comprised solely of members of the
same gender, then at least one of the External Directors must be of a different
gender than the other directors.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No person
may serve as an External Director if the person position or other business
creates, or may create, a conflict of interest with the person&#146;s
responsibilities as an External Director. Until the lapse of two years from
termination of office, a company may not engage an External Director to serve
as an office holder and cannot employ or receive services from that person,
either directly or indirectly, including through a corporation controlled by
that person.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;External
Directors are to be elected by a majority vote at a shareholders&#146; meeting,
provided that either (i) the majority of shares voted at the meeting, including
at least one third of the shares of non-controlling shareholders voted at the
meeting, vote in favor of the election or (ii) the total number of shares voted
against the election of the External Director does not exceed one percent of
the aggregate voting rights in the company.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">39</FONT></P>
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<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial
term of an External Director is for three years and may be extended for an
additional three years.&#160; Each External
Director is required to serve on the company&#146;s audit committee. Each other
committee of a company&#146;s board of directors is required to include at least one
External Director. Lauri A. Hanover and Koby Shtaierman are currently serving
as our External Directors and their initial three-year term will end on
November 18, 2006.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Committees of the Board</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s Amended and Restated Articles of Association provide that the Board
may delegate certain of its powers to committees of the Board, as it deems
appropriate, subject to the provisions of the Companies Law.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>Audit Committee</I></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Audit
Committee, which was established in accordance with Section 114 of the
Companies Law and Section 3(a)(58)(A) of the Securities Exchange Act of 1934,
assists our Board in overseeing the accounting and financial reporting
processes of our company and audits of our financial statements, including the
integrity of our financial statements, compliance with legal and regulatory
requirements, our independent public accountants&#146; qualifications and
independence, the performance of our internal audit function and independent&#160; public accountants, finding any defects in
the business management of our company for which purpose the Audit Committee
may consult with our independent auditors and internal auditor, proposing to
the Board ways to correct such defects, approving related-party transactions as
required by the Companies Law and our Amended and Restated Articles of
Association, and such other duties as may be directed by our Board.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Audit
Committee consists of three Board members who satisfy the &#147;independence&#148;
requirements of the Securities and Exchange Commission, Nasdaq and Israeli Law
for audit committee members. The Audit Committee currently consists of Tammy
Peller and the External Directors. The
Audit Committee meets at least once each quarter. Ms. Lauri A. Hanover
is our Audit Committee&#146;s financial expert, as defined in Item 401 of Regulation
S-K. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Companies Law (1) requires disclosure by an &#147;Office Holder&#148; (as defined below)
to the Company in the event that an Office Holder has a direct or indirect
personal interest in a transaction to which the Company intends to be a party
and (2) codifies the duty of care and fiduciary duties, which an Office Holder
has to the Company. An &#147;Office Holder&#148; is defined in the Companies Law as a
director, general manager, chief business manager, vice general manager, other
manager directly subordinated to the general manager and any other person
assuming the responsibilities of any of the foregoing positions without regard
to such person&#146;s title.&#160; Office Holders
(including Directors) who have a personal interest in a matter which is
considered at a meeting of the Board or the Audit Committee may not be present
at such meeting, may not participate in the discussion, and may not vote on any
such matter, except that such Office Holders may consent in writing to
resolutions adopted by the Board and/or the Audit Committee by unanimous
consent.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">40</FONT></P>
<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Israeli law, an audit committee may not approve an action or a transaction with
a controlling shareholder, or with an office holder, unless at the time of
approval two External Directors are serving as members of the audit committee
and at least one of the external directors was present at the meeting in which
an approval was granted.&#160; Under the terms
of our Amended and Restated Articles of Association, approval by the Audit
Committee and the Board is required for (1) proposed transactions to which the
Company intends to be a party in which an Office Holder has a direct or
indirect personal interest, (2) actions or arrangements which may otherwise be
deemed to constitute a breach of fiduciary duty or of the duty of care of an
Office Holder to the Company, (3) arrangements with Directors as to the terms
of office or compensation, and (4) indemnification of Office Holders.
Arrangements with Directors as to the terms of their service or compensation
also require shareholder approval. All arrangements as to compensation of
Office Holders who are not Directors require approval of the Board.&#160; In certain circumstances, the matters
referred to in (1), (2), (3) and (4) may also require shareholder approval.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition
to the applicable provisions of the Companies Law, the Audit Committee operates
under the terms of a written charter adopted by it, the adequacy of which it
reviews and reassesses on an annual basis.&#160;
</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>Stock Option Committees</I></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the
Companies Law the Board may not delegate its powers to a committee of the
Board, among others, with regard to allotting shares or securities convertible
into shares of the Company or realizable as shares of the Company. In March
1998, the Company established the Stock Option &amp; Compensation Committee.
The Stock Option &amp; Compensation Committee is charged with administering and
overseeing the distribution of stock options under the approved stock option
plan of the Company &#151; the 2000 Stock Option Plan, as amended on
July 2003. The Stock Option &amp; Compensation Committee may recommend the
Board to approve the grant of options under the approved stock option plan, but
the final approval of the grant is subject to an affirmative resolution of the
Board. The Stock Option &amp; Compensation Committee is presently composed of
three members: Robert F. Hussey, Oded Akselrod and Lauri A. Hanover. In July
1999, the Board established the Non-Employee Stock Option Committee (the &#147;<B>NESOC</B>&#148;),
to administer the 1998 Stock Option Plan for Non-Employee Directors, subject to
the provisions of the Companies Law.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Compensation of Directors and Executive
Officers</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the
year ended December 31, 2003, the aggregate compensation paid by the Company to
the Directors and executive officers of the Company (a total of 10 persons,
including 2 directors who left the Board during 2003) amounted to approximately
$0.198 million. Each Non-Executive Director is entitled to receive an annual
fee of $8,000, an additional $500 participation fee for participation in each
meeting of the Board, and an additional $250 participation fee for the
participation in a meeting of a committee of the Board. The Chairman of the
Board and chairman of any committee of the Board will be entitled to an
additional annual fee of $5,000.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the
1998 Plan, Mr. Hussey, who is a Director of the Company, was granted on October
26, 1998, August 1, 1999, August 1, 2000,&#160;
August 1, 2001, August 1, 2002, August 1, 2003 and August 1, 2004
options to purchase 10,000 ordinary shares of the Company. Each of Lauri A.
Hanover and Koby Shtaierman, who are External Directors of the Company, were
granted on November 18, 2003 options to purchase 6,667 ordinary shares of the
Company. On December 30, 2004, each of Ms. Hanover, Mr. Shtaierman and Oded
Akselrod were granted options to purchase 10,000 ordinary shares of the
Company. On December 30, 2004 Tammy Peller was granted options to purchase
6,667 ordinary shares of the Company. The exercise price for the underlying
shares of such options is the &#147;Fair Market Value&#148; (as defined in the 1998 Plan)
of the ordinary shares at the date of grant.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">41</FONT></P>
<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Shareholder Approval</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are
seeking shareholder approval of the remuneration to the Acting Chairman of the
Board since the
Companies Law provides that the engagement of a company with a director
regarding the terms of his or her office, including the grant of an
exculpation, insurance, undertaking to indemnify or indemnification under a
permit to indemnify, and any engagement with a director as to the terms of his
employment in other positions in the company, requires the approval of the
company&#146;s audit committee, board of directors and shareholders, in that order.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Vote of Dan Purjes&#146; Shares on PROPOSAL 4</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in PROPOSAL 3, Dan Purjes, a former Director and former Chairman of
the Board, and owner of approximately 30% of NUR&#146;s ordinary shares, agreed to
place the shares beneficially owned by him and by his family and affiliates
into a voting trust. As a result, when the shares beneficially owned by Mr.
Purjes and by his family and affiliates are placed in the voting trust, the
voting control of all such shares will be controlled by New York Private Bank
&amp; Trust Company, an independent trustee, who will vote those securities
proportionally according to the votes cast by NUR&#146;s other shareholders on any
matter submitted to a shareholder vote, including PROPOSAL 4.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Proposal</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the
meeting, the Board will propose that the following resolution be adopted: </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
that the terms of remuneration to the Acting Chairmen of the Company&#146;s Board of
Directors, presented to the Special General Meeting of Shareholders and
described in the Company&#146;s Proxy Statement dated March 22, 2005, be and hereby
are, approved.&#148;</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Board Recommendation</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board recommends that the shareholders vote &#147;FOR&#148; the remuneration of the Acting Chairman of the Board, including the
quarterly grant of options to purchase ordinary shares.</B></FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>PROPOSAL 5</U></B></FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>INCREASE OF SHARE
CAPITAL</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Background</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the
Company&#146;s Amended and Restated Articles of Association, the Company&#146;s
authorized share capital is NIS 50,000,000 consisting of 50,000,000 ordinary
shares. As of the date of this Proxy Statement, the Company&#146;s issued share
capital (without taking into effect any options, warrants and other convertible
securities) is 26,205,681.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">42</FONT></P>
<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to
permit the Company the issuance of the Inspire Shares under the Private
Placement described in PROPOSAL 1, the Bank Shares under the Debt Restructuring
as described in PROPOSAL 2 and in order to reserve enough authorized and
unissued share capital for the issuance of the Inspire Warrant Shares described
in PROPOSAL 1, the Bank Warrant Shares described in PROPOSAL 2 and the ordinary
shares underlying the Purjes Warrant as described in PROPOSAL 3, an increase of
the Company&#146;s authorized share capital is required.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
recommends an increase in the share capital of the Company by NIS 70,000,000
divided into 70,000,000 ordinary shares, so that following the increase the
Company&#146;s authorized share capital will be NIS 120,000,000 divided into
120,000,000 ordinary shares. The new ordinary shares shall have the same rights
and obligations as the existing ordinary shares as specified in the Company&#146;s
Amended and Restated Articles of Association.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed increase will give the Company a sufficient number of unreserved and
unissued shares to allow the Company to consummate the Private Placement
described in PROPOSAL 1, the Debt Restructuring described in PROPOSAL 2, the
grant of the Purjes Warrant described in PROPOSAL 3 and is designed to provide
flexibility to the Company. Any remaining authorized shares may be issued in
the future by the Board, without further shareholder approval (unless required
by applicable laws, regulations or rules), for such corporate purposes as the
Board may deem in the best interest of the Company. At present, the Company is
not engaged in any specific transaction pursuant to which the shares being
authorized hereunder would be required to be issued.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of a significant amount of additional authorized shares, however,
could result in dilution of the beneficial ownership interests and/or voting
power of the Company&#146;s current shareholders.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Dilutive Effect</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Private
Placement described in PROPOSAL 1 and the Debt Restructuring described in
PROPOSAL 2 will have a highly dilutive effect on current holders of ordinary
shares in that the percentage ownership of current NUR shareholders will
decline significantly as a result of the Private Placement and the Debt
Restructuring.&#160; The number of shares
issued pursuant to the Private Placement and the Debt Restructuring will
increase substantially the number of ordinary shares currently
outstanding.&#160; This means that our
current shareholders will own a much smaller interest in NUR as a result of the
Private Placement and the Debt Restructuring.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of illustration only, a shareholder who owns 10% of our outstanding
ordinary shares as of March 1, 2005, would own:</FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Just 6.3% of
  the outstanding ordinary shares immediately following the Private Placement
  described in PROPOSAL 1 (or 4.6% on a fully diluted basis), assuming the
  issuance of 15,384,615&#160; ordinary
  shares and warrants to purchase 15,384,615 ordinary shares to the Inspire
  Investors. This represents a dilutive effect of 37% (or 54% on a fully diluted
  basis). The dilutive effect on all shareholders, except for the lender banks
  and Dan Purjes, collectively, will be 37% (47.9% on a fully diluted basis);</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">43</FONT></P>
<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Just 8.39%
  of the outstanding ordinary shares immediately following the Debt
  Restructuring described in PROPOSAL 2 (or 4.48% on a fully diluted basis),
  assuming the issuance of 5,000,000 ordinary shares and warrants to purchase
  20,000,000 ordinary shares to the lender banks. This represents a dilutive
  effect of 16.1% (or 55.2% on a fully diluted basis). The dilutive effect on
  all shareholders, except for the lender banks and Dan Purjes, collectively,
  will be 16% (42.82% on a fully diluted basis);</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">10% of the
  outstanding ordinary shares immediately following the grant of a warrant to
  Dan Purjes described in PROPOSAL 3 (or 7.2% on a fully diluted basis),
  assuming the grant of a warrant to purchase 3,000,000 ordinary shares to Dan
  Purjes. This represents a dilutive effect of 0% (or 28% on a fully diluted
  basis). The dilutive effect on all shareholders, except for the lender banks
  and Dan Purjes, collectively, will be 0% (or 8.24% on a fully diluted basis).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Just 5.61%
  of the shares outstanding immediately following the Private Placement, the
  Debt Restructuring and the grant of the Purjes Warrant (2.83% on a fully
  diluted basis), assuming the issuance of 20,384,615 ordinary shares and
  warrants to purchase 38,384,615 ordinary shares to the Inspire Investors, the
  lender banks and Dan Purjes, in the aggregate. This represents a dilutive
  effect of 43.9% (71.7% on a fully diluted basis). The dilutive effect of all
  shareholders, except for the lender banks and Dan Purjes, collectively, will
  be 43.9% (63.7% on a fully diluted basis).</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table reflects the dilutive effect of the Private Placement, the Debt
Restructuring and the grant of the warrant to Mr. Purjes:</FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="14" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Securities&nbsp;beneficially<BR>
  owned&nbsp;prior&nbsp;to&nbsp;the&nbsp;proposed&nbsp;transactions*</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Securities&nbsp;offered</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="36%" COLSPAN="15" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Securities&nbsp;beneficially</B><FONT SIZE=1><B><BR>
  owned&nbsp;after&nbsp;the&nbsp;proposed&nbsp;transactions**</B></FONT></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="14" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="36%" COLSPAN="15" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Holder</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Shares</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Outstanding&nbsp;<BR>
  Percent</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Warrants^</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Fully<BR>
  Diluted<BR>
  Percent</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Shares</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Warrants</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Outstanding<BR>
  Shares</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Outstanding<BR>
  Percent</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Warrants^</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Fully<BR>
  Diluted<BR>
  Percent</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Dan&nbsp;<BR>
  Purjes^^</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">7,242,112</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">27.64</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">637,737</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">23.61</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">3,000,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">7,242,112</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15.55</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">3,637,737</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">11.81</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Lender<BR>
  banks</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">1,340,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">4.01</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">5,000,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">20,000,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">5,000,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">10.73</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">21,340,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">28.59</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Other<BR>
  holders<SUP><FONT SIZE=1>&#936;</FONT></SUP></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">18,959,402</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">72.36</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">5,197,573</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">72.38</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">18,959,402</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">40.70</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">5,197,573</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">26.22</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Inspire</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">-</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15,384,615</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15,384,615</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15,384,615</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">33.02</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">15,384,615</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN">33.39</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">%</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Total</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>26,201,514</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>100.00</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>%</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>7,175,310</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>100.00</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>%</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>20,384,615</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>38,384,615</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>46,586,129</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>100.00</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>%</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>45,559,925</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P ALIGN=RIGHT><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>100.00</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>%</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="aqua">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="94%" COLSPAN="2" VALIGN=TOP>
  <HR SIZE=1 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">As used in this table,
  &#147;beneficial ownership&#148; means the sole or shared power to vote or direct the
  voting or to dispose or direct the disposition of any security. The amounts
  and percentages are based upon 26,201,514 ordinary shares and 7,175,310
  warrants outstanding as of March 1, 2005.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">**</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The securities
  beneficially held by a holder assuming (1) the closing of the Private
  Placement, (2) the closing of the Debt Restructuring, and (3) the grant of a warrant
  to Dan Purjes to purchase 3,000,000 ordinary shares, and the issuance of
  20,384,615 ordinary shares and warrants to purchase 38,384,615 ordinary
  shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">^</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">For purposes of this
  table, a person is deemed to be the beneficial owner of warrants if such
  beneficial owner can acquire through the exercise of any option or warrant
  ordinary shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">^^</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">According to Amendment No.
  5 to Schedule 13-D filed by Mr. Purjes with the SEC on May 16, 2004, Mr.
  Purjes beneficially owned 7,820,851 ordinary shares of the Company. Following
  May 16, 2004, the Company issued to Mr. Purjes an aggregate of 59,898
  ordinary shares in consideration for management services rendered to the
  Company by Mr. Purjes until December 20, 2004 pursuant to a Terms of Services
  Agreement dated December 31, 2001.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">44</FONT></P>
<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#936;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The amounts and
  percentages include the ordinary shares underlying options under the
  Company&#146;s approved stock option plans.</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
increase of the Company&#146;s authorized share capital as proposed hereunder
requires the amendment of Article 4 of the Company&#146;s Amended and Restated
Articles of Association and Article 4 of the Company&#146;s Memorandum of
Association.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Proposal</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the
meeting, the Board will propose that the following resolutions be adopted:</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
to increase the Company&#146;s authorized share capital by NIS 70,000,000 divided
into 70,000,000 ordinary shares, nominal value NIS 1.00 each, so that following
the increase the Company&#146;s authorized share capital will be NIS 120,000,000
divided into 120,000,000 ordinary shares.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED,
to replace Article 4 of the Company&#146;s Amended and Article 4 of the Company&#146;s
Restated Articles of Association and Memorandum of Association in their
entirety with the following Article 4:</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s authorized share capital will be NIS 120,000,000 divided into
120,000,000 ordinary shares of the Company, nominal value NIS 1.00 each.</I>&#148;</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Vote of Dan Purjes&#146; Shares on PROPOSAL 5</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in PROPOSAL 3, Dan Purjes, a former Director and former Chairman of
the Board, and owner of approximately 30% of NUR&#146;s ordinary shares, agreed to
place the shares beneficially owned by him and by his family and affiliates
into a voting trust. As a result, when the shares beneficially owned by Mr.
Purjes and by his family and affiliates are placed in the voting trust, the
voting control of all such shares will be controlled by New York Private Bank
&amp; Trust Company, an independent trustee, who will vote those securities
proportionally according to the votes cast by NUR&#146;s other shareholders on any
matter submitted to a shareholder vote, including PROPOSAL 5.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Board Recommendation</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board recommends that the shareholders vote &#147;FOR&#148; the amendment increasing the
Company&#146;s authorized share capital.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>PROPOSALS OF SHAREHOLDERS</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
shareholder of the Company who intends to present a proposal at the meeting
must satisfy the requirements of the Companies Law in order to have a proposal
presented at the meeting.&#160; Under the
Companies Law, only shareholders who severally or jointly hold at least one
percent (1%) of the Company&#146;s outstanding voting rights are entitled to request
that the Board include a proposal, in a future shareholders&#146; meeting, provided
that such proposal is appropriate to be discussed in such meeting.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">45</FONT></P>
<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>OTHER BUSINESS</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
is not aware of any other matters that may be presented at the meeting other
than those mentioned in the attached Company&#146;s Notice of Special General
Meeting of Shareholders. If any other matters do properly come before the
meeting, it is intended that the persons named as proxies will vote, pursuant
to their discretionary authority, according to their best judgment, in the
interest of the Company.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>MAILING OF PROXY STATEMENT; EXPENSES;
SOLICITATION.</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
expects to mail this Proxy Statement and the enclosed form of proxy to
shareholders on or about March 23, 2005. All expenses of this solicitation will
be borne by the Company. In addition to the solicitation of proxies by mail,
directors, officers, and employees of the Company, without receiving additional
compensation, may solicit proxies by telephone, in person, or by other means.
Brokerage firms, nominees, fiduciaries, and other custodians have been
requested to forward proxy solicitation materials to the beneficial owners of
ordinary shares of the Company held of record by such persons, and the Company
will reimburse such brokerage, nominees, fiduciaries, and other custodians for
reasonable out-of-pocket expense incurred by them in connection therewith.</FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="49%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By Order of the Board of Directors,</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Robert F.
  Hussey</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Acting
  Chairman of the Board of Directors</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="51%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Lod, Israel</FONT></P></TD>
  <TD WIDTH="51%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="49%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Date:&#160; March 22, 2005</FONT></P></TD>
  <TD WIDTH="51%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">46</FONT></P>
<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<P STYLE="page-break-after:always"></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Exhibit A</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">The 1998 Share Option Plan</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>1998 SHARE OPTION PLAN FOR NON-EMPLOYEE
DIRECTORS<BR>
(AS AMENDED ON AUGUST 2004)</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">NUR Macroprinters Ltd. hereby adopts the 1998
Share Option Plan for Non-Employee Directors (as amended on August 2004), as
follows: </FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;1.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Shareholder Approval and Purpose</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.1.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Shareholder Approval.</U> At the Company&#146;s December 8, 1998 Annual Meeting of Shareholders, the
  Plan, as amended on August 2004, was ratified by an affirmative vote of the
  holders of a majority of the Shares which were present in person or by proxy
  and entitled to vote at the Meeting.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.2.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Purpose of the Plan.</U> The Plan is intended to closely align the interests of the
  Non-Employee Directors with the interests of the Company&#146;s shareholders. This
  is achieved by making a significant portion of Non-Employee Director
  compensation directly related to the total return performance of the Shares.
  The Plan also is intended to encourage Share ownership on the part of
  Non-Employee Directors. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;2.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Definitions</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The following words and phrases shall have the following meanings
  unless a different meaning is plainly required by the context:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.1.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Award&#148;</B> means, individually or collectively, a
  grant under the Plan of an Option.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.2.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Board&#148;</B> means the Board of Directors of the
  Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.3.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#147;<B>Committee</B>&#148; means the committee appointed pursuant to Section 3.1 to
  administer the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.4.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Company&#148;</B> means NUR Macroprinters Ltd., an Israeli
  corporation, or any successor thereto.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.5.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Control&#148;</B>shall have the meaning ascribed
  thereto in Section 102 of the Ordinance.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.6.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Director&#148;</B> means any individual who is a member of
  the Board.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.7.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Disability&#148;</B> means a permanent and total disability,
  as determined by the Committee (in its discretion) in accordance with uniform
  and non-discriminatory standards adopted by the Committee from time to time.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.8.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Exercise Price&#148;</B> means the price at which a Share may be
  purchased by a Participant pursuant to the exercise of an Option.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.9.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Fair Market Value&#148;</B> means the average closing bid and sale
  prices of the Shares for the date in question as furnished by the National
  Association of Securities Dealers, Inc. through Nasdaq or any similar
  organization if Nasdaq is no longer reporting such information, or such other
  market on which the Shares are then traded, or if not then traded as
  determined in good faith (using customary valuation methods) by resolution of
  the members of the Board of Directors of the Company, based on the best
  information available to it. </FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">A-1</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.10.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Grant Date&#148;</B> means, with respect to 1998, October 26,
  1998 and, with respect to each subsequent calendar year, August 1. For
  example, for 1999, the Grant Date is August 1, 1999. With respect to a
  particular Award, &#147;Grant Date&#148; means the particular Grant Date on which the
  Award was granted. Notwithstanding the preceding, a Non-Employee Director who
  is first elected or appointed on other than December 8, 1998, shall have only
  an initial Grant Date coincident with the date of his or her commencement of
  service on the Board.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.11.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Holding Period&#148;</B> means the period in which the Options
  granted to an Israeli Participant or, upon exercise thereof the Shares
  underlying thereunder, are to be held by the Trustee on behalf of such
  Israeli Participant, in accordance with Section 102 of the Ordinance, and
  pursuant to the Tax Track which the Company selects.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.12.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Israeli Participants&#148;</B> means Non-Employee Directors who do not
  Control the Company and who are subject to payment in Israel of tax on their
  income from the Company (other than withholding tax), as the Committee, in
  its discretion shall determine.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.13.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Non-Employee Director&#148;</B> means a Director who is an employee of
  neither the Company nor of any Subsidiary.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.14.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Non-Israeli Participants&#148;</B> means all
  Non-Employee Directors who are not Israeli Participants.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.15.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Option&#148;</B> means an option to purchase Shares
  granted pursuant to Section 5</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.16.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Option Agreement&#148;</B> means the written agreement between the
  Company and a Participant setting forth the terms and provisions applicable
  to each Option granted under the Plan. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.17.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Ordinance&#148;</B> means the Israeli Income Tax
  Ordinance [New Version], 1961, as amended and any regulations, rules, orders
  or procedures promulgated thereunder.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.18.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Participant&#148;</B> means a Non-Employee Director who has an
  outstanding Award.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.19.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Plan&#148;</B> means this 1998 Share Option Plan for
  Non-Employee Directors (as amended on October 2004), as set forth in this
  instrument and as hereafter amended from time to time.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.20.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Shares&#148;</B> means the Ordinary Shares of the Company,
  NIS 1.0 nominal value.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.21.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Subsidiary&#148;</B> means any corporation in an unbroken
  chain of corporations beginning with the Company if each of the corporations
  other than the last corporation in the unbroken chain then owns shares
  possessing fifty percent (50%) or more of the total combined voting power of
  all classes of shares in one of the other corporations in such chain.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.22.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Tax Track&#148;</B> means one of the three tax tracks
  described under Section 102 of the Ordinance, specifically: (1) the &#147;Capital
  Gains Track Through a Trustee&#148;; (2) &#147;Income Tax Track Through a Trustee&#148;; or
  (3) the &#147;Income Tax Track Without a Trustee&#148;; each as defined respectively in
  Sections 6.2 and 6.3 of the Plan.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.23.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Termination of Service&#148;</B> means a cessation of the Participant&#146;s
  service on the Board for any reason.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.24.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&#147;Trustee&#148;</B> means the trustee appointed by the
  Company under the Trust Agreement as set forth in Section 6.5 of the Plan. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;3.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Administration</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">3.1.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>The Committee.</U> The Plan shall be administered by the Committee. The Committee shall
  consist of one or more Directors who shall be appointed by, and serve at the
  pleasure of, members of the Company&#146;s Board who are not eligible to receive
  Awards under the Plan. The Committee shall be comprised solely of a Director
  or Directors who are not eligible to receive Awards under the Plan.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">A-2</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">3.2.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Authority of the Committee.</U> It shall be the duty of the Committee to
  administer the Plan in accordance with the Plan&#146;s provisions. The Committee
  shall have all powers and discretion necessary or appropriate to administer
  the Plan and to control its operation, including, but not limited to, the
  power to (a) interpret the Plan and the Awards, (b) adopt rules for the
  administration, interpretation and application of the Plan as are consistent
  therewith, (c) interpret, amend or revoke any such rules, and (d) adopt such
  procedures and subplans as are necessary or appropriate to permit
  participation in the Plan by Non-Employee Directors who are non-Israeli
  nationals or employed outside of Israel.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">3.3.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Decisions Binding.</U> Subject to the provisions of any applicable law, all determinations
  and decisions made by the Committee related to the Plan and its application
  shall be final, conclusive, and binding on all persons, and shall be given
  the maximum deference permitted by law. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;4.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Shares Subject to the Plan</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.1.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Number of Shares.</U> Subject to adjustment as provided in Section 4.3, the total number of
  Shares available and reserved for grant under the Plan shall not exceed
  250,000. Shares granted under the Plan shall be taken from the Company&#146;s
  authorized but unissued Shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.2.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Lapsed Awards.</U> If an Award terminates or expires for any reason, any Shares subject
  to such Award again shall be available to be the subject of an Award.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.3.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Adjustments in Awards and Authorized Shares.</U> In the event of any merger,
  reorganization, consolidation, recapitalization, separation, liquidation,
  share dividend, split-up, Share combination, or other change in the corporate
  structure of the Company affecting the Shares, the Committee shall adjust the
  number and class of Shares which may be delivered under the Plan, and the
  number, class, and Exercise Price of Shares subject to outstanding Awards and
  future grants, in such manner as the Committee (in its sole discretion) shall
  determine to be appropriate to prevent the dilution or diminution of such
  Awards. Notwithstanding the preceding, the number of Shares subject to any
  Award always shall be a whole number. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;5.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Share Options</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.1.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Granting of Options</U></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.1.1.</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Directors serving on the 1998 Grant Date.</U> Each Non-Employee Director who is such on
  the 1998 Grant Date, shall automatically receive, as of the 1998 Grant Date,
  an Option to purchase 10,000 Shares. Each Non-Employee who has received an
  Option pursuant to the preceding sentence shall also automatically receive,
  as of each subsequent Grant Date, an Option to purchase 10,000 Shares,
  provided that the individual shall receive an Option on any such subsequent
  Grant Date only if he or she both (a) is a Non-Employee Director on the Grant
  Date, and (b) has served as a Non-Employee Director for the entire period
  since the last Grant Date.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.1.2.</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Directors first elected or appointed after the 1998 Grant Date.</U> Each Non- Employee Director who first
  becomes such after the 1998 Grant Date, automatically shall receive on his or
  her initial Grant Date an option to purchase up to 10,000 Shares prorated
  based on the number of full months of service between the prior annual Grant
  Date and the next Grant Date. A Director joining the Board on or before the
  15<SUP>th</SUP> day of the month will receive credit for service for the full
  month. For example, (a) if a Non-Employee Director joins the Company as such
  on June 15, 1999 such Director would be entitled to an initial grant of
  options to purchase 2,222 Shares and (b) if a Non-Employee Director joined
  the Company on June 15 of any subsequent year, such Director would be
  entitled to an initial grant of options to purchase 1,667 Shares. Each such
  Non-Employee Director also shall automatically receive, as of each subsequent
  Grant Date, an Option to purchase 10,000 Shares annually, provided that the
  individual shall receive an Option on any such Grant Date only if he or she
  both (y) is a Non- Employee Director on the Grant Date, and (z) has served as
  a Non-Employee Director for the entire period since the last Grant Date.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">A-3</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.2.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Terms of Options</U></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.2.1.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Option Agreement.</U> Each Option granted pursuant to this Section 5 shall be evidenced by
  a written Option Agreement (satisfactory to the Committee), which shall be
  executed by the Participant and the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.2.2.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Exercise Price.</U> The Exercise Price for the Shares subject to each Option shall be
  100% of the Fair Market Value of such Shares on the applicable Grant Date.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.2.3.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Exercisability.</U> Each Option granted pursuant to Section 5.1 shall become fully exercisable
  immediately upon issuance. Options not exercised before the applicable
  expiration periods designated in Section 5.2.4. below shall terminate upon
  the expiration thereof.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.2.4.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Expiration of Options.</U> Each Option shall terminate upon the first
  to occur of the following events,</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(a)</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The expiration of ten (10) years from the applicable Grant Date;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(b)</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The expiration of three (3) months from the date of the Participant&#146;s
  Termination of Service prior to age 70 for any reason other than the
  Participant&#146;s death or Disability, provided that the Committee, subject to
  subsequent shareholder approval, may determine to extend such period to a
  maximum of five years;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(c)</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The expiration of two (2) years from the date of the Participant&#146;s
  Termination of Service by reason of Disability; or</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(d)</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The
  expiration of one (1) year from the date of the Participant&#146;s Termination of
  Service at or after age 70 for any reason other than the Participant&#146;s death
  or Disability. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.2.5.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Death of Director.</U> Notwithstanding Section 5.2.4, if a Director dies prior to the
  expiration of his or her Option(s) in accordance with Section 5.2.4, his or
  her Option(s), which are exercisable on the date of his or her death shall
  terminate one (1) year after the date of death. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.3.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Payment.</U> Options shall be exercised by the Participant&#146;s delivery of a written
  notice of exercise (satisfactory to the Committee) to the Company in care of
  Chief Financial Officer, 12 Abba Hillel Silver Street, P.O. Box 1281, Lod
  71111, Israel, or at such other address as Company may hereafter designate in
  writing, setting forth the number of Shares with respect to which the Option
  is to be exercised, and accompanied by full payment for the Shares. Upon the exercise
  of any Option, the Exercise Price shall be payable to the Company in full in
  cash. As soon as practicable after receipt of a written notification of
  exercise and full payment for the Shares purchased, the Company shall deliver
  to the Participant (or the Participant&#146;s designated broker), Share
  certificates (which may be in book-entry form) representing such Shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.4.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Options are not Incentive Share Options.</U> Options are not intended to be incentive
  stock options within the meaning of Section 422 of the United States Internal
  Revenue Code.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">A-4</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.5.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Conditions Upon Issuance of Shares</U></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.5.1.</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Investment Representation.</U> As a condition to the exercise of an
  Option, the Committee may require the person exercising such Option to
  represent and warrant at the time of any such exercise that the Shares are
  being purchased only for investment and without any present intention to sell
  or distribute such Shares if, upon the advice of counsel for the Company,
  such representation is required. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.5.2.</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Inability to Obtain Authority.</U> The inability of the Company to obtain
  authority from any regulatory body having jurisdiction, which authority is
  deemed by the Company&#146;s counsel to be necessary to the lawful issuance and
  sale of any Shares hereunder, shall relieve the Company of any liability in
  respect of the failure to issue or sell such Shares as to which requisite
  authority shall not have been obtained. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;6.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Awards to Israeli Participants</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.1.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Option
  Subject to Section 102 of the Ordinance.</U> Awards to
  Israeli Participants shall be made under the provisions of Section 102 of the
  Ordinance. Anything herein to the contrary notwithstanding, the Grant Date of
  Options to Israeli Participants and elected to have their Options issued
  under the Tax Track that the Company has selected, shall not be earlier than
  the date at which the Plan was approved by the Israeli Tax Authorities.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.2.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Trustee Tax
  Tracks.</U> If the Company elects to grant Options
  through (i) the Capital Gains Tax Track Through a Trustee, or (ii) the Income
  Tax Track Through a Trustee, then, in accordance with the requirements of
  Section 102 of the Ordinance, the Company shall appoint a Trustee who will
  hold in trust on behalf of each Israeli Participant the Options and the Shares
  issued upon exercise of such Options.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Holding
  Period for the Options will be as follows:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(1)</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>The Capital Gains Tax Track Through a Trustee</I>
  &#150; if the Company elects to Award the Options according to the provisions of
  this track, then the minimum Holding Period needed to benefit from that
  Capital Gain Tax Track will be twenty-four (24) months from the end of the
  tax year in which the Options were Awarded to the Trustee on behalf of the
  Israeli Participant, or such shorter period as may be approved by the Israeli
  Tax Authorities.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(2)</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>Income Tax Track Through a Trustee</I> &#150; if the
  Company elects to Award Options according to the provisions of this track,
  then the minimum Holding Period needed to benefit from that Income Tax
  Through a Trustee Track will be twelve (12) months from the end of the tax
  year in which the Options were Awarded to the Trustee on behalf of the
  Israeli Participant, or such shorter period as may be approved by the Israeli
  Tax Authorities.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Subject to
  Section 102 of the Ordinance, Israeli Participants who wish to benefit from
  the reduced tax shall not be able to receive from the Trustee, nor shall they
  be able to sell or dispose of Shares before the end of the applicable Holding
  Period. If an Israeli Participant sells or removes the Shares underlying an
  Award form the Trustee before the end of the applicable Holding Period (the <B>&#147;Breach&#148;</B>), such Israeli Participant shall
  pay all applicable taxes imposed on such Breach by the Ordinance.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">In the event
  of a distribution of rights, including an issuance of bonus shares, in
  connection with Options originally granted (the <B>&#147;Additional Rights&#148;</B>), all such Additional Rights shall be
  allocated and/or issued to the Trustee for the benefit of Israeli
  Participant, and shall be held by the Trustee for the remainder of the
  Holding Period applicable to the Options originally Awarded. Such Additional
  Rights shall be treated in accordance with the provisions of the applicable
  Tax Track.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">A-5</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.3.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Income Tax
  Track Without a Trustee.</U> If the Company elects to
  Award Options according to the provisions of this track, then the Options
  will not be subject to a Holding Period.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.4.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Track
  Selection.</U> The Company, in its sole discretion,
  shall elect under which of the above three Tax Tracks, Awards to Israeli
  Participants shall be made and the Option Agreement will indicate the Tax
  Track under which the Options are being granted.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.5.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Trust
  Agreement</U></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.5.1.</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The terms
  and conditions applicable to the trust relating to Awards to Israeli
  Participants under the Tax Track selected by the Company shall be set forth
  in an agreement signed by the Company and the Trustee (the <B>&#147;Trust Agreement&#148;</B>).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.5.2.</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  shall cause the Trustee to exercise the Options by countersigning and
  delivering to the Company a notice of exercise, upon receipt of written
  instructions from the Participant thereof, provided, that the Israeli
  Participant has made appropriate arrangements for the payment of the Exercise
  Price of the Shares issuable upon such exercise.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.6.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Tax Matters</U></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.6.1.</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Awards to
  Israeli Participants shall be governed by, and shall conform with and be
  interpreted so as to comply with, the requirements of Section 102 of the
  Ordinance and any written approval from the Israeli Tax Authorities. All tax
  consequences under any applicable law (other than stamp duty) which may arise
  from the Award of Options, from the exercise thereof or from the holding or
  sale of underlying Shares (or other securities issued under the Plan) by or
  on behalf of an Israeli Participant, shall be borne solely on such Israeli
  Participant. An Israeli Participant shall indemnify the Company and hold it
  harmless against and from any liability for any such tax or any penalty,
  interest or indexing.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.6.2.</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">If the
  Company elects to Award Options according to the provisions of the Income Tax
  Track Without a Trustee (Section 6.3 of the Plan), and if prior to the
  exercise of any and/or all of these Options, an Israeli Participant ceases to
  be a director of the Company, such Israeli Participant shall deposit with the
  Company a guarantee or other security as required by law, in order to ensure
  the payment of applicable taxes upon the exercise of such Options.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.6.3.</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Until all
  taxes relating to Awards to Israeli Participants have been paid in accordance
  with the Ordinance, Options and/or the Shares underlying thereunder may not
  be sold, transferred, assigned, pledged, encumbered, or otherwise willfully
  hypothecated or disposed of, and no power of attorney or deed of transfer,
  whether for immediate or future use may be validly given. Notwithstanding the
  foregoing, the Options and/or the Shares underlying thereunder may be validly
  transferred in a transfer made by will or laws of descent, provided that the
  transferee thereof shall be subject to the provisions of Section 102 of the
  Ordinance and the rules thereunder as would have been applicable to the
  deceased Israeli Participant were he or she to have survived.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">A-6</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;7.</FONT></P>
  </TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Miscellaneous</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.1.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>No Effect on Service.</U> Nothing in the Plan shall (a) create any obligation on the part of
  the Board to nominate any Participant for reelection by the Company&#146;s
  shareholders, or (b) interfere with or limit in any way the right of the
  Company to terminate any Participant&#146;s service. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.2.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Successors.</U> All obligations of the Company under the Plan shall be binding on any
  successor to the Company, whether the existence of such successor is the
  result of a direct or indirect purchase, merger, consolidation, or otherwise,
  of all or substantially all of the business or assets of the Company. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.3.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Beneficiary Designations.</U> If permitted by the Committee, a
  Participant may name a beneficiary or beneficiaries to whom any vested but
  unpaid Award shall be paid in the event of the Participant&#146;s death. Each such
  designation shall revoke all prior designations by the Participant and shall
  be effective only if given in a form and manner acceptable to the Committee.
  In the absence of any such designation, any vested benefits remaining unpaid
  at the Participant&#146;s death shall be paid to the Participant&#146;s estate and,
  subject to the terms of the Plan and of the applicable Option Agreement, any
  unexercised vested Award may be exercised by the administrator or executor of
  the Participant&#146;s estate. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.4.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Nontransferability of Awards.</U> No Award granted under the Plan may be
  sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
  other than by will, by the laws of descent and distribution, or to the
  limited extent provided in Section 7.3. All rights with respect to an Award
  granted to a Participant shall be available during his or her lifetime only
  to the Participant. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.5.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>No Rights as Shareholder.</U> Except to the limited extent provided in
  Section 7.3, no Participant (nor any beneficiary) shall have any of the
  rights or privileges of a shareholder of the Company with respect to any
  Shares issuable pursuant to exercise of an Option, unless and until
  certificates representing such Shares shall have been issued, recorded on the
  records of the Company or its transfer agents or registrars, and delivered to
  the Participant, beneficiary or Company (as escrow agent). </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.6.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Withholding Requirements.</U> Prior to the delivery of any Shares or
  cash pursuant to an Award (or exercise thereof), the Company shall have the
  power and the right to deduct or withhold, or require a Participant to remit
  to the Company, an amount sufficient to satisfy governmental, federal, state,
  and local taxes (including the Participant&#146;s FICA obligation) required to be
  withheld with respect to such Award (or exercise thereof).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;8.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Amendment, Termination and Duration</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">8.1.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Amendment or Termination.</U> The Board, in its sole discretion, may
  amend or terminate the Plan, or any part thereof, at any time and for any
  reason. The amendment, suspension, or termination of the Plan shall not,
  without the consent of the Participant, alter or impair any rights or
  obligations under any Award theretofore granted to such Participant. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">8.2.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Duration of the Plan.</U> The Plan shall commence on the date specified herein, and subject to
  Section 8.1 (regarding the Board&#146;s right to amend or terminate the Plan),
  shall remain in effect thereafter for a period of ten (10) years from the
  date hereof. </FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">A-7</FONT></P>

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<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;9.</FONT></P>
  </TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Legal Construction</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">9.1.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Gender and Number.</U> Except where otherwise indicated by the context, any masculine term
  used herein also shall include the feminine; the plural shall include the
  singular and the singular shall include the plural. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">9.2.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Severabilitv.</U> In the event any provision of the Plan shall be held illegal or
  invalid for any reason, the illegality or invalidity shall not affect the
  remaining parts of the Plan, and the Plan shall be construed and enforced as
  if the illegal or invalid provision had not been included. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">9.3.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Requirements of Law.</U> The granting of Awards and the issuance of Shares under the Plan
  shall be subject to all applicable laws, rules, and regulations, whether of
  the State of Israel or of the United States or any other state having
  jurisdiction over the Company and the Participant, including the registration
  of the Shares under United States Securities Act of 1933, and to such
  approvals by any governmental agencies or national securities exchanges as
  may be required. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">9.4.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Compliance with Rule 16b-3.</U> For the purpose of ensuring that
  transactions under the Plan do not subject Participants to liability under
  Section 16(b) the Securities Exchange Act of 1934, as amended (the &#147;<B>1934
  Act</B>&#148;), if the Participants shall become subject thereto, all transactions
  under the Plan are intended to comply with all applicable conditions of Rule
  16b-3 promulgated under the 1934 Act, and any future regulation amending,
  supplementing or superseding such regulation. To the extent any provision of
  the Plan, Option Agreement or action by the Committee or a Participant fails
  to so comply, it shall be deemed null and void, to the extent permitted by
  law and deemed advisable by the Committee. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">9.5.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Governing Law.</U> The Plan and all Option Agreements shall be construed in accordance
  with and governed by the laws of the State of Israel without giving effect to
  any choice or conflict of law provision or rule (whether of Israeli or
  otherwise) which would cause the application of the laws of any jurisdiction
  other than Israel. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">9.6.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Captions.</U> Captions provided herein are for convenience only, and shall not
  serve as a basis for interpretation or construction of the Plan. </FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">***</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">A-8</FONT></P>
<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<P STYLE="page-break-after:always"></P>


<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Exhibit B</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">Share
Purchase Agreement</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>S<SMALL>HARE</SMALL> P<SMALL>URCHASE</SMALL> A<SMALL>GREEMENT</SMALL></U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">This Share Purchase Agreement (this &#147;<B>Agreement</B>&#148;)
is entered into as of December 29, 2004, by and among NUR Macroprinters Ltd., a
company registered under the laws of the State of Israel (the &#147;<B>Company</B>&#148;) and Inspire Investments
Ltd.&#160; (the &#147;<B>Lead Investor</B>&#148;) together with any&#160; subsidiary or any other entity controlled, controlling or under
common control therewith listed in <B><U>Schedule
A,</U></B> a copy of which will be attached to this Agreement prior to
the Closing or any other person or entity listed in <B><U>Schedule A</U></B> and agreed to by the Company
(each, the &#147;<B>Investor</B>&#148; and
collectively, the &#147;<B>Investors</B>&#148;).</FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="10%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>W<SMALL>HEREAS</SMALL>,</B></FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the Company
  wishes that the Investors make an investment in the Company and the Investors
  agree to make an investment in the Company, upon the terms and conditions set
  forth herein; </FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>N<SMALL>OW</SMALL>, T<SMALL>HEREFORE</SMALL>,</B>
the parties agree as follows:</FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;1.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>I<SMALL>NVESTMENT</SMALL>; A<SMALL>CQUIRED</SMALL> S<SMALL>HARES</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.1.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">At Closing
  (as defined below), the Company shall issue and the Investors shall acquire
  15,384,615 newly issued Ordinary Shares, nominal value NIS 1.00 per share, of
  the Company (the &#147;<B>Acquired Shares</B>&#148;)
  to be allocated between the Investors as set forth in <B><U>Schedule A,</U></B> free and clear of any
  lien, encumbrance, debt, or any other third party right whatsoever at a price
  per share of US$0.65 (the &#147;<B>Price Per Share</B>&#148;)
  and for an aggregate purchase price of US$10,000,000 for all the Acquired
  Shares (the &#147;<B>Purchase Price</B>&#148;).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.2.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Purchase
  Price will be paid by a wire transfer to the Company at the Closing.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;2.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>G<SMALL>RANT</SMALL> <SMALL>OF</SMALL> W<SMALL>ARRANTS</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.1.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">At the
  Closing, the Company shall issue to the Investors 7,200,000 warrants to be
  allocated between them as set forth in <B><U>Schedule
  A</U></B> (the &#147;<B>Warrants</B>&#148;)
  exercisable into 7,200,000 newly issued Ordinary Shares (the &#147;<B>Warrant Shares</B>&#148;) for an exercise price
  of US$0.75 per Warrant Share (the &#147;<B>Exercise
  Price</B>&#148;). Upon issuance, the Warrant Shares shall be free and clear
  of any lien, encumbrance debt, or any other third party right whatsoever. A
  form of the Warrants to be issued to the Investors is attached hereto as <B><U>Schedule 4.2.1(d)</U></B>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.2.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Warrants
  shall be issued to the Investors at the Closing for no additional payment or
  consideration.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.3.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Warrants
  may be exercised by the holders thereof in whole or in part, against payment
  of the applicable Exercise Price per Warrant Share, at any time, from time to
  time, from the Closing and until the fifth (5<SUP>th</SUP>) anniversary of
  the Closing (the &#147;<B>Exercise Period</B>&#148;).
  All unexercised Warrants shall expire immediately after the end of the
  Exercise Period. The Company acknowledges that the Investors may transfer
  part of the Warrants to a major shareholder of the Company who may be deemed
  to have control over the Company prior to Closing as part of a shareholder&#146;s
  agreement to be entered into by said shareholder and the Investors or any of
  them.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">B-1</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;3.</FONT></P>
  </TD>
  <TD WIDTH="95%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>C<SMALL>LOSING</SMALL></U></B></FONT></P></TD>
 </TR>
<TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">3.1.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The
  transactions contemplated hereby shall take place at a closing (the &#147;<B>Closing</B>&#148;) to be held at the offices of
  Yossi Avraham &amp; Co., Law Offices, 3 Daniel Frisch Street, Tel Aviv,
  Israel, on the later of: (i) 60 days from the date of this Agreement or (ii)
  the date that the Company shall have approved the audited financial
  statements for the year ending on December 31, 2004, or at such other date,
  time and place as the Company and the Lead Investor shall have mutually
  agreed to.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">3.2.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">At the
  Closing, the following transactions shall occur simultaneously:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">3.2.1.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The
  following documents shall have been provided to the Lead Investor:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(a)</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">a resolution
  of the Audit Committee of the Board of Directors of the Company (the &#147;<B>Board</B>&#148;) in the form attached hereto as <B><U>Schedule 3.2.1(a)</U></B> approving the terms
  and conditions of this Agreement and the transactions contemplated hereunder.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(b)</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">a resolution
  of the Board in the form attached hereto as <B><U>Schedule&#160; 3.2.1(b)</U></B>:
  (i) ratifying the Audit Committee&#146;s resolution to approve the terms and
  conditions of this Agreement and the transactions contemplated hereunder,
  (ii) authorizing the execution, performance and delivery of this Agreement
  and all related documents thereunder, (iii) approving the Debt Restructuring
  Agreement (as defined below), and (vi) approving the issuance of all the
  Acquired Shares and the Warrants to the Investors on the date of Closing,
  conditional upon payment of the Purchase Price;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(c)</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">minutes of
  the general meeting of the Company&#146;s shareholders signed by the chairman of
  the meeting to be attached as <B><U>Schedule
  3.2.1(c)</U></B>: (i) amending the Company&#146;s share capital, and (ii)
  approving the this Agreement and the transactions contemplated hereunder;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(d)</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the Warrants
  in the form attached hereto as <B><U>Schedule
  3.2.1(d)</U></B> duly executed by the Company and issued to each
  Investor, in the amount set next to such Investor&#146;s name in <B><U>Schedule A.</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(e)</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">executed
  rearrangement and rescheduling&#160;
  agreement of the Company&#146;s debts with Bank Hapoalim B.M., Bank Leumi
  le-Israel B.M. and Israel discount Bank Ltd. (hereinafter, the &#147;<B>Banks</B>&#148;), which will be acceptable to
  Lead Investor, a copy of which will be attached to this Agreement as <B><U>Schedule 3.2.1(e)</U></B> (the &#147;<B>Debt Restructuring Agreement</B>&#148;).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(f)</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">a signed
  copy of the 2004 Financial Statements (as defined below).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">3.2.2.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  and the Investors shall execute and deliver the Registration Rights Agreement
  attached hereto as <B><U>Schedule 8</U></B>
  (the &#147;<B>Registration Rights Agreement</B>&#148;).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">3.2.3.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Each of the
  Investors shall pay to the Company its proportional share of the Purchase
  Price, by way of instructing a bank transfer to the Company&#146;s account,
  pursuant to wiring instructions given in writing by the Company prior to
  Closing.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;4.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>C<SMALL>LOSING</SMALL> C<SMALL>ONDITIONS</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.1.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Closing
  of the transaction contemplated hereunder and the obligations of the
  Investors is subject to the following conditions precedent, any one or more
  of which may be waived in whole or in part by the Lead Investor:</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">B-2</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.1.1.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the
  Investor&#146;s full satisfaction of its due diligence requirements, including
  without limitation business, financial and legal due diligence;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.1.2.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">approval of
  any required regulatory or governmental authority, if any;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.1.3.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN" SIZE="2">the
execution of the Debt Restructuring Agreement, a copy of which will be
attached to this Agreement as <U><B>Schedule
3.2.1(e)</B></U>; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.1.4.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the
  Company&#146;s obtaining all required corporate approvals, including the approval
  of the Company&#146;s shareholders for the terms of this Agreement and the
  transactions contemplated hereunder and any other related transaction; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.1.5.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the Banks&#146;
  approval of this Agreement and the transactions contemplated hereunder; and </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.1.6.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the Company
  shall have approved its audited financial statements for the year ending on
  December 31, 2004. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.2.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Closing
  and the obligations of the Company to issue the Acquired Shares and the
  Warrants to the Investors are subject to the following conditions precedent,
  any one or more of which may be waived in whole or in part by the Company:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.2.1.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the payment
  by the Investors of the Purchase Price at the Closing; and</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4.2.2.</FONT></P></TD>
  <TD WIDTH="85%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Approval of
  this Agreement and the transactions contemplated thereunder by any required
  corporate action by the Investors.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="80%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;5.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>C<SMALL>APITALIZATION</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.1.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">For the
  purpose herein, &#147;fully diluted basis&#148; shall include all issued Ordinary
  Shares, and all outstanding options, warrants or any other securities issued
  by the Company, which are convertible or exchangeable into Ordinary Shares.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.2.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">As of the
  date of this Agreement, the Acquired Shares constitute 37.04% of the issued
  share capital of the Company, and 27.41% of the share capital of the Company,
  on a fully diluted basis (excluding the Warrants and the Warrant Shares). The
  Acquired Shares and the Warrant Shares collectively constitute on the date
  hereof 40.25% of the issued share capital of the Company, on a fully diluted
  basis, all as detailed in the capitalization table attached hereto as <B><U>Schedule 5.2.</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.3.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">All prices
  and/or quantities in this Agreement for the Acquired Shares and Warrants
  shall be subject to adjustment in any recapitalization event &#150; stock split,
  reverse stock split, bonus shares, reclassification and other changes in the
  structure of the share capital of the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.4.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  agrees and undertakes that until the Closing it will not sell issue,
  allot,&#160; grant or transfer in any other
  way any shares, options, warrants or any other securities which are
  convertible or exchangeable into&#160;
  shares of the Company (collectively, the &#147;<B>Securities</B>&#148;) to any person or entity, except for issuances
  of Ordinary Shares (a) to holders of Securities which are outstanding on the
  date hereof pursuant to the respective terms and conditions of those
  Securities, or (b) as approved in advance and in writing by the Lead
  Investor.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;6.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>R<SMALL>EPRESENTATIONS AND </SMALL>W<SMALL>ARRANTIES</SMALL>
  <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  hereby represents and warrants to the Investors, and acknowledges that the
  Investors are entering into this Agreement in reliance thereon, as follows:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.1.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Organization.</U>
  The Company is duly organized and existing under the laws of the state of
  Israel as a public company limited by shares pursuant to the Companies Law
  5759-1999 (the &#147;<B>Companies Law</B>&#148;),
  and registered by the Registrar of Companies as a public company, number
  52-003986-8.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">B-3</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.2.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Validly
  Existing.</U> The Company validly exists as a company
  under the laws of the State of Israel. The Company has the full corporate
  power and authority to conduct its business as currently conducted and the
  Company had at all relevant times the full corporate power and authority to
  conduct its business as previously conducted, save that if at any time the
  Company did not have the full corporate power and authority to conduct its
  business as previously conducted, the lack of such corporate power and
  authority did not have a material adverse effect on the Company.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.3.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Public
  Listing.</U> As of October 1995 the Ordinary Shares of
  the Company are registered for trading on the Nasdaq Small Cap Market (&#147;<B>Nasdaq</B>&#148;), and currently the Ordinary
  Shares are traded under the symbol &#147;NURM&#148;. As of the date hereof, the
  Acquired Shares and the Warrant Shares underlying the Warrants, when issued,
  will qualify for registration on Nasdaq. Notwithstanding the preceding
  sentence on <U>December 22, 2004,</U> the Company has received a delisting
  notice from Nasdaq Listing Qualifications. The Company intends to appeal such
  delisting notice as indicated in the report on Form 6-K filed with the SEC on
  December 23, 2004, a copy of which is attached hereto <B><U>Schedule 6.3.</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.4.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Share
  Capital.</U> The registered share capital of the Company
  is NIS 50,000,000 divided into 50,000,000 Ordinary Shares, of which no more
  than 26,094,451 Ordinary Shares are issued and outstanding as of November 30,
  2004. In addition, as of November 30, 2004 the Company had issued and
  outstanding options, warrants and other securities exercisable into no more
  than 7,034,838 Ordinary Shares. The Company undertakes that on or prior to
  the Closing, it shall have authorized and reserved share capital as required
  for issuance of the Acquired Shares and the Warrant Shares in order to meet
  the rights represented by Warrants.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.5.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Full
  Disclosure.</U> To the best of the Company&#146;s knowledge,
  the Form 20-F of the Company of March 31, 2004 (the &#147;<B>20-F Form</B>&#148;) that includes the Company&#146;s
  annual report for the year ended December 31, 2003 and all subsequent filings
  filed by the Company (copies of which are attached hereto as <B><U>Schedule 6.5</U></B>) do not incorporate or
  contain any untrue statement of a material fact or omit to state any material
  fact required to be stated therein or necessary to make the statements
  therein not misleading. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.6.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Financial
  Statements</U></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(a)</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">True and
  complete copies of the audited consolidated balance sheet of the Company as
  at December 31, 2004, and the related audited consolidated statements of
  operations, changes in shareholders&#146; equity and cash flows of the Company for
  the year then ended, together with the notes thereto and the certification of
  Kost Forer Gabbay &amp; Kasierer (a member of Ernst &amp; Young Global)
  relating thereto (the &#147;<B>2004 Financial
  Statements</B>&#148;), will be attached to this Agreement as soon as
  practicable and marked as <B><U>Schedule 6.6.
  (a)</U></B>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(b)</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The 2004
  Financial Statements will be accurate and complete in all material respects,
  and the dollar amount of each line item included therein will be accurate in
  all material respects. The 2004 Financial Statements will present fairly in
  all material respects the financial position of the Company as of the date
  thereof and the results of operations, changes in shareholders&#146; equity and
  cash flows of the Company for the periods covered thereby.&#160; The 2004 Financial Statements will be
  prepared in accordance with U.S. GAAP, to be applied on a consistent basis
  throughout the periods covered.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.7.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Reports.</U>
  The Company has timely filed, or caused to be filed, with the appropriate
  authorities all filings,&#160; reports and
  returns required to be filed by it, or with respect to it, its business,
  operations or assets, including, without limitation, all tax returns, and as
  of the time of filing, such filings, reports and returns were true and
  complete in all material respects.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">B-4</FONT></P>

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<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.8.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Due
  Authorization.</U> The Warrants, when issued at the
  Closing in accordance with the provisions of this Agreement and the Ordinary
  Shares underlying the Warrants (the &#147;<B>Warrant
  Shares</B>&#148;), shall all be duly authorized, validly issued, and upon
  payment of the Exercise Price thereof - fully paid, non-assessable and clear
  and free from any lien, encumbrance, or any other third party right
  whatsoever.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.9.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Approvals.</U>
  The execution and delivery of this Agreement and the full performance of all
  other obligations and undertakings of the Company contemplated hereunder
  including the issuance of the Acquired Shares and the grant of the Warrants
  shall have been duly approved by the Board. Shareholder approval, pursuant to
  The Nasdaq Stock Market Inc. Marketplace Rule (4350(i)), or if required under
  any other applicable law, will be sought by the Company prior to the
  completion of Closing. Subject to such shareholders approval, all acts
  required to be taken by the Company to authorize the execution and delivery
  of this Agreement, the performance of each of its obligations hereunder and
  the consummation of the transaction contemplated hereunder have been duly
  taken and are legally valid and in full force and effect.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.10.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>No
  Violation.</U> The execution and delivery of this
  Agreement and the performance of and compliance with all other obligations
  and undertakings of the Company contemplated hereunder do not and will not result
  in a violation of, or conflict with, or constitute a default, or give rise to
  any right of termination, cancellation or acceleration or the loss of any
  benefit under: (i) the Amended and Restated Articles of Association of the
  Company; (ii) any note or material contract, in any form, to which the
  Company is a party or by which it or any of its property is bound or affected
  having an adverse material effect on the Company; or (iii) any applicable law
  in any relevant jurisdiction, order, injunction, or judgment of any court or
  governmental bureau or authority, domestic or foreign, or any arbitration
  award applicable to it or any of its properties or assets.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.11.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Binding
  Obligation.</U> This Agreement, when executed and
  delivered by or on behalf of the Company, shall, subject to the shareholders&#146;
  approval and other consents to be obtained by the Company on or before the
  date of Closing under any applicable law, constitute the valid and legally
  binding obligation of the Company, legally enforceable against the Company in
  accordance with its terms. There is no consent, approval, order, license,
  permit, action by, or authorization of, or filing with any governmental
  authority (including any notifications) or any person that is required to be
  obtained or made on the part of the Company prior to the Closing (other than
  shareholders approval as detailed in Section 3.2 above) that has not been, or
  will not have been, obtained by the Company prior to the Closing in
  connection with the valid execution, delivery, and performance of this
  Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6.12.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Effectiveness.</U>
  Each representation and warranty herein is deemed to be made on the date of
  this Agreement (unless specifically stated otherwise) and shall survive and
  remain in full force and effect at the Closing.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;7.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>R<SMALL>EPRESENTATIONS</SMALL> R<SMALL>EGARDING THE</SMALL>
  I<SMALL>NVESTORS AND THE</SMALL> A<SMALL>CQUIRED</SMALL> S<SMALL>HARES</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Each
  Investor hereby represents and warrants to the Company, and acknowledges that
  the Company is entering into this Agreement in reliance thereon, as follows:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.1.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Organization.</U>
  Each Investor has been duly organized and validly exists under the laws of
  the jurisdiction of its formation. Each Investor has all requisite power and
  authority to execute and deliver this Agreement and other agreements
  contemplated hereby or which are ancillary hereto and to consummate the
  transactions contemplated hereby.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">B-5</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.2.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Enforceability.</U>
  This Agreement, when executed and delivered by the Investor, will constitute
  a valid, binding, and enforceable obligation of the Investor subject to the
  fulfillment of the conditions precedent as set forth in Section 4
  hereinabove. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.3.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Authorization.</U>
  The execution and delivery of this Agreement and the performance of the
  obligations of such Investor will be duly authorized by all necessary
  corporate action prior to Closing , and the fulfillment of and compliance
  with the respective terms and provisions hereof and thereof, and the
  consummation by such Investor of this Agreement do not and will not conflict
  with, or violate any provision of, any law having applicability to such
  Investor or any of its respective assets; or result in any breach of, or
  constitute a default under any agreement to which such Investor is a party.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.4.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Accredited
  Investor.</U> Each Investor represents that it is an
  &#147;accredited investor&#148;, as that term is defined in Rule 501 of Regulation D
  under Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;) and has such
  business and financial experience as is required to protect its own interests
  in connection with its decision to enter this Agreement and to purchase the
  Acquired Shares and the Warrants. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.5.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Absence of
  Registration.</U> Each Investor understands,
  acknowledges and agrees that the Acquired Shares, the Warrants and the
  Warrant Shares have not been registered under the Securities Act and may not
  be offered or sold in the United States or to US persons unless such shares
  are registered under the Securities Act and applicable state securities laws,
  or an exemption from the registration requirements of the Securities Act and
  such state securities laws is available. The Investors understand that the
  certificate evidencing the Acquired Shares and the Warrant Shares will be
  imprinted with a legend in substantially the following form:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#147;THE SHARES
  REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED
  STATES SECURITIES ACT OF 1933 (THE &#147;SECURITIES ACT&#148;). THE SHARES HAVE BEEN
  ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE
  ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THESE SHARES UNDER THE
  SECURITIES ACT, OR AN OPINION OF COUNSEL FOR THE HOLDER OF THE SHARES
  SATISFACTORY TO NUR MACROPRINTERS, THAT REGISTRATION IS NOT REQUIRED UNDER
  THE SECURITIES ACT.&#148;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.6.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Investment
  Purpose.</U> Each Investor represents and agrees that
  the Acquired Shares, the Warrants and the Warrants Shares are purchased and
  issued for investment purposes, for its own account, and without present
  intention to sell or distribute them other than under applicable securities
  laws and the terms of this Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.7.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Receipt of
  Information;</U> Without derogating from the Company&#146;s
  undertakings under this Agreement, including the accuracy of all
  representations and warranties made by it, at the Closing, each Investor will
  be deemed to have confirmed that it has reviewed the previous public
  information regarding the Company and the information provided to it by the
  Company and has conducted such independent examinations as it deemed
  necessary.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">7.8.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Effectiveness.</U>
  Each representation and warranty herein is deemed to be made on the date of
  this Agreement (unless specifically stated otherwise) and shall survive and
  remain in full force and effect at the Closing.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;8.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>R<SMALL>EGISTRATION</SMALL> R<SMALL>IGHTS</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The
  Investors shall be granted with certain registration rights with respect to
  the Acquired Shares and the Warrant Shares as set forth in the Registration
  Rights Agreement attached hereto as <B><U>Schedule
  8</U></B> (the &#147;<B>Registration Rights</B>&#148;).</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">B-6</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;9.</FONT></P>
  </TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>A<SMALL>RRANGEMENT</SMALL> W<SMALL>ITH</SMALL> <SMALL>THE</SMALL> B<SMALL>ANKS</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">9.1.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Board
  shall have approved and executed, at least 7 days prior to the Closing the
  Debt Restructuring Agreement with the Banks, a copy of which will be attached
  to this Agreement as <B><U>Schedule 3.2.1(e)</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">9.2.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  agrees and undertakes to authorize a representative of the Lead Investor to
  negotiate, on its behalf, with the assistance of the Company&#146;s management,
  the Debt Restructuring Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;10.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>B<SMALL>OARD OF</SMALL> D<SMALL>IRECTORS</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  undertakes that a meeting of the Board will be convened on or prior to the
  Closing date whereby the Board will elect three (3) nominees proposed by the
  Lead Investor to serve, as members of the Board effective immediately after
  the Closing is completed and will convene a general meeting of the Company&#146;s
  shareholders for the election of the members of the Board.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;11.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>N<SMALL>ON</SMALL>-D<SMALL>ISCLOSURE</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">11.1.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The terms
  and conditions described in this Agreement, including its existence, shall be
  confidential information and neither of the parties shall disclose or reveal
  it to any other person, firm, corporation or other third party, except (i) as
  required under any applicable law, or (ii) otherwise explicitly agreed
  between the Company and the Lead Investor. If either party determines that
  one of the foregoing exceptions has occurred, it shall, to the extent
  possible, consult with the other party prior to any such disclosure.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">11.2.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">In the event
  that the Closing does not occur, the parties&#146; respective obligations of
  confidentiality under this Agreement shall nonetheless survive.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">11.3.</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The
  provisions of this Section 11 are subject to and do not deem to amend or
  replace that certain letter agreement regarding confidentiality, which was
  entered between the parties on December 16, 2004, a copy of which is attached
  hereto as <B><U>Schedule 11.3.</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;12.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>N<SMALL>O</SMALL> S<SMALL>HOP</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">During a
  period ending on the earlier of: (i) ninety (90) days following the signing
  of this Agreement or (ii) seven (7) days after the approval of the audited
  financial statements of the Company for the year ending on December 31, 2004,
  the Company or any person acting on its behalf (a) shall not solicit,
  negotiate and/or accept any financing or investment offers by other parties
  without the written consent of the Investor, and (b) shall not declare or
  make any distribution to shareholders or enter into any new transaction with
  any &#147;Interested Party&#148;, as defined in the Israeli Securities Act, 1968.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;13.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>G<SMALL>OVERNING</SMALL> L<SMALL>AW AND</SMALL> J<SMALL>URISDICTION</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">This
  Agreement and the transaction contemplated hereunder shall be governed by and
  construed in accordance with the laws of the State of Israel, without giving
  effect to rules respecting conflict of law that would cause the laws of any
  jurisdiction other than the State of Israel to be applied. The competent
  courts of Tel Aviv-Jaffa shall have sole jurisdiction to hear any disputes
  among the parties related to this Agreement.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">B-7</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;14.</FONT></P>
  </TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>E<SMALL>XPENSES</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Company
  and the Investor will each bear their own legal and other expenses with
  respect to the transaction contemplated herein; except that, if the
  transaction is completed, the Company will pay legal and other fees and
  actual expenses incurred by the Investor, provided that such expenses shall
  not exceed US$40,000.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;15.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>P<SMALL>REPARATION OF</SMALL> F<SMALL>INANCIAL</SMALL> S<SMALL>TATEMENTS</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">At the
  request of the Lead Investor the Company will prepare and provide the
  Investors with financial statements of the Company prepared according to
  Israeli GAAP. Said financial statements will be submitted to the Lead
  investor together with the financial statements of the company provided that
  the request by the Lead investor is given 30 days in advance.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;16.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>P<SMALL>UBLIC</SMALL> R<SMALL>ELEASE</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Without
  limiting the generality of the parties&#146; Non-Disclosure obligations and
  subject to any duty imposed by any applicable law, the parties agree to
  coordinate among themselves any release or report to the public and/or to any
  authority of information relating to the transaction hereof.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;17.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>N<SMALL>OTICES</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">17.1.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">All notices
  and other communications required or permitted hereunder to be given to a party
  to this Agreement shall be in writing and shall be telecopied or mailed by
  registered or certified mail, postage prepaid, or otherwise delivered by hand
  or by messenger, addressed to such party&#146;s address as set forth below:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="71%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">If to the
  Investors:</FONT></P></TD>
  <TD WIDTH="71%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">to such
  address and by facsimile as set forth in <B><U>Schedule
  A.</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="71%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">If to the
  Company:</FONT></P></TD>
  <TD WIDTH="71%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">NUR
  Macroprinters Ltd.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="71%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Attn: David
  Amir, CEO</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="71%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">P.O. Box
  1281</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="71%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">12 Abba
  Hillel Silver Street</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="71%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Lod 71111</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="71%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Israel</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Facsimile:</FONT></P></TD>
  <TD WIDTH="59%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">+972-8-9218918</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="11%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="59%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">or such
  other address with respect to a party as such party shall notify each other
  party in writing as above provided.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">17.2.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Any notice
  sent in accordance with this Section 17 shall be effective (i) if mailed,
  five (5) business days after mailing, (ii) if sent by messenger, upon
  delivery, and (iii) if send via telecopier, upon transmission and telephonic
  confirmation of receipt.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;18.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>E<SMALL>NTIRE</SMALL> A<SMALL>GREEMENT</SMALL>; A<SMALL>MENDMENT
  AND</SMALL> W<SMALL>AIVER</SMALL></U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="5" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">This
  Agreement and the Schedules hereto constitute the full and entire
  understanding and agreement between the parties with regard to the subject
  matters hereof and thereof. All prior representations, understandings and
  agreements among the parties are void and of no further effect. Any term of
  this Agreement may be amended, waived, or discharged, either prospectively or
  retroactively, and either generally or in a particular instance, by written
  consent of Company and Lead Investor, other than the Registration Rights
  Agreement, which may only be amended as set forth therein.</FONT></P></TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">B-8</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>[S<SMALL>IGNATURE </SMALL>P<SMALL>AGE</SMALL>]</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>IN WITNESS WHEREOF</B>,
the parties have signed this Agreement as of the date first written
hereinabove.</FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="32%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>NUR Macroprinters Ltd.</B></FONT></P></TD>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Inspire Investments Ltd.</B></FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="32%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By:</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By:</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P>
  </TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">David Amir</FONT></P></TD>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Aviram Wertheim</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">President
  and CEO</FONT></P></TD>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Chairman of the Board</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By:</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By:</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">David Seligman</FONT></P></TD>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Ben Zion
  Israel</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Chief Financial Officer</FONT></P></TD>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Chief
 financial Officer</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">B-9</FONT></P>
<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<P STYLE="page-break-after:always"></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Exhibit C</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">Amendment to Share Purchase Agreement</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>A<SMALL>MENDMENT</SMALL> N<SMALL>O.</SMALL> 1 T<SMALL>O</SMALL> S<SMALL>HARE</SMALL>
P<SMALL>URCHASE </SMALL>A<SMALL>GREEMENT</SMALL></U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">This Amendment No. 1 dated as of March 21, 2005 (this &#147;<B>Amendment</B>&#148;) is to the Share Purchase
Agreement (the &#147;<B>Purchase Agreement</B>&#148;)
made on December 29, 2004 by and among NUR Macroprinters Ltd., a company
registered under the laws of the State of Israel (the &#147;<B>Company</B>&#148;) and Inspire Investments Ltd. (the
&#147;Lead Investor&#148;) together with any subsidiary or any other entity controlled,
controlling or under common control therewith listed in Schedule A of the
Purchase Agreement (each, the &#147;Investor&#148; and collectively, the &#147;<B>Investors</B>&#148;).</FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="10%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>W<SMALL>HEREAS</SMALL>,</B></FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the parties
  to the Purchase Agreement desire to make amendments to the Purchase
  Agreement, all as outlined in this Amendment.</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>N</B><B><SMALL><FONT FACE="TIMES NEW ROMAN BOLD">OW</FONT></SMALL>, T</B><B><SMALL><FONT FACE="TIMES NEW ROMAN BOLD">HEREFORE</FONT></SMALL></B>, the parties agree as follows:</FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;1.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>G</U></B><B><SMALL><FONT FACE="TIMES NEW ROMAN BOLD"><U>RANT OF</U></FONT></SMALL><U> W</U></B><B><SMALL><FONT FACE="TIMES NEW ROMAN BOLD"><U>ARRANTS</U></FONT></SMALL></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.1.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Section 2.1
  of the Purchase Agreement shall be replaced in its entirety by the following:
  </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#147;2.1.</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">At the
  Closing, the Company shall issue to the Investors warrants to be allocated
  between them as set forth in <B><U>Schedule A</U></B>
  (the &#147;<B>Warrants</B>&#148;) exercisable
  into fifteen million three hundred eighty four thousand six hundred fifteen
  (15,384,615) newly issued Ordinary Shares (the &#147;<B>Warrant Shares</B>&#148;) for an exercise price of seventy-five cents
  ($0.75) per Warrant Share (the &#147;<B>Exercise
  Price</B>&#148;).The Exercise Price per Warrant Share will be reduced to
 fifty-five cents ($0.55) if the Ordinary Shares cease to be quoted on the
  Nasdaq SmallCap Market within six (6) months from the Closing, unless such
  delisting would occur due to a technical mistake and it would be reversed
  within two (2) trading days thereafter. If the Ordinary Shares cease to be
  quoted on the Nasdaq SmallCap Market within six (6) months from the Closing
for any reason other than a technical mistake and the delisting is reversed
  within two (2) trading days thereafter (the &#147;Reverse Date&#148;), the Exercise
  Price will remain seventy-five cents ($0.75), provided that the Ordinary
  Shares will be quoted on the Nasdaq SmallCap Market for at least six (6)
  months from the Reverse Date. </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Upon issuance,
  the Warrant Shares shall (i) be free and clear of any lien, encumbrance debt,
  or any other third party right whatsoever, and (ii) have the same rights
  attached to the other Ordinary Shares of the Company as of the date of
  issuance. A form of the Warrants to be issued to the Investors is attached
  hereto as <B><U>Schedule 4.2.1(d)</U></B>.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Notwithstanding
  the above, in the event that the Company does not enter into the Debt
  Restructuring Agreement on or before the Closing and the Investors waive the
  requirement for the Debt Restructuring Agreement under Sections 3.2.1(e) and
  9 below and agree, at their sole discretion, to continue with the Closing,
  then instead of the issuance of warrants under the preceding paragraph, the
  Company will issue to the Investors warrants to be allocated between them as
  set forth in <B><U>Schedule A</U></B>
  exercisable into four million two hundred thousand (4,200,000) Warrant Shares
  exercisable upon the payment of the Exercise Price. For avoidance of doubt,
  the foregoing shall not impose any obligation on the Investors to effect the
  Closing in the absence of a Debt Restructuring Agreement.&#148;</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">C-1</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<BR>




<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.2.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Section 2.3
  of the Purchase Agreement shall be replaced in its entirety by the following:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#147;2.3.</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Warrants
  may be exercised by the holders thereof in whole or in part, against payment
  of the applicable Exercise Price per Warrant Share, at any time, from time to
  time, from the Closing and until the fifth (5<SUP>th</SUP>) anniversary of
  the Closing (the &#147;<B>Exercise Period</B>&#148;).
  All unexercised Warrants shall expire immediately after the end of the
  Exercise Period.&#148;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#160;</FONT></P></TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;2.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B><U>N<SMALL>O</SMALL> S<SMALL>HOP</SMALL></U></B><FONT FACE="TIMES NEW ROMAN BOLD"><B>.</B></FONT> Section 12 of the Purchase Agreement
  shall be replaced in its entirety by the following:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#147;12.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">During a
  period ending on the earlier of: (i) May 1, 2005 or (ii) forty-eight (48)
  hours following the date of approval of the audited financial statements of
  the Company for the year ended December 31, 2004, the Company, or any person
  acting on its behalf (a) shall not solicit, negotiate and/or accept any
 financing or investment offers by other parties without the written consent
  of the Investor, and (b) shall not declare or make any distribution to
  shareholders or enter into any new transaction with any &#147;Interested Party&#148;,
  as defined in the Israeli Securities Act, 1968.&#148;.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;3.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>P</U></B><B><SMALL><FONT FACE="TIMES NEW ROMAN BOLD"><U>UBLIC </U></FONT></SMALL><U>R</U></B><B><SMALL><FONT FACE="TIMES NEW ROMAN BOLD"><U>ELEASE</U></FONT></SMALL>.</B> Without limiting the
  generality of the parties&#146; Non-Disclosure obligations under the Purchase
  Agreement and subject to any duty imposed by any applicable law, the parties
  agree to coordinate among themselves any release or report to the public
  and/or to any authority of information relating to the transaction hereof.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;4.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>N</U></B><B><SMALL><FONT FACE="TIMES NEW ROMAN BOLD"><U>O</U></FONT></SMALL><U> O</U></B><B><SMALL><FONT FACE="TIMES NEW ROMAN BOLD"><U>THER </U></FONT></SMALL><U>C</U></B><B><SMALL><FONT FACE="TIMES NEW ROMAN BOLD"><U>HANGE</U></FONT></SMALL>.</B> Except as expressly
  amended hereby, the terms and conditions of the Purchase Agreement shall
  remain in full force and effect. In the event of any inconsistency between
  the terms and conditions of this Amendment and the terms and conditions of
  the Purchase Agreement, the terms and conditions of the Amendment shall
  prevail.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;5.</FONT></P></TD>
  <TD WIDTH="95%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>M</U></B><B><SMALL><FONT FACE="TIMES NEW ROMAN BOLD"><U>ISCELLANEOUS </U></FONT></SMALL></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.1.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Governing
  Law; Jurisdiction</U>. This Amendment and the
  transaction contemplated hereunder shall be governed by and construed in
  accordance with the laws of the State of Israel, without giving effect to
  rules respecting conflict of law that would cause the laws of any
  jurisdiction other than the State of Israel to be applied. The competent
  courts of Tel Aviv-Jaffa shall have sole and exclusive jurisdiction to hear
  any disputes among the parties related to this Agreement.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.2.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Counterparts</U>.
  This Amendment may be executed in two or more counterparts, including by
 facsimile, each of which shall be deemed an original, but all of which
  together shall constitute one and the same instrument.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.3.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Titles and
  Subtitles</U>. The titles and subtitles used in this
  Amendment are used for convenience only and are not to be considered in
  construing or interpreting this Amendment.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.4.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Severability</U>.
  If one or more provisions of this Amendment are held to be unenforceable
  under applicable law, such provision shall be excluded from this Amendment
  and the balance of the Amendment shall be interpreted as if such provision
  were so excluded and shall be enforceable in accordance with its terms.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5.5.</FONT></P></TD>
  <TD WIDTH="90%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><U>Entire
  Agreement</U>. This Amendment and the Purchase
  Agreement, as amended hereby, constitute the entire agreement among the
  parties and supersedes any and all prior agreements, understandings, promises
  and representations made by all or some of the parties (or by either party to
  the other), written or oral, concerning the subject matter hereof and the
  terms applicable hereto.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">C-2</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>I<SMALL>N</SMALL> W<SMALL>ITNESS</SMALL> W<SMALL>HEREOF</SMALL></B>,
the parties have signed this Amendment as of the date first written
hereinabove.</FONT></P>




<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="32%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>NUR Macroprinters Ltd.</B></FONT></P></TD>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Inspire Investments Ltd.</B></FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="32%" COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="29%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By:</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By:</FONT></P>
  </TD>
  <TD WIDTH="29%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="29%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">David Amir</FONT></P></TD>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="29%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Ben Zion
  Israel</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">President
  and CEO</FONT></P></TD>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="29%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Chief
 financial Officer</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="29%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By:</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By:</FONT></P></TD>
  <TD WIDTH="29%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="29%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">David Seligman</FONT></P></TD>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="29%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Ehud Sarig</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Chief Financial Officer</FONT></P></TD>
  <TD WIDTH="19%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="29%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Director</FONT></P></TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">C-3</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<P STYLE="page-break-after:always"></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Exhibit D</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">Debt Restructuring Agreement</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><IMG SRC="banklogo.jpg" ALT="ISRAEL DISCOUNT BANK LTD">&#160;</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Term Sheet</B></FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><I><U>Current Debt of NUR<BR>
  Macroprinters Ltd:</U></I></FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">As of March
  21, 2005, the outstanding credit facilities of NUR Macroprinters, Ltd. (the &#147;<B>Company</B>&#148;) to each of Bank Hapoalim B.M.
  (&#147;<B>BNHP</B>&#148;), Bank Leumi Le-Israel
  B.M. (&#147;<B>BLL</B>&#148;) and Israel Discount
  Bank Ltd. (&#147;<B>Discount</B>&#148;) is as set
 forth in the summary of terms for the restructuring of the debt of the
  Company entered into between the Company and the Banks (the &#147;<B>Company Term Sheet</B>&#148;), a copy of which is
  attached to this Term Sheet.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><I><U>Debt Restructuring:</U></I></FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Upon the
  closing of the contemplated transactions (the &#147;<B>Closing</B>&#148;), the Banks will restructure the outstanding credit
 facilities to the Banks by way of conversion of the Converted Amount (as such
  term is defined in the Company Term Sheet) into Ordinary Shares of the
  Company and a warrant to purchase Ordinary Shares of the Company, all as set
 forth in the Company Term Sheet.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><I><U>Undertaking not to exercise the<BR>
  Warrant:</U></I></FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Notwithstanding
  the terms of the Warrant Subject to the Inspire Call Option as set forth in
  the Company Term Sheet, each of the Banks hereby undertakes not to exercise
  the Warrant Subject to the Inspire Call Option prior to the Inspire Call
  Expiration Date (as hereinafter defined).</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">D-1</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="99%">
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><I><U>Call Option:</U></I></FONT></P>
  </TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Inspire
  shall have the right to purchase the Warrant Subject to the Inspire Call
  Option or any portion thereof, or up to thirteen million three hundred and
  thirty three thousand (13,333,000) Ordinary Shares purchasable under the
  Warrant Subject to the Inspire Call Option (or a portion thereof, provided
  that each such portion of the Warrant shall be exercisable into at least one
  million (1,000,000) Ordinary Shares at a time) from the Banks for a price of
  sixty-five cents ($0.65) per Ordinary Share purchasable by the exercise of
  the Warrant (the &#147;<B>Inspire Call Option</B>&#148;).&#160; The Inspire Call Option shall be
  exercisable at any time and from time to time following the Closing Date and
  until the earlier of: (i) the sixty (60) month anniversary of the Closing
  Date, or (ii) thirty (30) days following the first occurrence of a Triggering
  Event (collectively, the &#147;<B>Inspire Call
  Expiration Date</B>) at which time the Warrant shall automatically be
  converted into Ordinary Shares.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Any exercise
  of the Inspire Call Option shall be effected pro between BNHP, BLL and
  Discount.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>Triggering Event </I>shall mean:(i) the consummation of a Liquidation;
  or (ii) the consummation of a Deemed Liquidation.&#160; </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>Liquidation </I>shall mean: (i) a bankruptcy,
  insolvency or reorganization proceeding under any bankruptcy or insolvency or
  similar law, whether voluntary or involuntary, which is properly commenced by
  or against the Company, which proceedings are not lifted or stayed within
  ninety (90) days thereafter; (ii) a receiver or liquidator is appointed to
  all, or substantially all, of the Company&#146;s assets which appointment is not
  lifted or stayed within ninety&#160; (90)
  days thereafter; or (iii) the Company enters into a stay of proceedings
  pursuant to Section 350 of the Companies Law, 5759 &#150; 1999 which proceedings
  are not lifted within ninety (90) days (unless such period of time prejudices
  the rights of the Banks in which case the time period shall not apply).</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>Deemed Liquidation </I>shall mean any of the
 following: (i) the sale, or other disposal of all, or substantially all, of
  the assets and business activity of the Company; (ii) the consummation of a
  sale of the Company&#146;s securities by Inspire Investments Ltd. and/or&#160; any person or entity to whom Inspire
  Investments Ltd. has transferred securities of the Company Issued to it under
  the agreement with the Company dated December 29, 2004 as amended (Inspire
  Investments Ltd. together with all such transferees are hereinabove and
  hereinafter referred to as Inspire), or a series of sales of the Company&#146;s
  securities by Inspire, so that following such sale or series of sales of securities,
  Inspire holds less than 50% of the shares and warrants issued to it under the
  said agreement. and; (iii) in the event that the Company declares a dividend
  that equals to 50% or more of its&#160;
  profits for the four calendar quarters ending prior to the calendar
  quarter during which the Company has declared the dividend payment at any
  time following the Closing date prior to the expiration of the Company Call
  Option.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">D-2</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="99%">
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><I><U>Veto Rights of the Banks on the<BR>
  Sale of Shares by Inspire:</U></I></FONT></P>
  </TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Inspire
  shall have the right to sell a portion of the Ordinary Shares and the
  warrants issued to it by the Company under the share purchase agreement
  entered into by Inspire and the Company on December 29, 2004, as amended, to
  any person or entity (the Transferee) provided that Inspire maintains at
  least 51% of the Ordinary Shares and the warrants issued to it as aforesaid.
 For purposes of this Term Sheet each of the Transferees will be deemed as
  part of the Inspire group with Inspire acting as the representative of the
  parties for these purposes and all such Transferees together with Inspire are
  hereinafter referred to as Inspire. Subject to the aforesaid, commencing as
  of the Closing Date and until the first anniversary of the Closing Date, each
  of the Banks shall have a veto right with respect to any sale of the Ordinary
  Shares by Inspire to any third party&#160;
 for a price per share that is less than sixty-five cents ($0.65).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><I><U>Co-Sale:</U></I></FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Before
  Inspire may sell more than 30% of the shares issued to it by the Company
  under the agreement dated on December 29, 2004, as amended, it will give each
  of the Banks an opportunity to participate in such sale on a basis
  proportionate to the number of shares held by the seller and those held by
  the Banks exercising their right of Co-Sale.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT   SIZE=2 FACE="TIMES NEW ROMAN"><I><U>Bring along:</U></I></FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">In the event
  that Inspire wishes to sell to a third party shares constituting more than
  50% of the shares issued to it by the Company under the agreement dated
  December 29, 2004, as amended and at a price per share of $1.10 or greater,
  Inspire shall have the right to demand that each of the Banks participates in
  such sale on the same terms and conditions. If so requested by Inspire, each
  of the Banks will sell shares on a basis proportionate to the number of
  shares held by Inspire and these held by the Banks participating in such
  sale.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">D-3</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Assignment,
  Sale and/or <BR>
  Transfer of the Banks&#146; Warrant:</FONT></P>
  </TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Each Bank
  may, at any time and without the approval of the Company or the other Banks,
  but subject to the right of first refusal of Inspire as set forth below,
  assign, sell or transfer, the Warrant (or any portion thereof) in a private
  transaction to any third party, provided that following such transaction the
  Warrant and the transferee shall continue to remain subject to the Inspire
  Call Option and to the undertaking not to exercise the Warrant subject to the
  Inspire call option prior to the Inspire Call Expiration Date&#160; and further provided that all other
  undertakings and obligations of the Banks under this Term Sheet remain valid
  and in full force.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Prior to any
  assignment, sale or transfer of the Warrant (or any portion thereof) by any
  of the Banks to a third party (the &#147;Warrant Transfer&#148;), such Bank shall
  provide Inspire with a notice detailing the Warrant Transfer and the terms of
  the Warrant Transfer (the &#147;Warrant Transfer Notice&#148;).&#160; Within twenty one (21) days of the
  provision of the Warrant Transfer Notice by the Bank, Inspire shall notify
  such Bank in writing of its intention to purchase up to thirteen million
  three hundred and thirty three thousand Ordinary Shares purchasable under the
  Warrant (or portion thereof) on terms that are identical to the proposed
  terms of the Warrant Transfer as detailed in the Warrant Transfer Notice (the
  &#147;Inspire Notification&#148;). In the event that in the Inspire Notification,
  Inspire stated that it intends to exercise its right to purchase the Warrant,
  Inspire shall provide to such Bank all of the funds for the purchase of the
  Warrant within twenty one (21) days of the delivery of the Inspire
  Notification.&#160; In the event that
  Inspire did not: (i) deliver the Inspire Notification to the Bank within
  twenty one (21) days from the provision of the Warrant Transfer Notice
  specifically stating its intention to purchase the Warrant from the Bank, or
  (ii) transfer the required funds for the purchase of the Warrant within
  twenty one (21) days of the delivery of the Inspire Notification, then
  notwithstanding the above, the Bank shall immediately have the right to
  consummate the assignment, sale or transfer of the Warrant to the third party
  on the same terms and conditions as were provided for in the Warrant Transfer
  Notice.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Subject to
  any duty or obligation imposed by any law or regulation applicable to the
  parties hereto, this term&#160; sheet is
  strictly confidential and the terms set forth herein are not to be
  divulged&#160; or transferred to any person
  or entity other than the Company, the Banks or Inspire.</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">D-4</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>
<BR>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">General:&#160; </FONT></P>
  </TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Unless
  otherwise required by the context, terms used in this Term Sheet and in the
  Company Term Sheet shall have the meaning ascribed to them in the Company
  Term Sheet.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Conditions
  to Closing:</FONT></P></TD>
  <TD WIDTH="75%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Closing of
  the transactions contemplated hereunder shall be subject to the completion of
  all of the closing conditions as set forth in the Company Term Sheet and to
  the closing of the transactions and agreements contemplated thereby.&#160; In the event that all of the closing
  conditions set forth in the Company Term Sheet and the closing of all of the
  transactions and agreements contemplated thereby are not completed, to the
  satisfaction of the Banks, by the earlier of: (i) two weeks following the
  date of the publication of the Company&#146;s financial statements for the year
  ended December 31, 2004, and (ii) June 15, 2005, this Term Sheet and the
  obligations contemplated hereunder shall be null and void. </FONT></P></TD>
 </TR>
</TABLE>



<BR>
<BR>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="36%" COLSPAN="2" VALIGN=TOP>
  <HR SIZE=1 WIDTH="70%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=TOP>
  <HR SIZE=1 WIDTH="70%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Inspire
  Investments Ltd.</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Bank
  Hapoalim B.M.</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name: </FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=TOP>
    <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=LEFT></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>


  </TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" COLSPAN="2" VALIGN=TOP>
  <HR SIZE=1 WIDTH="70%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=TOP>
  <HR SIZE=1 WIDTH="70%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Bank Leumi
  Le-Israel B.M</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Israel
  Discount Bank Ltd.</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="36%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="41%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="30%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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  <TD WIDTH="30%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
  <TD WIDTH="13%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
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  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="36%" VALIGN=TOP>
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  </TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">D-5</FONT></P>
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<P STYLE="page-break-after:always"></P>





<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Exhibit E</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">Voting Trust Agreement</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>VOTING TRUST
AGREEMENT</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Voting Trust Agreement made as of
March 7, 2005, among Dan Purjes (&#147;<B>Beneficiary</B>&#148;),
NUR Macroprinters Ltd. (&#147;<B>NUR</B>&#148;) and
New York Private Bank &amp; Trust Company (the &#147;<B>Trustee</B>&#148;). </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>WHEREAS</B>,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NUR
and Beneficiary entered into a certain Voting Agreement dated as of January 23,
2005, a copy of which is attached hereto as <B><U>Exhibit A</U></B> (the &#147;<B>Original
Agreement</B>&#148;) which governs the voting power of securities issued by
NUR which are beneficially owned by Beneficiary; and</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>WHEREAS</B>,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary
and NUR believe that it is in the best interest of the parties to provide the
Trustee with the power to direct the voting of the Subject Securities (as
defined below) pursuant to the parameters set forth in this Agreement, which
shall supersede in all respects the Original Agreement and all schedules and
exhibits attached thereto; and</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>WHEREAS</B>,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary
desires to deposit all ordinary shares of NUR and all securities issued by,
convertible into or exercisable for securities issued or issuable by the NUR
whether directly or indirectly beneficially owned by Beneficiary or any member
of his immediate family or any company or entity controlled by Beneficiary or
any member of his immediate family or any affiliate of Beneficiary or any
member of his immediate family as detailed in <B><U>Schedule I</U></B> attached hereto or as acquired since the date
hereof with the Trustee, to promote the parties mutual interest (the &#147;<B>Voting Trust</B>&#148;); and</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>WHEREAS</B>,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
consideration for Beneficiary&#146;s agreement to enter into this Agreement, NUR
will, subject to its shareholders&#146; approval, grant to Beneficiary a five-year
warrant to purchase 3,000,000 ordinary shares of NUR (the &#147;<B>Warrant Shares</B>&#148;) at an exercise price per
share of $0.75 (the &#147;<B>Warrant</B>&#148;);
and</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>WHEREAS</B>,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee has consented to act under this Agreement for the purposes herein
provided.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW,
THEREFORE</B>, in consideration of the foregoing premises and of the
mutual covenants and agreements contained in this Agreement, the parties
hereto, intending to be legally bound, agree as follows:</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>GRANT
OF NEW WARRANTS; REGISTRATION RIGHTS</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration for Beneficiary&#146;s agreement to enter into this Agreement and to
place the Subject Securities (as defined below) in the Voting Trust, NUR will
grant to Beneficiary the Warrant in the form attached hereto as <B><U>Exhibit B</U></B>, subject to the approval of
NUR&#146;s shareholders as provided in Section 15 below. The Warrant and any
ordinary shares issued upon exercise of the Warrant in whole or in part, shall
be considered Subject Securities and therefore subject to and part of the
Voting Trust.&#160;&#160;&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary
represents and warrants to NUR in connection with the grant of the Warrant
that: (i) he is an &#147;<B>accredited investor</B>&#148;,
as that term is defined in Rule 501 of Regulation D under Securities Act of
1933, as amended (the &#147;<B>Securities Act</B>&#148;)
and has such business and financial experience as is required to protect its
own interests in connection with the grant of the Warrant; and (ii) he
understands, acknowledges and agrees that neither the Warrant nor the Warrant
Shares have been registered under the Securities Act and may not be offered or
sold in the United States or to U.S. persons unless such shares are registered
under the Securities Act and applicable state securities laws, or an exemption
from the registration requirements of the Securities Act and such state
securities laws is available.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">E-1</FONT></P>

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<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the approval of this Agreement by NUR&#146;s shareholders as provided in Section
15 below, Beneficiary shall be granted with unlimited piggyback registration
rights on registrations by NUR (other than Form S-8, S-4 or any equivalent or
successor form), with respect to the Warrants and the Warrant Shares, subject
only to underwriters&#146; cutbacks, which will be on a pro-rata basis among NUR&#146;s
shareholders whose shares are being registered, as detailed in the Registration
Rights Agreement in the form attached hereto as <B><U>Exhibit C</U></B> (the &#147;<B>Registration
Rights Agreement</B>&#148;).</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>VOTING TRUST AGREEMENT</U></B>. A duplicate of
this Agreement, and of any amendment or extension hereof, shall be filed with
the secretary of NUR and shall be open to inspection by any shareholder of NUR
and by Beneficiary, upon the same terms as the record of shareholders of NUR is
open to inspection. All voting trust certificates (hereinafter called &#147;<B>Certificates</B>&#148; or &#147;<B>Voting Trust Certificates</B>&#148;) issued as
hereinafter provided shall be issued, received and held subject to all the
terms of this Agreement.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>REPRESENTATIONS AND WARRANTIES</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee hereby represents and warrants that it is not affiliated, directly or
indirectly, with NUR or Beneficiary or any company or entity that is
controlling, controlled or under common control with Beneficiary or NUR. It is
agreed that the entity to be approved as Trustee and any successor, assign or
replacement will be subject to approval by The Nasdaq Stock Market, Inc.
(hereinafter, &#147;<B>Nasdaq</B>&#148;).</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary
represents and warrants to NUR that <B><U>Schedule
I</U></B> details all of NUR&#146;s ordinary shares and all securities issued
by, convertible into or exchangeable or exercisable for securities issued or
issuable by the NUR whether directly or indirectly beneficially owned by
Beneficiary or any member of his immediate family or any company or entity
controlled by Beneficiary or any member of his immediate family or any
affiliate of Beneficiary or any member of his immediate family. For purposes of
this Agreement, the term &#147;<B>immediate family</B>&#148; shall mean any child,
stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, and shall include adoptive relationships.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary
represents and confirms that he has the full power, corporate and otherwise, to
agree to the terms set forth in this Agreement, including but not limited to
his agreement to contribute or cause to be contributed all Subject Securities,
whether directly or indirectly beneficially owned by Beneficiary or any of his
immediate family members or any company or entity controlled by Beneficiary or
any member of his immediate family, or any affiliate of Beneficiary or any
member of his immediate family.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>CONTRIBUTION OF SUBJECT SECURITIES TO THE TRUSTEE</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary,
upon execution of this Agreement, hereby agrees to assign and transfer or cause
to be assigned and transferred to the Trustee and to deposit or caused to be
deposited with the Trustee all the certificates for all ordinary shares of NUR
and all securities issued by, convertible into or exercisable for securities
issued or issuable by the NUR whether directly or indirectly beneficially owned
by Beneficiary or any member of his immediate family or any company or entity
controlled by Beneficiary or any member of his immediate family or any
affiliate of Beneficiary or any member of his immediate family (collectively,
the &#147;<B>Purjes Group</B>&#148;) as detailed in
<B><U>Schedule I</U></B> attached hereto,
and hereby agrees to assign and transfer or cause to be assigned or transferred
such securities and to deposit or cause to be deposited acquired by Beneficiary
or any member of the Purjes Group since the date hereof (collectively, the &#147;<B>Subject Securities</B>&#148;) detailed in <B><U>Schedule
I</U></B>, including the Warrant and Warrant Shares issued upon exercise
of the Warrant in whole or in part, for the purpose of vesting in the Trustee
the right to vote such Subject Securities under the terms and subject to the
conditions and for the period set forth in this Agreement. Beneficiary may
exercise any securities convertible into or exercisable for ordinary shares
issuable by NUR pursuant to their respective terms (the &#147;<B>Convertible Securities</B>&#148;), by giving the
Trustee a written instruction indicating the number of Convertible Securities
to be exercised and other required details as may be reasonably required by the
Trustee, and transfer to the Trustee the exercise price therefor. The Trustee
will effect the exercise of the Convertible Securities requested by Beneficiary
and any and all ordinary shares to be issued upon such exchange, conversion or
exercise will be deposited with the Trustee pursuant to the terms of this
Agreement and such ordinary shares will be deemed to be Subject Securities. All
certificates for the Subject Securities transferred by Beneficiary to the
Trustee shall be endorsed, or accompanied by such instruments of transfer, as
to enable the Trustee to cause such certificates to be registered in the name
of the Trustee, as hereinafter provided. On receipt by the Trustee of the
certificates for any of the Subject Securities and the transfer of them into
the name of the Trustee, the Trustee shall hold such Subject Securities in
trust for Beneficiary and shall thereupon issue and deliver to Beneficiary a
Voting Trust Certificate representing the Subject Securities so deposited.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">E-2</FONT></P>
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<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
certificates for Subject Securities transferred and delivered to the Trustee
pursuant to this Agreement shall be surrendered by the Trustee to NUR and
cancelled, and new certificates therefor shall be issued to and held by the
Trustee in the name of the Trustee named herein as &#147;Voting Trustee&#148;.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>VOTING TRUST CERTIFICATES</U></B>. The Trustee
shall maintain a Certificate register which will identify Beneficiary as owner
of Certificates issued under this Agreement and the number of Subject
Securities represented by each Certificate. The Certificates shall be in the
form attached hereto as <B><U>Exhibit D</U></B>.
Beneficiary shall retain the entire economic and beneficial ownership rights in
all of the Subject Securities held in Voting Trust.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>TRANSFER OF CERTIFICATES</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Certificates, if and to the extent transferable under this Agreement and
applicable securities law, shall be transferable at the principal office of the
Trustee, on the books of the Trustee, by Beneficiary, upon surrender thereof as
set forth below. If a transfer of Certificates is so permitted, Beneficiary
shall notify the Trustee of the details of such transfer, including required
details regarding the transferee and number of Certificates being transferred,
and shall surrender to the Trustee the Certificate or Certificates being
transferred, properly endorsed for transfer. The Trustee, upon receipt of such
notice and Certificate(s), shall transfer the Certificate(s) on the Certificate
registry and issue a new Certificate to the transferee (or cause NUR to issue
new certificates directly in the name of the transferee if permitted pursuant
to Section 7 below). Until so transferred, the Trustee may treat Beneficiary as
the owner of each Certificate for all purposes, notwithstanding any notice to
the contrary. As a condition to making any transfer or delivery of
Certificates, the Trustee may require compliance by the transferee with any
applicable law in connection therewith. The Trustee shall not be required to
recognize any transfer of a Certificate not made in accordance with the
provisions hereof. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Certificate is lost, stolen, mutilated or destroyed, Beneficiary thereof
shall notify the Trustee promptly and the Trustee shall issue to Beneficiary a
duplicate of such Certificate upon receipt of: (1) evidence of such fact
satisfactory to the Trustee; (2) indemnity satisfactory to the Trustee against
loss or liability that might arise due to the issuance of such new Certificate;
(3) the existing Certificate, if mutilated; and (4) the reasonable fees and
expenses of the Trustee in connection with the issuance of a new Certificate.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Section 6 will apply, <I>mutatis
mutandis</I>, to all Certificates transferred to any transferee under
the terms of this Agreement.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>LIMITATION ON TRANSFER; RELEASE FROM VOTING TRUST</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the date hereof and until the expiration or termination of this Agreement,
Beneficiary may not transfer, sell, assign or give through any private
transaction, sale, gift or other agreement regarding any sale or transfer of
securities subject to the Voting Trust (collectively, the &#147;<B>Transfer</B>&#148;), unless permitted under this
Section 7.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained herein, Beneficiary may:</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">E-3</FONT></P>
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<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1.&nbsp;&nbsp;&nbsp;(a)
Transfer Certificates to ancestors, siblings, descendants, immediate family
members or to trusts for the benefit of such persons or for the benefit of
Beneficiary or an entity controlled by Beneficiary, provided, that such
transferee will unconditionally and irrevocably agree in writing to be bound by
and become a party to this Agreement.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&#160; Pledge, hypothecate, create a security
interest in or lien on, or commit to do any of the foregoing with respect to
the Subject Securities, to the extent such pledgee, lien or security interest
holder is/are not affiliated, directly or indirectly, with Beneficiary (and the
same shall be reasonably acknowledged to the Trustee by such person or entity
in writing) and provided further that such pledgee, lien or security interest
holder unconditionally and irrevocably agrees in writing to be bound by and become
a party to this Agreement.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2.&nbsp;&nbsp;&nbsp;Instruct
the Trustee, subject to pre-approval by Nasdaq, to effect a Transfer of&#160; Subject Securities to a transferee or
transferees, to the extent such transferee(s) is/are not affiliated, directly
or indirectly, with Beneficiary (and the same shall be reasonably acknowledged
to NUR by such person or entity in writing).</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3.&nbsp;&nbsp;&nbsp;Instruct
the Trustee to release from Voting Trust any number of Subject Securities to
allow Beneficiary to effect one or more open market sales and upon such sale
the securities so sold will no longer be subject to the Voting Trust or this
Agreement. For the purposes of this Agreement and the Voting Trust, &#147;<B><U>open
market sales</U></B>&#148; shall mean (i) exchange or sale of Subject
Securities in a merger, consolidation or acquisition of NUR with, into or by
another person or entity, (ii) sales or exchange of Subject Securities based on
any tender offer made by an acquirer/ purchaser to security holders of NUR,
(iii) repurchase of Subject Securities by NUR, (iv) any public sale of Subject
Securities in a secondary offering or otherwise, (v) any sale or exchange of
Subject Securities pursuant to an offer made by a person or entity generally to
security holders of NUR, or (vi) any open market sale of Subject Securities
through a broker-dealer or market maker. For purposes of sub-clause (vi) in the
definition of open market sales as such term is defined in this Section 7.2.3,
&#147;open market sale of Subject Securities through a broker-dealer or market
maker&#148; shall mean where the purchaser of such Subject Securities is not
required to give customary representations and warranties regarding his
intention to buy the securities for his own account and not for resell, as required
by applicable securities laws.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the sale and/or exchange of Subject Securities noted above,
Beneficiary hereby represents, warrants and covenants that the Subject
Securities will not be sold or exchanged pursuant to sub-clauses (i), (ii),
(iv), (v) and (vi) of the definition of &#147;open market sales&#148; set forth in this
Section 7.2.3, to a purchaser who is an immediate family member or a direct or
indirect affiliate of Beneficiary or any entity or company that is controlling,
controlled or under common control with Beneficiary.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following provisions will apply to any intended Transfer under Section 7.2.2
above:</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1.&nbsp;&nbsp;&nbsp;If
the Transfer occurs during the period ending on the earlier of (a) twelve (12)
months following the date hereof or (b) immediately following the general or
special meeting of NUR&#146;s shareholders which would be convened for electing
directors appointed or recommended by a new investor to the Company&#146;s board of
directors (the &#147;<B>Restricted Period</B>&#148;),
then it will be made through a Transfer of Certificates pursuant to the terms
of Section 6 above and the Subject Securities underlying the Certificates so
transferred shall not be released from the Voting Trust. Any such Transfer will
be subject to the transferee&#146;s unconditional and irrevocable agreement in
writing to be bound by and become a party to this Agreement. Promptly following
the expiration of the Restricted Period the Trustee shall release and transfer
the number of Subject Securities represented by the transferee&#146;s Certificate so
that new certificates therefor shall be issued in the name of the transferee;
provided, however, that the transferee surrenders the Certificate or Certificates
representing the Subject Securities being released, following which the Voting
Trust with respect to such securities will terminate. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2.&nbsp;&nbsp;&nbsp;If
the Transfer occurs following the Restricted Period, then the Trustee shall
release and transfer the number of Subject Securities represented by the
Certificate surrendered by Beneficiary and concurrently with such transfer the
Voting Trust with respect to such securities will terminate.</FONT></P>
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<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
release of any Subject Security from the Voting Trust under the terms of this
Section 7, the Trustee shall remove the corresponding Certificates from the
Certificate registry and transfer the Subject Securities to the transferee so
that new certificates therefor shall be issued in the name of the transferee,
following which the Voting Trust with respect to such Subject Securities will
terminate.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event any action under this Agreement requires the approval or notification
of Nasdaq, the Trustee shall contact in writing, transmitted in any means
permitted by Section 19, the contact person indicated in Section 19 with
respect to Nasdaq.&#160;&#160;&#160;&#160;&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>SUBSCRIPTION RIGHTS</U></B>. In case any stock
or other securities of NUR are offered for subscription to the holders of
capital stock of NUR deposited hereunder, through options, rights or otherwise,
promptly upon receipt of notice of such offer, the Trustee shall mail a copy
thereof to Beneficiary or any transferee of each Voting Trust Certificate
(Beneficiary and the transferees will be collectively referred, as the &#147;<B>Holders</B>&#148;). Upon receipt by the Trustee, at
least five (5) days prior to the last day fixed by NUR for subscription and
payment, of a request from any Holder to subscribe on its behalf, accompanied
by the sum of money required to pay for such capital stock or securities (not
in excess of the amount subject to subscription in respect to the Subject
Securities represented by the Voting Trust Certificate held by the Holder and
entitled to participate in such offering), the Trustee shall make such
subscription and payment on behalf of such Holder, and upon receiving from NUR
the certificates for such ordinary shares or securities, shall issue to the
Holder a Voting Trust Certificate in respect thereof and such securities shall
be considered Subject Securities.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>DIVIDENDS</U></B>. Until the termination of
this Agreement pursuant to the terms of Section 17, the Holders shall be
entitled to receive from the Trustee payments equal to all dividends or other
distributions in cash, securities or other property received by the Trustee
upon the Subject Securities represented by such Voting Trust Certificate,
except as expressly provided in this Section 9. If any dividend or other
distribution in respect of the shares deposited with the Trustee is paid, in
whole or in part, in securities of NUR (collectively, &#147;<B>Distribution Securities</B>&#148;),
the Trustee shall likewise hold, subject to the terms of this Agreement, the
certificates for such Distribution Securities which are received by the
Trustee, and the Holder of each Certificate representing Subject Securities on
which such dividend or distribution has been paid shall be entitled to receive
a Voting Trust Certificate issued under this Agreement for the number of
Distribution Securities so received with respect to the Subject Securities
represented by such Voting Trust Certificate. The Holders entitled to receive
the dividends on distribution described above shall be those registered as such
on the transfer books of the Trustee at the close of business on the day fixed
by NUR for the taking of a record to determine those holders of its ordinary
shares entitled to receive such dividends. Any Distribution Securities shall be
considered Subject Securities and therefore subject to the terms of this
Agreement.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>DISSOLUTION OF NUR</U></B>. Except as otherwise
provided in Section 17, in the event of the dissolution or liquidation of NUR,
the Trustee shall receive the moneys, securities, rights or property to which
the Holders are entitled, and shall timely distribute the same among them in
proportion to their interests, as shown by the books of the Trustee, and upon
such distribution, this Agreement shall terminate and all further obligations
or liabilities of the Trustee in respect of such moneys, securities, rights or
property so distributed shall cease and terminate.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>RECAPITALIZATION OF NUR</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting
Trust Certificates issued and outstanding under this Agreement at the time of
recapitalization of NUR may remain outstanding, or the Trustee shall have the
discretion to substitute for such Certificates with new Certificates in
appropriate form, and the terms &#147;<B>stock</B>&#148;, &#147;<B>ordinary shares</B>, &#147;&#147;<B>Subject
Securities</B>&#148; and &#147;<B>share capital</B>&#148; as used herein shall be
taken to include any stock or evidence of an interest which may be received by
the Trustee in lieu of all or any part of the share capital of NUR.</FONT></P>
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<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case any reduction or increase of the ordinary shares of NUR or reorganization
affecting the ordinary shares shall have been duly authorized, the Trustee is
hereby authorized to make such surrender of NUR&#146;s securities held by the
Trustee hereunder, pro rata on behalf of the Holders, as may be required under
the terms pursuant to which such reduction, increase or reorganization is to be
effected, and to receive and hold any and all ordinary shares or other
securities of NUR issued in exchange for such surrendered securities. Following
any such action, the Certificates issued and outstanding pursuant hereto shall
be deemed to represent proportionately the number of ordinary shares or other
securities resulting from such reduction, increase or reorganization.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>RIGHTS OF THE TRUSTEE</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall possess and have the exclusive right to exercise, in person or by
nominees or proxies of the Trustee, all voting rights and powers in respect to
all Subject Securities registered in the name of the Trustee hereunder, for any
and every purpose, and to take part in or consent to any corporate or
shareholders&#146; action of any kind whatsoever, as absolute owner of such Subject
Securities. The Holders hereby assign to the Trustee all voting rights that it
otherwise might have had arising out of the ownership of the Subject
Securities, whether by operation of law or agreement. The Subject Securities
shall be voted by the Trustee according to the votes cast by all other shares
voted by all holders of securities issued by NUR which are entitled to
vote.&#160; NUR shall make appropriate
arrangements with the Trustee to enable the Trustee to vote the Subject
Securities pursuant to the previous sentence.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall not be responsible personally, individually or in its corporate
capacity as Trustee with respect to any action taken pursuant to the vote of
the Trustee so cast in any matter or act committed or omitted to be done under
this Agreement, provided such commission or omission does not amount to gross
negligence or willful misconduct on the part of the Trustee. In addition, NUR
agrees to indemnify and hold the Trustee harmless from any and all liabilities
resulting from actions taken pursuant to this Agreement, other than with
respect to acts which constitute gross negligence or willful misconduct on the
part of the Trustee.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>TRUSTEES AND SUCCESSOR TRUSTEES</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may resign at any time by mailing to the Holders and NUR a written
resignation, to take effect twenty-one (21) days thereafter or upon the prior
acceptance thereof. Upon the death, incompetence, liquidation, dissolution or
resignation of the Trustee, a successor Trustee that meets the requirements of
Section 3.1 above will be appointed by Beneficiary. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights, powers, and privileges of the Trustee named hereunder shall be
possessed by the successor Trustee(s), with the same effect as though each such
successor had originally been a party to this Agreement.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>INDEMNITY; LIMITATION OF LIABILITY</U></B>. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NUR
hereby agrees to indemnify and defend and hold harmless Beneficiary from and
against any and all claims, demands and actions, and any liabilities, damages,
or expenses resulting therefrom, including court costs and reasonable
attorneys&#146; fees, arising or resulting from the Voting Trust or the Trustee
voting any and all Subject Securities. Notwithstanding the above, NUR&#146;s
indemnification obligations under this Section 14.1 above will not apply to
liabilities, damages, costs or expenses incurred or resulting from gross
negligence or intentional or willful breach by Beneficiary of any&#160; representations, warranties, covenants or
agreements contained in this Agreement.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NUR
hereby agrees and acknowledges that Beneficiary&#146;s liability to NUR for any
losses, costs, damages, liabilities, fees (including without limitation
reasonable attorneys&#146; fees) and expenses (collectively, the &#147;<B>Damages</B>&#148;) awarded by a judgment and
determination of damages by a court of competent jurisdiction by reason of or
in connection with any claim, demand, action or cause of action alleging breach
of, or default in connection with, any of the representations, warranties,
covenants, undertakings or agreements of Beneficiary contained in this
Agreement, including any exhibits or schedules attached hereto, is limited to
the transfer or cancellation, as applicable, of the Warrant and/or the Warrant
Shares or in the event that Beneficiary has transferred or sold the Warrants or
the Warrants Shares, the higher of the consideration paid by a transferee for
the Warrant or the Warrant Shares or the fair market value of those securities
on the date of transfer (or portion of any of the foregoing), except for
Damages incurred or resulting from gross negligence or intentional or willful
breach by Beneficiary of any representations, warranties, covenants,
undertakings or agreements contained in this Agreement. </FONT></P>

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<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>SHAREHOLDER APPROVAL</U></B>. NUR will seek the approval of its board
of directors and shareholders for grant and issuance of the Warrant, execution
and performance of this Agreement and the Registration Rights Agreement and the
Original Agreement at the next succeeding meeting of the shareholders
immediately following the execution of this Agreement, solicited by way of
proxy or otherwise, but no later than April 27, 2005.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>SUSPENSION OF THE ORIGINAL AGREEMENT</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
execution of this Agreement, all terms of the Original Agreement, other than
Section 1 of the Original Agreement and any reference to &#147;New Warrants&#148; or the
&#147;Registration Rights Agreement&#148; in the Original Agreement, which will be deemed
cancelled, null and void, (the provisions not canceled and nullified will be
collectively referred hereinafter as the &#147;<B>Surviving
Clauses</B>&#148;) will be deemed suspended and the terms of this Agreement
shall supersede in all respects the Surviving Clauses until the expiration of
the Voting Trust as detailed under Section 17 below. During the term of this
Agreement neither NUR nor Beneficiary will be entitled to enforce or act upon
any of their contractual rights under Surviving Clauses.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Section 16 shall be deemed to be an amendment and
restatement of the Original Agreement insofar required for the cancellation of
Section 1 of the Original Agreement and references to the issuance of &#147;New
Warrants&#148; or the &#147;Registration Rights Agreement&#148; therein.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is agreed that NUR&#146;s shareholders approval for the issuance of the Warrant,
execution and performance of this Agreement and the Registration Rights
Agreement and the Original Agreement as provided under Section 15 above shall
be deemed to be, to the extent that the Voting Trust terminates and succeeded
by the Original Agreement pursuant to Sections 17.3, 17.4 and 17.5 below, the
shareholders approval required under Section 7 of the Original Agreement.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
avoidance of doubt, the suspension of the Surviving Clauses will only affect
the operation of the Original Agreement and the ability of the parties to act
upon their contractual rights thereunder, but it will not suspend or affect in
any way periods of time provided thereunder, including the Restricted Period as
defined in the Section 5.1.2 of the Original Agreement.&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>TERM; TERMINATION</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall continue in effect until the date being ten (10) years after
the date hereof. At any time within two (2) years prior to the expiration of
this Agreement one or more beneficiaries under this Agreement may, by written
agreement and with the written consent of the Trustee, extend the duration of
this Agreement with respect to their Subject Securities for an additional
period not exceeding ten (10) years from the time of expiration as herein above
provided, as originally fixed, or as last extended, as the case may be. In the
event of such extension, the Trustee shall, prior to the time of expiration as
hereinabove provided, as originally fixed, or as last extended, as the case may
be, send notice of the extension to all beneficiaries and file with the
secretary of NUR a copy of such extension agreement, and of the consent
thereto, and thereupon the duration of this Agreement shall be extended for the
period fixed by such extension agreement.</FONT></P>
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<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement and the Voting Trust and the Original Agreement will automatically
terminate in the event NUR&#146;s shareholders fail to approve the issuance of the
Warrant on or before April 27,2005<B>,</B> and NUR shall have no obligation to issue
and grant the Warrant or to enter into the Registration Rights Agreement.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Voting Trust will automatically be converted into the Original Agreement as amended
pursuant to Section 16, in the event that NUR is no longer listed on the Nasdaq
National Market or SmallCap Market. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Voting Trust will automatically be converted into the Original Agreement, as
amended pursuant to Section 16, in the event of Beneficiary&#146;s death, mental
incapacity or otherwise being declared incompetent to manage his affairs by the
courts of competent jurisdiction.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time during the term of this Agreement Beneficiary&#146;s beneficial
ownership of NUR&#146;s ordinary shares falls below five percent (5%) of NUR&#146;s
outstanding share capital, the Voting Trust will, subject to prior notice to
Nasdaq, automatically be converted into the Original Agreement, as amended by
Section 16. In the event that Beneficiary&#146;s ownership rises back to five
percent (5%) of NUR&#146;s outstanding share capital or above, all Subject
Securities, whether directly or indirectly beneficially owned by Beneficiary or
any member of his immediate family or any company or entity controlled by
Beneficiary or any member of his immediate family or any affiliate of
Beneficiary or any member of his immediate family shall again be submitted to
the Voting Trust.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>SELECTION, COMPENSATION AND REIMBURSEMENT OF TRUSTEE</U></B>.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficiary
shall have the right to nominate and select the Trustee, subject to approval by
Nasdaq. NUR will pay the reasonable fees of the Trustee, subject to NUR&#146;s
approval of the entity selected as the Trustee and the proposed fees to be
charged by the Trustee. In the event that NUR concludes that the fees to be
charged by the entity chosen to serve as Trustee (or any successor or
replacement entity) are not reasonable (either prior to the engagement of such
entity as Trustee or as a result of any fee increase or renewal), NUR shall
have the right to appoint the Trustee subject to Beneficiary&#146;s and Nasdaq&#146;s
approval; provided, however, until a replacement trustee is approved by
Beneficiary and Nasdaq the then existing Trustee shall continue to act as the
Trustee. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Trustee chooses to resign or otherwise cannot continue to act as
Trustee under this Agreement, Beneficiary shall have the right to nominate and
select a replacement Trustee, subject to approval by Nasdaq. NUR will pay the
reasonable fees of such replacement Trustee, subject to NUR&#146;s approval of the
entity selected as the Trustee and the proposed fees to be charged by such
replacement Trustee. In the event that NUR concludes that the fees to be
charged by the entity chosen to serve as the replacement Trustee (or any
successor or replacement entity) are not reasonable (either prior to the
engagement of such entity as Trustee or as a result of any fee increase or
renewal), NUR shall have the right to appoint the replacement Trustee, subject
to Beneficiary&#146;s and Nasdaq&#146;s approval of such replacement Trustee. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>EXPENSES</U></B>. NUR will reimburse
Beneficiary for reasonable legal fees up to ten thousand United States dollars
($10,000) incurred solely in connection with and by reason of Beneficiary
entering into the Voting Trust, subject to receipt of such documents and
agreements related thereto as requested by NUR.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>MISCELLANEOUS</U></B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All notices, advices and communications to be given or otherwise made to any
party to this Agreement shall be deemed to be sufficient if contained in a
written instrument delivered in person or by telecopier or duly sent by first
class registered or certified mail, return receipt requested, postage prepaid,
or by overnight courier, addressed to such party at the address set forth below
or at such other address as may hereafter be designated in writing by the
addressee to the addressee:</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">E-8</FONT></P>

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 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">if to
  Beneficiary, to:</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Dan Purjes </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">830 Third
  Avenue, 14<sup>th</sup> Floor</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">New York, NY
  10022</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">United
  States</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Facsimile:
  +1 212 581 5193</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">dan@rockwoodgroup.com</FONT></P></TD>
 </TR>
</TABLE>




<BR>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">if to NUR,
  to: </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">NUR
  Macroprinters Ltd.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Attention:
  CEO; CFO</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">12 Abba
  Hillel Silver Street</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">P.O. Box
  1281</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Lod 71111</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Israel</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Facsimile:
  +972-8-9218918</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">e-mail
  address: cfo@nur.com</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
to the Trustee, to: </FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">New York
  Private Bank &amp; Trust Company</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Attention:
  William Fuhs, President &amp; CEO</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">6 East 43rd
  Street</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">New York, NY
  10017Phone: 212-850-4080</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Facsimile:
  _________________</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">e-mail
  address: fuhsw@nypbt.com</FONT></P></TD>
 </TR>
</TABLE>




<BR>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="10%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">if to
  Nasdaq, to: </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The current
  listing qualification analyst assigned to NUR</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Phone:
  301-978-8008</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Facsimile:
  _________________</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="97%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">e-mail
  address: _____________</FONT></P></TD>
 </TR>
</TABLE>




<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or
to such other address as the party to whom notice is to be given may have
furnished to the other parties hereto in writing in accordance herewith. Any
such notice or communication shall be deemed to have been delivered and
received (i) in the case of personal delivery, delivery by facsimile, on the
date of such delivery, (ii) in the case of nationally-recognized overnight
courier, two (2) business day after the date when sent and (iii) in the case of
mailing, on the fifth business day following that on which the piece of mail
containing such communication is posted.&#160;
As used herein, &#147;<B>business day</B>&#148; shall mean any day other than
a day on which banking institutions in the State of New York are legally closed
for business. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. This Agreement constitutes the entire agreement between the
parties hereto pertaining to the transactions contemplated hereby and embodies
all terms binding upon the parties in respect thereof and supersedes all prior
agreements, understandings and negotiations whether written or oral. Neither
party hereto shall be liable or bound in any manner by prior or
contemporaneous, express or implied, representation, warranty, statement,
promise, covenant or agreement pertaining to said transactions made by, or on
behalf of, either of them, unless same is expressly and specifically set forth
or referred to herein.&#160; This Agreement
shall supersede in all respects the Original Agreement and that certain letter
agreement between Beneficiary and NUR dated January 27, 2005.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">E-9</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments,
Waivers, Discharge and Consents</U>. No amendment, change or modification of
this Agreement or any of the provisions, terms or conditions hereof, no waiver
of a right, remedy, privilege or power, or discharge of an obligation or
liability, conferred upon, vested in, or imposed on either party under, or
pursuant to, this Agreement, and no consent to any act or omission pertaining
hereto, shall come into operation and be effective, unless duly embodied in a
written instrument signed by, or on behalf of, the party against whom such
amendment, change, modification, waiver, discharge or consent is asserted or
sought. No failure to exercise, and no delay in exercising, any right, remedy,
privilege or power under or pursuant to this Agreement shall operate as a
waiver thereof; nor shall any single or partial exercise of any such right,
remedy, privilege or power preclude any other or further exercise thereof or
the exercise of any other right, remedy, privilege or power; nor shall a waiver
in any one instance be deemed or construed as a waiver in any other, past or
future, instance.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>.&#160; The parties to this
Agreement shall do and perform, or cause to be done or performed, all such
further acts and things, and shall execute and deliver all such other
instruments and documents, as the other party hereto may reasonably request in
order to carry out the intent and accomplish the purposes of this Agreement and
the consummation of the transactions contemplated hereby.&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law; Jurisdiction</U>. This Agreement shall be governed by, and construed in
accordance with the laws of the State of New York without giving effect to the
principles of conflicts of laws, and any original suit, action or other legal
proceeding by either party hereto against the other party are hereby submitted
to the sole and exclusive jurisdiction of the competent court sitting in the
County of New York, State of New York.</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution
in Counterparts</U>. This Agreement may be executed in two or more
counterparts, including, without limitation, by facsimile signature, each of
which shall be deemed to be an original and each of which together shall be
deemed to be one and the same instrument.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Witness
Whereof</B>, the parties have executed this Agreement as
of the date first above written. </FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="37%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>NUR Macroprinters Ltd.</B></FONT></P></TD>
  <TD WIDTH="62%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>New York Private Bank &amp; Trust Company</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="55%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By:</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By</FONT></P></TD>
  <TD WIDTH="55%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="15%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="15%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="38%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">David Amir</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="55%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="38%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">President
  and CEO</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="55%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="16%" VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="38%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By:</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="55%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="15%" COLSPAN="2" VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="15%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="55%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Name:</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">David
  Seligman</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="55%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Title:</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">CFO</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="55%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="55%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="30%" COLSPAN="2" VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="55%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="37%" COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Dan Purjes</B></FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="55%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>

  <TD WIDTH=50></TD>
  <TD WIDTH=111></TD>
  <TD WIDTH=0></TD>
  <TD WIDTH=111></TD>
  <TD WIDTH=50></TD>
  <TD WIDTH=121></TD>
  <TD WIDTH=277></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">E-10</FONT></P>
<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>



<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><U>Schedule I</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">Subject Securities</FONT></P>




<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR>
  <TD WIDTH="46%" VALIGN=BOTTOM>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Name</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Record<BR>&#160;Shares (1)</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="11%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Beneficial<BR>
  Shares Owned <BR>
  (1)</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="9%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Existing <BR>
  Warrants<BR>
  (2)</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Total</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
 </TR>
 <TR>
  <TD WIDTH="46%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="11%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="9%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
 </TR>
 <TR>
  <TD WIDTH="46%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P></TD>
 </TR>
 <TR>
  <TD WIDTH="46%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Dan Purjes</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=CENTER>&nbsp;</P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">--</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT>&nbsp;</P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT>&nbsp;</P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT>&nbsp;</P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">--</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT>&nbsp;</P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT>&nbsp;</P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT>&nbsp;</P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">30,000</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT>&nbsp;</P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT>&nbsp;</P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">30,000</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT>&nbsp;</P></TD>
 </TR>
 <TR>
  <TD WIDTH="46%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Dan and Edna
  Purjes</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">5,806,011</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">1,028,300</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">331,731</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">7,168,042</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="46%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">X Securities
  Ltd.</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">--</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">--</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">132,273</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">132,273</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="46%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Y Securities
  Management, Ltd.</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">80,645</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">133,850</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">14,423</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">228,918</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="46%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">First Purjes
  Descendants L.P.</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">80,645</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">15,000</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">14,423</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">110,068</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="46%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Second
  Purjes Descendants <BR>
  L.P.</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">80,645</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">15,000</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">14,423</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">110,068</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="46%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Purjes
  Foundation</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">80,645</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">--</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">14,423</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">95,068</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR=AQUA>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="46%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="46%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Total</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>6,128,591</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>1,192,150</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>551,696</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>7,872,437</B></FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="46%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>




<BR>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="100%" COLSPAN="2" VALIGN=TOP>
  <HR SIZE=1 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=LEFT>


  </TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(1)</FONT></P>
  </TD>
  <TD WIDTH="96%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Ordinary
  shares, NIS 1.0 nominal value per share, of NUR</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(2)</FONT></P></TD>
  <TD WIDTH="96%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Warrants to
  purchase ordinary shares, NIS 1.0 nominal value per share, of NUR</FONT></P></TD>
 </TR>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">E-11</FONT></P>
<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>banklogo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>7
<FILENAME>exhibit_3.htm
<TEXT>
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        \\backup\office\EDGAR Filing\Nur Macroprinters Ltd\51431\a51431.eep -->
     <!-- Control Number: 51431                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Nur Macroprinters Ltd                                            -->
     <!-- Project Name:   6-K                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>6-K</TITLE>
</HEAD>
<BODY>

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<HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE STYLE="margin-top: -5px">
<HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE STYLE="margin-top: -10px">

<P ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit 3</B></U> </FONT> </P>

<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><IMG SRC="banklogo.jpg">
<BR>

<BR>
</FONT></P>


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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SUMMARY
OF TERMS FOR RESTRUCTURING OF DEBT OF NUR <BR>
MACROPRINTERS LTD.</B> </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Current Debt:</U></I></FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U></U>As
of March 21, 2005, NUR Macroprinters Ltd. (the &#147;<B>Company</B>&#148;) had an
outstanding credit facility in the amount of $23,025,000 to Bank Hapoalim B.M. (&#147;<B>BNHP</B>&#148;),
$15,750,000 to Bank Leumi Le-Israel B.M. (&#147;<B>BLL</B>&#148;) and $4,430,000 to
Israel Discount Bank Ltd. (&#147;<B>Discount</B>&#148;). Each of BNHP, BLL and Discount
shall hereinafter be referred to as a &#147;<B>Bank</B>&#148; and shall collectively be
referred to as the &#147;<B>Banks</B>&#148;. An amount that is equal to fifteen million
U.S. Dollars ($15,000,000), such amount to be allocated between the above three Banks&#146; credit
facilities in accordance with the numbers set forth in the table below (the <B>&#147;Converted
Amount</B>&#148;), will be converted into Ordinary Shares and warrants pursuant to the
terms herein. The Converted Amount will cease to accrue interest as of the date of this
Term Sheet. The remaining portion of the above credit facilities of the Banks
(twenty-eight million, two hundred and five thousand U.S. Dollars ($28,205,000)) shall be
referred to (in the aggregate) as the &#147;<B>Non-Converted Amount</B>&#148;.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Debt Restructuring:</U></I></FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U></U>Upon
the closing of the contemplated transactions (the &#147;<B>Closing</B>&#148;), the
Converted Amount will be restructured as follows:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
lieu of each of their respective rights to receive repayment of the principal amount set
forth next to each Bank&#146;s name in the below table, each Bank shall convert such
principal amount into: (i) the number of newly issued Ordinary Shares of the Company, par
value NIS 1.00, each (the &#147;<B>Ordinary Shares</B>&#148;), set forth next to such Bank&#146;s
name in the below table, and (ii) a warrant to purchase the number of Ordinary Shares as
set forth next to such Bank&#146;s name in the below table, for no additional exercise
price (the &#147;<B>Warrant</B>&#148;) of which a portion of the warrant, to purchase six
million six hundred sixty seven thousands (6,667,000) Ordinary Shares, is subject to the
Company Call Option (the Warrant Subject to the Company Call Option) and a portion of the
warrant, to purchase thirteen million three hundred thirty three thousands (13,333,000)
Ordinary Shares, is subject to the Inspire Call Option (the Warrant Subject to the
Inspire Call Option). </FONT></TD>
</TR>
</TABLE>
<BR>

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














<TABLE CELLPADDING="5" CELLSPACING="0" BORDER="1" WIDTH="600" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Bank</U> </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Principal<BR>
Amount being<BR>
Converted<BR></U> </FONT>
</TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Number of<BR>
Ordinary<BR>
Shares to be<BR>
Issued</U> </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Number of<BR>
Ordinary Shares<BR>
Purchasable by<BR>
Exercise of the<BR>
Warrant Subject<BR>
to the Company<BR>
Call Option</U> </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Number of<BR>
Ordinary<BR>
Shares<BR>
Purchasable<BR>
by Exercise of<BR>
the Warrant<BR>
subject to the<BR>
Inspire Call<BR>
Option</U> </FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="20%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BNHP</FONT></TD>
     <TD WIDTH="21%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;7,993,867&nbsp;</FONT></TD>
     <TD WIDTH="21%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,664,622&nbsp;</FONT></TD>
     <TD WIDTH="21%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,553,007&nbsp;</FONT></TD>
     <TD WIDTH="17%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,105,481&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BLL</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;5,468,117&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,822,706&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,430,396&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,860,427&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Discount</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;1,538,016&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>512,672&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>683,597&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,367,092&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$15,000,000&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>5,000,000&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>6,667,000&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>13,333,000&nbsp;</B> </FONT></TD></TR>
</TABLE>




<BR>
















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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Warrant Subject to the Company Call Option shall automatically, without any further
approval of the Company or the other Banks, convert into Ordinary Shares on the earlier
of the sixty (60) month anniversary of the Closing Date (as defined below), or (ii)
thirty (30) days after the occurrence of a Triggering Event (as defined below). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Each
Bank may exercise its Warrant Subject to the Inspire Call Option in whole or in part and
without any further approval of the Company or the other Banks, commencing on the Closing
(as defined below). Following the earlier of sixty (60) months following the Closing Date
or thirty (30) days following the occurrence of a Triggering Event, the Warrant subject
to the Inspire Call Option shall be automatically converted into Ordinary Shares. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Call Option:</U></I></FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U></U>The
Company, shall have the right to purchase up to six million six hundred and sixty seven
thousand (6,667,000) Ordinary Shares purchasable under the Warrant (or a portion thereof,
provided that such portion of the Warrant shall be exercisable into at least one million
(1,000,000) Ordinary Shares at a time) from the Banks for a price of sixty-five cents
($0.65) per Ordinary Share purchasable by the exercise of the Warrant (the &#147;<B>Company
Call Option</B>&#148;). The Company Call Option shall be exercisable at any time, and
from time to time, following the Closing Date and until the earlier of: (i) the sixty
(60) month anniversary of the Closing Date, or (ii) immediately upon to the first
occurrence of a Triggering Event (collectively, the &#147;<B>Company Call Expiration Date</B>).  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
addition, the Company shall have the right to purchase up to an additional thirteen
million three hundred and thirty three thousand Ordinary Shares purchasable under the
Warrant Subject to the Inspire Call Option, in case Inspire does not exercise the Inspire
Call Option until the sixty (60) month anniversary of the Closing or upon the occurrence
of a Triggering Event, as applicable. </FONT></TD>
</TR>
</TABLE>
<BR>

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


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Any
exercise of the Company Call Option shall be effected pro-rata between BNHP, BLL and
Discount. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>Triggering
Event </I>shall mean:<I></I>(i) the consummation of a Liquidation; or (ii) the
consummation of a Deemed Liquidation. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>Liquidation
</I>shall mean: (i) a bankruptcy, insolvency or reorganization proceeding under any
bankruptcy or insolvency or similar law, whether voluntary or involuntary, which is
properly commenced by or against the Company, which proceedings are not lifted or stayed
within ninety (90) days thereafter; (ii) a receiver or liquidator is appointed to all, or
substantially all, of the Company&#146;s assets which appointment is not lifted or stayed
within ninety (90) days thereafter; or (iii) the Company enters into a stay of
proceedings pursuant to Section 350 of the Companies Law, 5759 &#150; 1999 which
proceedings are not lifted within ninety (90) days (unless such period of time prejudices
the rights of the Banks in which case the time period shall not apply). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>Deemed
Liquidation </I>shall mean any of the following: (i) the sale, or other disposal of all,
or substantially all, of the assets and business activity of the Company; (ii) the
consummation of a sale of the Company&#146;s securities by Inspire Investments Ltd.
and/or any person or entity to whom Inspire Investments Ltd. has transferred securities
of the Company Issued to it under the agreement with the Company dated December 29, 2004
as amended, (Inspire Investments Ltd. together with all such transferees are hereinabove
and hereinafter referred to as Inspire), or a series of sales of the Company&#146;s
securities by Inspire, so that following such sale or series of sales of securities,
Inspire holds less than 50% of the shares and warrants issued to it under the said
agreement. and; (iii) in the event that the Company declares a dividend that equals to
50% or more of its profits for the four calendar quarters ending prior to the calendar
quarter during which the Company has declared the dividend payment at any time following
the Closing date prior to the expiration of the Company Call Option. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Sale of the Banks&#146; Shares:</U></I></FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U></U>In
each calendar month until the second anniversary of the Closing Date, BNHP, BLL and
Discount will not sell on the open market, a number of Ordinary Shares that constitutes a
percentage of the then issued and outstanding share capital of the Company that is higher
than the percentage set forth next to the name of such Bank below:  </FONT></TD>
</TR>
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BNHP:
0.26645 percent;</FONT></TD>
</TR>
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BLL:
0.18225 percent; and</FONT></TD>
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Discount:
0.05125 percent.</FONT></TD>
</TR>
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<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
addition, the above restriction shall cease to apply altogether in the event that the
average trading price and trading volume of the Ordinary Shares of the Company during any
period of at least 90 consecutive trading days are $2.00 per share and 20,000 shares per
day, respectively. The above no-sale undertaking will be binding upon the Banks towards
inspire also and will be deemed as a contract for the benefit of Inspire. </FONT></TD>
</TR>
</TABLE>
<BR>

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<font size=2></font></p>
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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Registration Rights:</U></I></FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U></U>The
Banks shall have the right at any time following the Closing Date to: (i) two demand
registrations, provided, that such demand must request the registration of at least one
(1) million shares; and (ii) unlimited piggyback registration rights, all subject to
underwriters&#146; cutbacks.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Assignment, Sale and/or <BR>
Transfer of</U></I>
<I><U>the Banks&#146; <BR>Warrant:</U></I> </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U></U> Each
Bank may, at any time and without the approval of the Company or the other <U></U> Banks,
but subject to the right of first refusal of the Company, assign, sell or  transfer,
the Warrant Subject to the Company Call Option (or any portion thereof) in a private
transaction to any third party, provided that following such transaction the Warrant
shall continue to remain subject to the Company Call Option and the transferee will
assume all obligations of the Banks under this Term Sheet. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Prior
to any assignment, sale or transfer of the Warrant (or any portion thereof) by any of the
Banks to a third party (the &#147;<B>Warrant Transfer</B>&#148;), such Bank shall provide
the Company and the other Banks with a notice detailing the Warrant Transfer and the
terms of the Warrant Transfer (the &#147;<B>Warrant Transfer </B><B>Notice</B>&#148;).
Within twenty one (21) days of the provision of the Warrant Transfer Notice by the Bank,
the Company shall notify each of the Banks in writing of its intention to purchase up to
six million six hundred and sixty seven thousand Ordinary Shares purchasable under the
Warrant (or portion thereof) on terms that are identical to the proposed terms of the
Warrant Transfer as detailed in the Warrant Transfer Notice (the &#147;Company <B>Notification</B>&#148;).
In the event that in the Company Notification, the Company stated that it intends to
exercise its right to purchase the Warrant, the Company shall provide to such Bank (and
the other Banks pro rata to the relative holdings of the Banks and to the extent so
desired by each of the other Banks) all of the funds for the purchase of the Warrant
within twenty one (21) days of the delivery of the Company Notification. In the event
that the Company did not: (i) deliver the Company Notification to the Bank within twenty
one (21) days from the provision of the Warrant Transfer Notice specifically stating its
intention to purchase the Warrant from the Bank, or (ii) transfer the required funds for
the purchase of the Warrant within twenty one (21) days of the delivery of the Company
Notification, then notwithstanding the above, the Bank shall immediately have the right
to consummate the assignment, sale or transfer of the Warrant to the third party on the
same terms and conditions as were provided for in the Warrant Transfer Notice. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Subject
to any duty or obligation imposed by any law or regulation applicable to the parties
hereto, this term sheet is strictly confidential and the terms set forth herein are not
to be divulged or transferred to any person or entity other than the Company, the Banks
or Inspire. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>General</U>:</I></FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
avoidance of any doubt, the Non-Converted Amount ($28,205,000) shall be rescheduled under
the provisions of mutually acceptable definitive agreements to be entered into between
the Banks and the Company (the &#147;<B>New Long Term Debt </B><B>Agreements</B>&#148;),
which will supersede and replace the respective agreements currently governing such debt
(the &#147;<B>Existing Agreements</B>&#148;). In addition, the Banks will waive the
Company&#146;s current failure to meet certain of the financial covenants of the Existing
Agreements (subject to the entering into the New Long Term Debt Agreements).  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Under
the New Long Term Debt Agreements, a credit facility in an amount equal to the
Non-Converted Amount shall be granted to the Company for a period of seven years, whereby
portions of the principal of the Non-Converted Amount shall be repaid in quarterly
installments of six-hundred thousand U.S. Dollars ($600,000), and the remainder of the
principal of the Non-Converted Amount will be renewed at the end of each year provided
that the Company is in compliance with the terms and conditions of the New Long Term Debt
Agreements. In addition to the payment of the principal of the Non-Converted Amount as
detailed above, the Company shall pay to the Banks accrued interest on the entire amount
of the outstanding Non-Converted Amount. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Each
Bank hereby agrees that, subject to the fulfillment of the closing conditions set forth
below, the Company will be authorized to issue and grant (i) fifteen million three
hundred eighty four thousand six hundred fifteen (15,384,615) Ordinary Shares to Inspire
at a purchase price of sixty-five cent ($0.65) per share, (ii) a warrant to Inspire to
purchase up to fifteen million three hundred eighty four thousand six hundred fifteen
(15,384,615) Ordinary Shares at an exercise price of seventy-five cents ($0.75) per
share, subject to adjustments as set forth in Amendment No. 1 to the SPA, (iii) a warrant
to Dan Purjes to purchase three million (3,000,000) Ordinary Shares at an exercise price
of seventy-five cents ($0.75) per share, provided, that such grant is approved by the
Company&#146;s shareholders, and (iv) the number of Ordinary Shares and Warrants issuable
to the other Banks under this Term Sheet. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
addition and for the avoidance of doubt, the warrants currently held by each of the Banks
set forth in the chart below shall not be a part of the restructuring of the
Non-Converted Amount, and as such, shall not be subject to the terms herein. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE CELLPADDING="5" CELLSPACING="0" BORDER="1" WIDTH="400" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Bank</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Number of Ordinary<BR>
Share Purchasable by<BR>
Exercise of Warrant</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Purchase Price of<BR>
Warrant</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="43%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BNHP</FONT></TD>
     <TD WIDTH="38%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>140,000&nbsp;</FONT></TD>
     <TD WIDTH="19%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BNHP</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>505,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BLL</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BLL</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>350,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BLL</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Discount</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Discount</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72</FONT></TD></TR>
</TABLE>





<BR>



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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Conditions to Closing</U>:</I></FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Closing
of the transactions contemplated hereunder shall occur on a mutually agreeable date (the
<B>&#147;Closing Date</B>&#148;) and is subject to: (i) the consummation of a $10,000,000
investment by Inspire Investments Ltd. in the Company under the share purchase agreement
dated December 29, 2004, as amended, (ii) approval by the board of directors and
investment or credit committees of each Bank, (iii) approval of the transactions
contemplated hereunder by the Company&#146;s board of directors and shareholders, and
(iv) and the entering into definitive documentation relating to the terms and various
agreements set forth in this document. In the event that all of the above closing
conditions are not completed, to the satisfaction of the Banks, by the earlier of: (a)
two weeks following the date of the publication of the Company&#146;s financial
statements for the year ended December 31, 2004, and (b) June 15, 2005, this Term Sheet
and the obligations contemplated hereunder shall be null and void. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Expenses:</U></I></FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U></U>The
Company shall be responsible for and shall bear the fees and expenses incurred in
connection with the contemplated transactions by the Banks, including without limitation,
legal, accounting and consulting fees and expenses up to $20,000 plus VAT thereon.  </FONT></TD>
</TR>
</TABLE>
<BR>







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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________________________   <BR>
NUR Macroprinters Ltd.      <BR>
<BR>
Name: _________________     <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
Title:  _________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
____________________________<BR>
Bank Leumi Le-Israel B.M.   <BR>
<BR>
Name:__________________     <BR>
Title:___________________   <BR>
<BR>
Name:__________________     <BR>
Title:  __________________
</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________________________<BR>
Bank Hapoalim B.M.<BR>
<BR>
Name: ________________<BR>
Title: _________________<BR>
<BR>
Name: ________________<BR>
Title:   ________________<BR>
________________________<BR>
Israel Discount Bank Ltd.<BR>
<BR>
Name:_______________<BR>
Title:________________<BR>
<BR>
Name:_______________<BR>
Title: ________________
</FONT></TD></TR>
</TABLE><BR>




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