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<SEC-DOCUMENT>0001178913-05-001432.txt : 20051014
<SEC-HEADER>0001178913-05-001432.hdr.sgml : 20051014
<ACCEPTANCE-DATETIME>20051014082135
ACCESSION NUMBER:		0001178913-05-001432
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20051014
FILED AS OF DATE:		20051014
DATE AS OF CHANGE:		20051014

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:		051137730

	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>zk51857.htm
<TEXT>
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        \\Backup\office\EDGAR Filing\Nur Macroprinters Ltd\51839\a51839.eep -->
     <!-- Control Number: 51857                                                            -->
     <!-- 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">

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

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the month of
October 2005<BR>Commission File Number: 000-26498 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<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>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>12 Abba Hillel
Silver Street, Lod, Israel 71111 </U></FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Address of principal executive
offices) </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 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>

<!-- 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;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>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October 14, 2005, NUR Macroprinters Ltd. (the &#147;Company&#148;) issued a press
announcing that an annual and special meeting of shareholders will be held on Thursday,
October 27, 2005. Among the matters that will be considered and voted upon at the annual
and special shareholders meeting are matters related to the previously announced
investment by a group of investors led by Fortissimo Capital and matters related to the
restructuring of the Company&#146;s outstanding debt. </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;The
Company also announced that Dan Purjes, the Company&#146;s former Chairman and beneficial
owner of approximately 36% of the Company&#146;s outstanding ordinary shares, filed a
complaint against the Company for the reinstatement of his voting rights, the control of
which had been granted to the Company pursuant to a voting agreement dated January 23,
2005. </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;The
text of the press release is attached hereto as Exhibit 1. The text of the notice of the
annual and special shareholders meeting and proxy statement is attached hereto as Exhibit
2. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<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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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;  </FONT></TD>
<TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 1.</FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
       Press Release Dated October 14, 2005 </FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;  </FONT></TD>
<TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 2.</FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
       Notice of an annual and special general meeting of the shareholders and proxy statement</FONT></TD>
</TR>

</TABLE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signatures </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<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>

<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Workstation" -->
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters Ltd.<BR><BR>
<BR>BY: /S/ David Amir<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
David Amir<BR>President and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Date October 14, 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">
<page>

<!-- 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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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<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 October 14, 2005 </FONT></TD>
</TR>

<TR VALIGN=TOP>
<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 an annual and special general meeting of the shareholders and proxy statement</FONT></TD>
</TR>

</TABLE>
<BR>
<p align=center>
<font size=2>3</font></p>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit_1.htm
<TEXT>
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<HEAD>
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     <!-- Project:        \\Backup\office\EDGAR Filing\Nur Macroprinters Ltd\51839\a51839.eep -->
     <!-- Control Number: 51839                                                            -->
     <!-- 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=1 NOSHADE STYLE="margin-top: -10px">

<P ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit 1</B></U> </FONT> </P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD><IMG SRC="logo.jpg" HEIGHT="58" WIDTH="101"></TD>
     <TD ALIGN="Right" VALIGN="Bottom"><FONT FACE="Times New Roman, Times, Serif" SIZE="7"><B><I>NEWS</I></B> </FONT> </TD></TR>
<TR VALIGN="BOTTOM">
     <TH colspan=2><HR SIZE=1 NOSHADE WIDTH=100% ALIGN=LEFT></TH>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="4"><U><B>FOR IMMEDIATE RELEASE</B></U> </FONT> </P>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>NUR ANNOUNCES ANNUAL
AND SPECIAL MEETING OF SHAREHOLDERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Fortissimo investment and the agreement with lender banks<BR>are subject only to
shareholders&#146; approval and customary closing conditions</FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dan Purjes filed
complaint against NUR &#150; seeking reinstatement of his voting rights </FONT></H1>

<!-- MARKER FORMAT-SHEET="Footnote Rule-TNR" FSL="Workstation" -->
<HR SIZE="1" NOSHADE WIDTH="15%" ALIGN="CENTER">

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOD,
Israel, October 14, 2005 &#151;<B>NUR Macroprinters Ltd. (NURM.PK)</B>, a leading supplier
of wide-format inkjet production printing systems for the out-of-home advertising market,
announced today that it will hold an annual and special general meeting of shareholders on
October 27, 2005 at 10:00 a.m. Israel time, at the Company&#146;s offices located at 12
Abba Hillel Street, Northern Industrial Park, Lod, Israel. </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;At
the shareholders meeting, NUR&#146;s shareholders will be asked approve, among other
matters, the previously announced $12 million investment by a group of investors led by
Fortissimo Capital and the debt restructuring agreement among NUR and its three lender
banks. These agreements are now subject only to the shareholders&#146; approval and
customary closing conditions as detailed in the proxy statement. </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;Shareholders
of record as of the close of business on September 23, 2005 are entitled to vote at the
shareholders meeting. NUR mailed the notice and proxy statement to the shareholders on or
about October 3, 2005. The notice and proxy statement will also be available on NUR&#146;s
website at <U>www.nur.com</U> as of Sunday, October 16, 2005. </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;NUR
also announced that Dan Purjes, NUR&#146;s former Chairman and beneficial owner of
approximately 36% of NUR&#146;s outstanding ordinary shares, filed a complaint against NUR
in the Supreme Court, New York County for the reinstatement of his voting rights, the
control of which had been granted to NUR pursuant to a voting agreement dated January 23,
2005. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.
          Purjes is seeking a declaratory judgment regarding the invalidity of the voting
          agreement and a permanent injunction to prevent NUR from taking any action that
          requires shareholder approval unless Mr. Purjes is permitted to vote his shares.
          NUR disputes Mr. Purjes&#146;s complaint, believes that is without merit and
          intends to contest the complaint vigorously. NUR intends to take appropriate
          steps to ensure that the shareholder meeting will take place as scheduled. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151; more &#151;  </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ABOUT NUR MACROPRINTERS LTD.
</B><BR>NUR Macroprinters (NURM.PK) 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>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><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, changes in general
economic and business conditions and specifically, a decline in demand for our products,
our inability to timely develop and introduce new technologies, products and applications
and loss of market, our inability to conduct the shareholders meeting prior to October 30,
2005, our inability to successfully defend ourselves against the complaint filed against
us by Dan Purjes, our inability to secure the approval of our shareholders of the
Fortissimo investment and/or the agreement with our lender banks, our inability to
conclude the Fortissimo investment and the transactions contemplated by our agreement with
our lender banks or 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 NUR 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>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contact</FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Doron Faibish +972 (8) 9145526</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>doronf@nur.com</U></FONT></TD></TR>

</TABLE>
<BR>

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<TYPE>EX-99
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<FILENAME>exhibit_2.htm
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     <!-- Project:        \\backup\office\EDGAR Filing\Nur Macroprinters Ltd\51857\a51857.eep -->
     <!-- Control Number: 51839                                                            -->
     <!-- 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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<P ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit 2</B></U> </FONT> </P>

<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><IMG SRC="logo.jpg" HEIGHT="58" WIDTH="101"></FONT></P>


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

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>Thursday, October 27,
2005 <BR>
at 10:00 a.m. Israel Time <BR>
12 Abba Hillel Silver Street <BR>
Lod, Northern Industrial
Park <BR>
Israel </FONT></H1>

<p align=center>
<font size=2></font></p>
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<page>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>NUR MACROPRINTERS LTD.</B> </FONT> <BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>12 Abba Hillel Silver
Street <BR>
Lod, Northern
Industrial Park <BR>
Israel </FONT></P>

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<HR SIZE="1" NOSHADE WIDTH="30%" ALIGN="CENTER">
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>NOTICE OF AN ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS </B> <BR>
<B>To be held on October 27, 2005 <BR>
10:00 a.m.</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<HR SIZE="1" NOSHADE WIDTH="30%" ALIGN="CENTER">


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To Our Shareholders: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
annual and special 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 October 27,
2005, at 10:00 a.m., Israel time, and thereafter as it may be adjourned from time to time
(the &#147;<B>Shareholders</B> <B>Meeting</B>&#148;), to approve the following
proposals:</FONT></P>



<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;
 To reelect three members of the Company&#146;s Board of Directors to hold
office until the next annual meeting of shareholders and until their respective successors
are duly elected and qualified; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;
          To ratify the selection of Kost Forer Gabbay &amp; Kasierer (a member of Ernst
          &amp; Young Global) as the independent auditors of NUR for the fiscal year ended
          December 31, 2005, which selection was made by the Audit Committee of the Board
          of Directors; </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;
          To approve a private placement to a group of investors led by Fortissimo Capital
          Fund G.P., L.P. <B>(&#147;Fortissimo</B>&#148;) of $12 million of NUR&#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 August 21, 2005, as
          amended by Amendment Number 1 to Share Purchase Agreement dated as of September
          11, 2005, and the transactions contemplated by the Share Purchase Agreement, as
          amended (the &#147;<B>Fortissimo Private Placement</B>&#148;), including, but
          not limited, to (a) the election of four directors appointed by Fortissimo, and
          (b) the management agreement between NUR and Fortissimo. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;
          To approve that certain Debt Restructuring Agreement dated as of September 12,
          2005 by and among NUR and its three lender banks (the &#147;<B>Debt
          Restructuring Agreement</B>&#148;), whose terms include the grant by NUR to the
          lender banks of warrants to purchase ordinary shares and the transactions
          contemplated by the Debt Restructuring Agreement; </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.&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 50,000,000 divided into 50,000,000 ordinary shares, which
          increase will result in an authorized share capital of NIS 170,000,000 divided
          into 170,000,000 ordinary shares; </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.&nbsp;&nbsp;&nbsp;&nbsp;
          To amend the provisions of the Company&#146;s Amended and Restated Articles of
          Association regarding indemnification of the Company&#146;s directors and
          officers; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.&nbsp;&nbsp;&nbsp;&nbsp;
          To approve, subject to the closing of the Fortissimo Private Placement, the
          procurement of liability insurance coverage for NUR&#146;s officers and
          directors to cover each of NUR&#146;s directors and officers who (a) will serve
          immediately following the completion of the Fortissimo Private Placement or be
          appointed in the future, and (b) served on NUR&#146;s board prior to the
          consummation of the Fortissimo Private Placement; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.&nbsp;&nbsp;&nbsp;&nbsp;
          To approve the execution of a replacement form of indemnification agreement with
          the Company&#146;s officers and each of its directors who are currently serving
          and will be appointed in the future, including the directors to be appointed by
          Fortissimo; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.&nbsp;&nbsp;&nbsp;&nbsp;
          To approve and ratify the execution of exculpation letters with each of the
          Company&#146;s directors who are currently serving and will be appointed in the
          future, including the directors to be appointed by Fortissimo; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.&nbsp;&nbsp;&nbsp;&nbsp;
          To approve, subject to the closing of the Fortissimo Private Placement, an
          amendment to the Company&#146;s 2000 Stock Option Plan (the &#147;<B>2000 Option
          Plan</B>&#148;) to increase the number of ordinary shares authorized for
          issuance under the 2000 Option Plan by 14,500,000, from 2,997,590 ordinary
          shares to 17,497,590 ordinary shares and to further increase the available
          number of ordinary shares authorized for issuance under the 2000 Option Plan by
          the number of ordinary shares underlying options surrendered (except in the case
          of surrender for the exercise into shares) or which cease to be exercisable
          under the Company&#146;s 1995 Stock Option Plan or the 1997 Stock Option Plan; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.&nbsp;&nbsp;&nbsp;&nbsp;
          To approve an amendment to the Company&#146;s 1998 Share Option Plan for
          Non-Employee Directors (the &#147;<B>1998 Option Plan</B>&#148;) to increase the
          number of ordinary shares authorized for issuance under the 1998 Option Plan by
          500,000, from 250,000 ordinary shares to 750,000 ordinary shares; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.&nbsp;&nbsp;&nbsp;&nbsp;
          To discuss the NUR&#146;s audited financial statements for the year ended
          December 31, 2004; and </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.&nbsp;&nbsp;&nbsp;&nbsp;
          To act upon any other matters that may properly come before the Shareholders
          Meeting or any adjournment(s) thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors believes that the proposed Fortissimo 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 NUR&#146;s shareholders to have
a continuing financial interest in NUR&#146;s future. Receipt of the funds from the
Fortissimo Private Placement and restructuring of NUR&#146;s existing bank debt is
essential in order for NUR to continue as a viable company. </FONT></P>

<p align=center>
<font size=2>ii</font></p>
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<page>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Fortissimo Private Placement and the Debt Restructuring Agreement will significantly
dilute your shareholding. However, if shareholders do not approve the proposals necessary
to complete the Fortissimo Private Placement and the debt restructuring contemplated by
the Debt Restructuring Agreement, NUR may be compelled to cease its operations entirely.
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>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s Board of Directors has fixed the close of business on September 23, 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 Shareholders Meeting. Only
shareholders of record at the close of business on the Record Date are entitled to notice
of, and to vote at, the Shareholders Meeting or any adjournments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company expects to mail the Proxy Statement and the accompanying form of proxy attached
hereto, to shareholders of record (as determined above) on or about October 3, 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the Shareholders Meeting. <B>Whether or not you plan to be
present at the Shareholders 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 October 25,
2005, to be counted for the Shareholders Meeting. </B>If you attend the Shareholders
Meeting, you may revoke your proxy and vote your shares in person. If you are present at
the Shareholders Meeting and desire to vote in person, you may revoke your appointment of
proxy at the Shareholders Meeting so that you may vote your shares personally. </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>By Order of the Board of Directors,<BR><BR>
<BR>/S/ Robert F. Hussey<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Robert F. Hussey<BR>Acting Chairman of the Board</FONT></TD>
</TR>
</TABLE>
<BR>

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

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>NUR MACROPRINTERS LTD. </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>12 Abba Hillel Silver
Street <BR>
Lod, Northern Industrial Park <BR>
Israel </FONT></H1>

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<HR SIZE="1" NOSHADE WIDTH="30%" ALIGN="CENTER">

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROXY STATEMENT FOR AN
ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS <BR>
To be held on October
27, 2005 <BR>
10:00 a.m. </FONT></H1>

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<HR SIZE="1" NOSHADE WIDTH="30%" ALIGN="CENTER">

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
annual and special meeting of shareholders of NUR Macroprinters Ltd. will be held on
Thursday, October 27, 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>Shareholders</B> <B>Meeting</B>&#148;). The enclosed form of proxy is solicited
by our Board of Directors for use at the Shareholders Meeting and at any adjournments of
the Shareholders Meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proxy materials are being mailed to shareholders on or about October 3, 2005. The
attachments hereto do not form a part of the proxy solicitation materials. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION ABOUT THE
SHAREHOLDERS MEETING </FONT></H1>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The Company, at the direction of 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 NUR&#146;s annual and special
meeting of shareholders, which will take place on October 27, 2005. In addition, NUR is
required to obtain the approval of its shareholders for the matters and proposals
described in this Proxy Statement. </FONT></TD>
</TR>
</TABLE>
<BR>

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



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

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Also
enclosed is: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our
annual report on Form 20-F for the fiscal year ended December 31, 2004 and the Company&#146;s
Consolidated Financial Statements for the fiscal year ended December 31, 2004 (which do
not constitute a part of the proxy solicitation materials); </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Share
Purchase Agreement between NUR and Fortissimo Capital, dated August 21, 2005 in the form
attached as <B><U>Exhibit A</U></B><U></U>; </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amendment
Number 1 to Share Purchase Agreement between NUR and Fortissimo Capital dated September
11, 2005 in the form attached as <B><U>Exhibit B</U></B><U></U>; </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Agreement
for Restructuring of Debt of NUR Macroprinters Ltd. between NUR and Bank Hapoalim
B.M., Bank Leumi le-Israel B.M. and Israel Discount Bank Ltd. in the
form attached as <U><B>Exhibit C</B></U>; </FONT> </TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Term
Sheet between Fortissimo Capital Fund G.P., L.P. in the form attached as <U><B>Exhibit D</B></U>; </FONT> </TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
form of indemnification agreements to be entered into with each of the Company&#146;s
officers and each of its directors, in the form attached as <B><U>Exhibit E</U></B><U></U>; </FONT></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">An
exculpation letter to each of NUR's Directors in the form attached as <U><B>Exhibit F</B></U>; </FONT> </TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">A
description of our 2000 Stock Option Plan in the form attached as <U><B>Exhibit G</B></U>; </FONT> </TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">A
description of our 1998 Share Option Plan for Non-Employee Directors in the Form
attached as <U><B>Exhibit H</B></U>; and </FONT> </TD>
</TR>
</TABLE>


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


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>What
am I being asked to vote on?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>A:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We
are seeking approval of the following eleven proposals.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
1</U> To reelect 3 members of the Board of Directors to hold office until the next annual
meeting of shareholders and until their respective successors are duly elected and
qualified; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
2</U> To ratify the selection of Kost Forer Gabbay &amp; Kasierer (a member of Ernst &amp; Young
Global) as the independent auditors of the Company for the fiscal year ended December 31,
2004, which selection was made by the Audit Committee of the Board of Directors; </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
3</U> We are seeking shareholder approval of the issuance and sale by NUR to Fortissimo
Capital Fund G.P., L.P. (&#147;<B>Fortissimo</B>&#148;) and certain other entities
(together, the &#147;<B>Fortissimo Investors</B>&#148;) of 34,285,714 ordinary shares at
a purchase price per share of $0.35 and warrants to purchase up to an additional
25,714,286 ordinary shares at an exercise price of $0.40 for aggregate consideration of
$12 million, and the transactions contemplated by the Share Purchase Agreement,
including, but not limited, to (a) the appointment of four members of the Board of
Directors to be appointed by the Fortissimo Investors (the &#147;<B>Fortissimo Directors</B>&#148;)
to hold office until the next annual meeting of shareholders and until their respective
successors are duly elected and qualified, and (b) the approval of the management
agreement between NUR and Fortissimo for the services of the Fortissimo Directors,
including the chairman, and other professional and management services to be provided to
NUR by Fortissimo. The transaction is referred to throughout this proxy statement as the
Fortissimo Private Placement; </FONT></TD>
</TR>
</TABLE>
<BR>

<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">
<page>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
4</U> We are seeking shareholder approval 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 $14.2 million of NUR&#146;s outstanding bank debt into warrants to
purchase up to 8,000,000 ordinary shares at an exercise price of $0.35 per share, and
would convert $5 million of NUR&#146;s outstanding bank debt into a non-interest bearing
three-year subordinated debt which will be payable only in the event of the liquidation
of NUR. The remaining outstanding bank debt will be rescheduled for repayment under a new
credit facility. The transaction is referred to throughout this proxy statement as the
Debt Restructuring; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
5</U> 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 50,000,000 divided into 50,000,000 ordinary shares, which
increase will result in an authorized share capital of NIS 170,000,000 divided into
170,000,000 ordinary shares; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
6</U> To amend the provisions of the Company&#146;s Amended and Restated Articles of
Association regarding indemnification of the Company&#146;s directors and officers; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
7</U> To approve, subject to the completion of the Fortissimo Private Placement, the
procurement of liability insurance coverage for current and future officers and directors
of NUR and/or of companies controlled by NUR for any wrongful act, omission, or event; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
8</U> To approve the execution of a replacement form of indemnification agreement with
the Company&#146;s current and future officers and directors, including the directors to
be appointed by Fortissimo; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
9</U> To approve and ratify the execution of exculpation letters with each of the Company&#146;s
current and future directors, including the directors to be appointed by Fortissimo; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
10</U> To approve, subject to the completion of the Fortissimo Private Placement, an
amendment to the Company&#146;s 2000 Stock Option Plan (the &#147;<B>2000 Option Plan</B>&#148;)
to increase the number of ordinary shares authorized under the 2000 Option Plan by
14,500,000, from 2,997,590 ordinary shares to 17,497,590 ordinary shares and to further
increase the available number of ordinary shares authorized for issuance under the 2000
Option Plan by the number of ordinary shares underlying options surrendered (except in
the case of exercise into shares) or which cease to be exercisable under the Company&#146;s
1995 Stock Option Plan or 1997 Stock Option Plan; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
11</U> To approve an amendment to the Company&#146;s 1998 Share Option Plan for
Non-Employee Directors (the &#147;<B>1998 Option Plan</B>&#148;) to increase the number
of ordinary shares authorized under the 1998 Option Plan by 500,000 ordinary shares, from
250,000 ordinary shares to 750,000 ordinary shares. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>3</font></p>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Private Placement (PROPOSAL 3) is conditioned upon the completion of the Debt
Restructuring (PROPOSAL 4). In turn, the Debt Restructuring is conditioned upon the
completion of the Fortissimo Private Placement. The procurement of liability insurance
policies (PROPOSAL 6) and the increase of number of shares reserved under the 2000 Option
Plan by 14,500,000 ordinary shares (PROPOSAL 10) are conditioned upon the completion of
the Fortissimo Private Placement.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Why
is the Company seeking to complete the Fortissimo Private Placement and Debt
Restructuring?</B> </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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. In 2001, NUR experienced a challenging year as a result of a general economic slow
down, resulting in a decline in advertising spending. As a result, NUR&#146;s sales
declined from 2001 until mid-2003.  </FONT></TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company has made significant progress during 2003 and 2004 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. 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.  </FONT></TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Fortissimo Private Placement and the Debt Restructuring (each of which is conditioned
upon successful completion of the other) are jointly intended to address these
challenges.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
During
the fourth calendar quarter of 2004 it became apparent to the Company that it required
substantial new equity investment. However, given the Company&#146;s indebtedness and
prevailing market conditions, management concluded 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></TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Following
several meetings with the lender banks held in October and November 2004, the lender
banks made it clear that as a pre-condition to any restructuring discussions, the Company
must complete an equity financing.  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>4</font></p>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">In
December 2004 the Company entered into an investment agreement with Inspire Investment
Ltd. (&#147;<B>Inspire</B>&#148;) pursuant to which Inspire agreed to invest $10 million in the
Company. In March 2005 the Company and the lender banks entered into a debt restructuring
agreement, which was conditioned upon the consummation of the Inspire investment. The
Inspire investment was approved at the annual shareholders meeting held on April 17,
2005. In June 2005 the Company was notified by Inspire of its termination of the
investment agreement. As a result of the termination of the investment agreement with
Inspire, the March 2005 debt restructuring agreement with the lender banks was
terminated. </FONT> </TD>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Following
termination of the Inspire investment, the Company commenced discussions with several
potential investors. Based on these discussions, the Company concluded that Fortissimo&#146;s
offer was the most suitable in terms of price, deal structure and time frame.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Following
execution of the Share Purchase Agreement with Fortissimo, NUR informed its lender banks
of the proposed Fortissimo Private Placement. NUR also extended a proposal to the lender
banks to restructure and reschedule the Company&#146;s outstanding debt.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Receipt
of the funds from the Fortissimo Private Placement and the completion of the Debt
Restructuring are essential to permit NUR to continue as a viable company. Under the
current agreements between NUR and its lender banks, the Company is not obligated to make
payments under its loan agreements until January 1, 2006, provided, that NUR does not
breach its obligations under the loan agreements. Absent the completion of the Debt
Restructuring described in PROPOSAL 4, all of NUR&#146;s outstanding bank debt will
become due and payable on January 1, 2006. Management does not believe that NUR would be
in a position to repay its outstanding bank debt on that date. The Debt Restructuring is
conditioned upon the completion of the Fortissimo Private Placement. We believe that the
Fortissimo 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.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
shareholders do not approve the Fortissimo Private Placement, NUR may be compelled to
cease its operations entirely. 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.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Why
is NUR seeking shareholder approval of the Fortissimo Private Placement and the Debt
Restructuring?</B> </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>(1) Condition to Closing. </B>NUR is required to seek and obtain shareholder approval
as a condition to closing of the Fortissimo Private Placement pursuant to the Share
Purchase Agreement dated as of August 21, 2005 between NUR and Fortissimo (the
&#147;<B>Share Purchase Agreement</B>&#148;), as amended by Amendment Number 1 to Share
Purchase Agreement dated as of September 11, 2005. Copies of the Share Purchase Agreement
and the Amendment Number 1 to Share Purchase Agreement are attached to this Proxy
Statement as <B><U>Exhibit A </U></B><U></U> and <B><U>Exhibit B</U></B><U></U>,
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 September 12, 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 to this Proxy Statement as
<B><U>Exhibit C</U></B><U></U>. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>5</font></p>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>(2)
Compliance with Israel&#146;s Companies Law.</B> Section 328 of the Israeli
          Companies Law, 1999 (the <B>&#147;Companies Law</B>&#148;) provides that an
          acquisition of shares in a public company must be made by means of a tender
          offer if as a result of the acquisition the purchaser would hold greater than a
          45% interest in the company, unless there is another shareholder holding more
          than a 45% interest in the company. These requirements do not apply if, in
          general, the acquisition (1) was made in a private placement that received
          shareholder approval as a private offering intended to grant the acquirer 45%
          interest in the company if no other shareholder holds 45% interest in the
          company, (2) was from a 25% or greater shareholder of the company which
resulted           in the acquiror becoming a 25% or greater shareholder of the company,
or (3) was           from a shareholder holding more than a 45% interest in the company
which           resulted in the acquiror becoming a holder of more than a 45% interest in
the           company.  </FONT></TD>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Based
on the shares outstanding as of September 1, 2005, following the closing of the
Fortissimo Private Placement, the Debt Restructuring and the reservation of shares for
grant under the Company&#146;s option plans:  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
ordinary shares (excluding the warrants) to be issued to the Fortissimo Investors in the
Fortissimo Private Placement would constitute 56.68% of the Company&#146;s issued share
capital (28.66% on a fully diluted basis). The ordinary shares underlying the warrants to
be granted to the Fortissimo Investors in the Fortissimo Private Placement would
constitute 42.51% of the Company&#146;s issued share capital (21.49% on a fully diluted
basis). The ordinary shares to be issued to the Fortissimo Investors and the ordinary
shares underlying the warrants to be granted to the Fortissimo Investors in the
Fortissimo Private Placement would constitute, in the aggregate, 48.93% of the Company&#146;s
share capital on a fully diluted basis; and </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
ordinary shares underlying the warrants to be granted to the lender banks in the Debt
Restructuring would constitute 13.22% of the Company&#146;s issued share capital (6.68%
on a fully diluted basis). </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Consequently,
the Company believes that the completion of the Fortissimo Private Placement would
constitute an acquisition of a &#147;controlling interest&#148; under Section 328 of the
Companies Law and, therefore, seeks shareholder approval of the Fortissimo Private
Placement as a private offering intended to grant Fortissimo an interest in the Company
which is greater than 45% while no other shareholder holds 45% interest in the Company.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>How
will the shares beneficially owned by Dan Purjes will be voted on the proposals?</B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Certain
shares beneficially owned by Dan Purjes, the former Chairman of NUR and beneficial owner
of 36% of NUR&#146;s outstanding ordinary shares, will be voted under a proxy granted by
Dan Purjes to the Board.  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>6</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
On
January 23, 2005, NUR entered into a Voting Agreement with Dan Purjes pursuant to which
Mr. Purjes granted to our Board voting control over 7,706,683 ordinary shares
beneficially owned by him, coupled with an irrevocable proxy (the &#147;<B>Proxy</B>&#148;).
The shares subject to the proxy are to be voted in any meeting or action of the
shareholders and with respect to any matter submitted to the shareholders with the
majority of votes of the other shareholders of NUR. In exchange for the voting control
over Mr. Purjes&#146;shares, NUR granted to Mr. Purjes a five-year warrant to purchase
3,000,000 ordinary shares at a purchase price per share of $0.75 (the &#147;<B>Purjes
Warrant</B>&#148;). At the annual shareholders meeting held on April 17, 2005, NUR&#146;s
shareholders approved the grant of the Purjes Warrant.  </FONT></TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
order to address certain concerns raised by Nasdaq, NUR and Mr. Purjes entered into a
Voting Trust Agreement, dated as of March 7, 2005 (the &#147;<B>Voting Trust Agreement</B>&#148;),
that amended, and suspended the Voting Agreement. However, as a result of the delisting
of our ordinary shares from the Nasdaq SmallCap Market during May 2005, the Voting Trust
Agreement was automatically terminated and the Voting Agreement once again became
effective.  </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>How
does NUR's Board of Directors recommend that I vote on the proposals?</B> </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>A:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR's
Board recommends that you vote your shares:</FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;<B>FOR</B>&#148;
each of the nominees to the Board; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>FOR</B>&#148; the
ratification of the Audit Committee&#146;s appointment of Kost Forer Gabbay &amp; Kasierer
as our independent auditors for 2005 and until the next annual meeting of shareholders; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;<B>FOR</B>&#148; the
Fortissimo Private Placement; </FONT> </TD>
</TR>
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<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;<B>FOR</B>&#148; the
Debt Restructuring; </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#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 50,000,000 divided into 50,000,000 ordinary shares, which increase will
result in an authorized share capital of NIS 170,000,000 divided into 170,000,000
ordinary shares; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>FOR</B>&#148; the
amendment of the provisions of the Company&#146;s Amended and Restated Articles of
Association regarding indemnification of the Company&#146;s directors and officers; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>FOR</B>&#148; the
procurement of directors&#146; and officers&#146; liability insurance coverage for NUR&#146;s
current and future officers and directors, including the directors to be appointed by
Fortissimo; </FONT></TD>
</TR>
</TABLE>
<BR>

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


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>FOR</B>&#148; the
approval of the execution of a replacement form of indemnification agreement with
existing and future officers and Directors of the Company, including the directors to be
appointed by Fortissimo; </FONT></TD>
</TR>
</TABLE>
<BR>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>FOR</B>&#148; the
approval and ratification of the execution of exculpation letters with current and future
directors, including the directors to be appointed by Fortissimo; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>FOR</B>&#148; the
adoption of the resolution to increase the number of ordinary shares reserved for
issuance under the 2000 Option Plan by additional 14,500,000 ordinary shares and by
additional number of shares that will become available from the 1995 Stock Option Plan
and the 1997 Stock Option Plan; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>FOR</B>&#148; the
adoption of the resolution to increase the number of ordinary shares reserved for
issuance under the 1998 Option Plan by additional 500,000 ordinary shares. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Who
is entitled to vote at the Shareholders Meeting?</B> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Only holders of record of ordinary shares at the close of business on September 23, 2005
are entitled to notice of and to vote at the Shareholders Meeting. We refer to this date
as the &#147;Record Date.&#148; As of the Record Date, the Company had 26,212,348 ordinary
shares outstanding. Each ordinary share is entitled to one vote. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Joint
holders of ordinary shares should note that, pursuant to Article 27.6 of the Company&#146;s
Amended and Restated Articles of Association, the right to vote at the Shareholders
Meeting will be conferred exclusively upon the senior among the joint owners attending
the Shareholders Meeting, in person or by proxy, and for this purpose, seniority will be
determined by the order in which the names appear in the Company&#146;s register of
shareholders.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Is
cumulative voting permitted?</B> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>A:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>No.
</B>The Company'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 Shareholders Meeting. </FONT></TD>
</TR>
</TABLE>
<BR>


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

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

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

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

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

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

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>A:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>When
you sign the proxy card,  you appoint  David Amir,  our President and Chief  Executive
 Officer,  as          your  representative  at the  Shareholders  Meeting.  Mr. Amir
will vote your shares at the  Shareholders          Meeting as you have instructed on the
proxy card.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
A
form of proxy for use at the Shareholders 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 Shareholders Meeting, Mr. Amir
will vote the ordinary shares represented thereby at the Shareholders 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 October 25, 2005 in order to be counted at the
Shareholders Meeting. The Company knows of no other matters to be submitted at the
Shareholders Meeting other than as specified in the Notice of Annual and Special Meeting
of Shareholders included with this Proxy Statement. If any other business is properly
brought before the Shareholders Meeting, however, it is the intention of the person(s)
named as proxies to vote in respect thereof in accordance with their best judgment.  </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>What
is the difference between holding shares as a shareholder of record and as a beneficial
owner?</B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><B>&nbsp;</B></TD>
<TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Shareholder
of Record</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
your shares are registered directly in your name with our transfer agent, Continental
Stock Transfer &amp; Trust Company of New York, New York, you are considered, with
respect to those shares, the shareholder of record. In such case, these proxy materials
are being sent directly to you. As the shareholder of record, you have the right to grant
your voting proxy directly to NUR or to vote in person at the Shareholders Meeting. NUR
has enclosed a proxy card and a pre-paid and addressed envelope.  </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><B>&nbsp;</B></TD>
<TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Beneficial
Owner</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
your shares are held in a stock brokerage account or by a bank or other nominee, you are
considered the beneficial owner of those shares. The shares held by a stock brokerage
account or by a bank or other nominee are said to be held in &#147;street name.&#148; 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 as to how to
vote your shares for the Shareholders Meeting. You also are invited to attend the
Shareholders Meeting. However, since you are not the shareholder of record, you may not
vote these shares in person at the Shareholders Meeting, unless you obtain a signed proxy
from the record holder (i.e., your broker, bank or other nominee) giving you the right to
vote the shares. Your broker or nominee has enclosed a voting instruction card for you to
use in directing the broker or nominee regarding how to vote your shares.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>How
can I vote my shares without attending the Shareholders Meeting?</B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Whether you hold shares directly as the shareholder of record or beneficially in street
name, you may direct your vote without attending the Shareholders Meeting by completing
and mailing your proxy card or voting instruction card in the enclosed prepaid and
addressed envelope. Please refer to the enclosed materials for details. </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Shares held directly in your name as the shareholder of record may be voted in person at
our Shareholders Meeting. If you choose to do so, please bring the enclosed proxy card or
proof of identification. Even if you plan to attend the Shareholders 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 Shareholders Meeting. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Shares
held in street name may be voted in person by you only if you obtain a signed proxy from
the record holder (i.e., your broker, bank or other nominee) giving you the right to vote
the shares.  </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Yes. </B>You may change your proxy instructions at any time prior to the vote at the
Shareholders 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 Shareholders Meeting and voting in person.
Attendance at the Shareholders Meeting will not cause your previously granted proxy to be
revoked unless you specifically so request. There will be no double counting of votes. </FONT></TD>
</TR>
</TABLE>
<BR>

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

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Yes. </B>A shareholder may revoke his/her proxy at any time prior to its exercise by
notice in writing to the Secretary of the Company, delivered at the Company&#146;s address
above, indicating that his/her proxy is revoked, by submitting another proxy with a later
date, or by attending the Shareholders 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 Shareholders Meeting, the shareholder must
bring a letter from the broker, bank or other nominee confirming that shareholder&#146;s
beneficial ownership of shares. </FONT></TD>
</TR>
</TABLE>
<BR>

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

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


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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>How
many votes do you need to hold the Shareholders Meeting?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
To
conduct business at the Shareholders Meeting, two or more shareholders must be present,
in person or by proxy, representing more than 33 1/3%, or 26,212,348, of the 8,737,450
ordinary shares outstanding as of the Record Date, i.e., a quorum.  </FONT></TD>
</TR>
</TABLE>
<BR>

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

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

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

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
PROPOSAL 1 (election of directors), PROPOSAL 2 (ratification of our auditors), PROPOSAL 3
(approval of the Fortissimo Private Placement), PROPOSAL 4 (approval of the Debt
Restructuring), PROPOSAL 5 (approval of the increase of the Company&#146;s authorized
share capital), PROPOSAL 6 (amendment of the provisions of the Company&#146;s Amended and
Restated Articles of Association regarding directors&#146; and officers&#146;
indemnification), PROPOSAL 7 (procurement of directors&#146; and officers&#146; liability
insurance), PROPOSAL 8 (replacement of the form of indemnification agreement), PROPOSAL 9
(approving and ratifying the grant to directors of exculpation letters), PROPOSAL 10
(increasing the number of ordinary shares reserved for issuance under the 2000 Option
Plan) and PROPOSAL 11 (increasing the number of ordinary shares reserved for issuance
under the 1998 Option Plan) require the affirmative vote of a majority (i.e., more than
50%) of the ordinary shares of the Company voted in person or by proxy at the Shareholders
Meeting on the matter presented for passage. </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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 Shareholders Meeting, abstentions and broker
non-votes will not be treated as either a vote &#147;for&#148; or &#147;against&#148; the
matter. A broker non-vote occurs when a nominee holding shares for a beneficial owner
does not vote on a particular proposal because the nominee does not have discretionary
voting power with respect to that proposal and has not received instructions from the
beneficial owner.  </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>A:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Yes.
</B>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></TD>
</TR>
</TABLE>
<BR>


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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Where
do I find the voting results of the Shareholders Meeting?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
We plan to announce preliminary voting results at the Shareholders Meeting and will
publish the final results in a Form 6-K filed with the SEC promptly following the
Shareholders Meeting. You may obtain a copy of the Form 6-K through any of the following
means: </FONT></TD>
</TR>
</TABLE>
<BR>

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

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

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



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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information regarding the beneficial ownership of the
Company&#146;s ordinary shares as of September 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. </FONT></P>

<p align=center>
<font size=2>12</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Ordinary shares<BR>
beneficially owned (1)</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Percentage of ordinary<BR>
shares beneficially owned</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD WIDTH="46%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dan Purjes(2)</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="19%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,879,849</FONT></TD>
        <TD WIDTH="6%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="19%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.46</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United Mizrahi Bank Ltd.(3)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,945,833</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.98</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Myles Wittenstein</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,656,311</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.25</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert F. Hussey</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lauri A. Hanover</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Koby Shtaierman</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oded Akselrod</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tammy Peller</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David Amir</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>420,070</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.58</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David Seligman</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less
than one percent of the outstanding ordinary shares. </FONT></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As
used in this table, &#147;beneficial ownership&#148; means the sole or shared
          power to vote or direct the voting or to dispose or direct the disposition of
          any security. For purposes of this table, a person is deemed to be the
          beneficial owner of securities that can be acquired within 60 days from
          September 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 26,205,681 ordinary shares outstanding
as           of September 1, 2005. </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>According
to Amendment No. 6 to Schedule 13-D filed by Mr. Purjes with the SEC           on March
10, 2005, Mr. Purjes beneficially owned 7,879,849 ordinary shares of           the
Company. On April 17, 2005, the Company granted to Dan Purjes a warrant to
          purchase up to 3,000,000 ordinary shares in consideration of Mr. Purjes&#146;          agreement
to surrender his voting rights as described in &#147;How will the           shares
beneficially owned by Dan Purjes will be voted on the proposals?.&#148;          Mr.
Purjes is the beneficial owner of an aggregate of 10,879,849 ordinary shares           or
36.46% percent of the Company&#146;s ordinary shares, as of September 1,           2005. </FONT></TD>
</TR>
</TABLE>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>13</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Shareholders Meeting, the shareholders will elect Directors to serve on the Board. Our
Amended and Restated Articles of Association provide for a Board consisting of no less
than four and no more than twelve members, as may be determined from time to time at a
general meeting of our shareholders. The Board is currently composed of the following five
Directors: Robert F. Hussey, Oded Akselrod, Lauri A. Hanover, Koby Shtaierman and Tamar
Peller. Robert F. Hussey, Oded Akselrod and Tamar Peller are standing for reelection.
Lauri A. Hanover and Koby Shtaierman are currently serving as our External Directors (as
defined by the Companies Law) and their initial three-year term will end on November 18,
2006. <B>Under the terms of the Share Purchase Agreement described in PROPOSAL 3, the
Company undertook that upon the completion of the Fortissimo Private Placement the
Fortissimo Investors will be entitled to elect majority of the Directors. Therefore, if
the Fortissimo Private Placement is completed, Robert F. Hussey and Tamar Peller will
resign from their office as Directors. Following such resignation, the Board will be
increased by two directors to consist of seven members, four of which will be nominated by
Fortissimo as described in PROPOSAL 3. The remaining directors will be Oded Akselrod and
our current external directors, Lauri A. Hanover and Koby Shtaierman.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is unaware of any reason why any of the nominees, if elected, should be unable to
serve as a member of the Board. If any of the nominees are unable to serve, David Amir,
the person named in the proxy will vote the shares represented thereby
&#147;<B>FOR</B>&#148; the election of other nominees proposed by the Board. All nominees
listed below have advised the Board that they intend to serve as members of the Board if
elected. </FONT></P>

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

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



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Name</FONT><HR WIDTH="30%" SIZE="1" COLOR="BLACK" NOSHADE ALIGN="LEFT"></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Age</FONT><HR WIDTH=80% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Position with the Company</FONT><HR WIDTH="95%" SIZE="1" COLOR="BLACK" NOSHADE ALIGN="LEFT"></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=35% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert F. Hussey<SUP>(1)</SUP></FONT></TD>
     <TD WIDTH=9% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Acting Chairman and Director</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oded Akselrod<SUP>(1)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tamar Peller<SUP>(2)</SUP></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD></TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Member
of the Company&#146;s Stock Option &amp; Compensation Committee. </FONT></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Member
of the Company&#146;s Audit Committee. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>14</font></p>
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<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Robert
F. Hussey</I> has served as acting chairman of the Board of Directors since December 2004
and as a director of the company since September 1997. Mr. Hussey was the chairman of the
Audit Committee until his appointment as acting chairman of the Board. Mr. Hussey is
presently the chief operating officer of HC Wainwright and Company, Inc. 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., Distributed
Power Corp., i2Telecom.Com and Axcess International 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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Oded
Akselrod </I>has served as a director of NUR since February 2002. Mr. Akselrod was the
general manager of the Investment Corp. of United Mizrahi Bank Ltd., a wholly owned
subsidiary of United Mizrahi Bank Ltd. that was merged into United Mizrahi Bank Ltd. on
October 2004. Prior to joining the Investment Corp. of United Mizrahi Bank, from 1994 to
1997, Mr. Akselrod held the position of general manager of Apex-Leumi Partners Ltd. as
well as Investment Advisor of Israel Growth Fund. Prior thereto, from 1991 to 1994, Mr.
Akselrod served as general manager of Leumi &amp; Co. Investment Bankers Ltd. Mr. Akselrod
began his career in various managerial positions in the Bank Leumi Group including member
of the management team of Bank Leumi, deputy head of the international division, head of
the commercial lending department of the banking division, member of all credit committees
at the Bank, assistant to Bank Leumi&#146;s CEO and head of international lending division
of Bank Leumi Trust Company of New York. Mr. Akselrod holds a Bachelor&#146;s degree in
Agriculture Economics from Hebrew University, Jerusalem and an M.B.A. degree from Tel Aviv
University. Mr. Akselrod is also a director of Moffet Technology Fund Israel Ltd., which
is a publicly held company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tamar
Peller </I>has served as a director of NUR since December 2004. Ms. Peller is the
co-founder and CFO of Rubidium Ltd., a high-tech company specializing in digital voice
processing chips and applications. Ms. Peller holds this position since 1997. Prior to
this, Ms. Peller was with the high-tech audit group of the accounting firm of Almagor
&amp; Co. Ms. Peller holds a B.A. in Accounting and Finance from the College of Management
in Tel-Aviv, Israel and she is a certified public accountant. Ms. Peller is a Board Member
and the chairman of the Hi-Tech Committee of the Institute of Certified Public Accountants
in Israel &#150; Tel-Aviv District. Ms. Peller is an external director and chairman of the
audit committee at &#147;Lehava&#148;, a study fund managed by Bank Hapoalim. </FONT></P>

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

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

<p align=center>
<font size=2>15</font></p>
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<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Koby
Shtaierman </I>has served as an external director of NUR since November 2003. Mr.
Shtaierman currently serves as vice president marketing and sales of Advanced Vision
Technology Ltd. From 1996 to 1998, Mr. Shtaierman served as vice president of corporate
marketing for Tecnomatix Technologies Ltd. From 1985 to 1995, Mr. Shtaierman served as
marketing director of the input system division of Scitex Corporation. Prior thereto Mr.
Shtaierman held various positions at Israel Aircraft Industries. Mr. Shtaierman holds a
B.Sc. and M.Sc. degrees in Electronics and Computer Engineering from the Technion, Haifa.
Mr. Shtaierman qualifies as an external director according to the Companies Law, 1999. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
to ratify the appointments of Robert F. Hussey, Oded Akselrod and Tamar Peller, as
directors of the Company for the coming year until the next annual meeting of the
Company&#146;s shareholders and until their respective successors are duly elected. </FONT></P>

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

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

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

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

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

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

<p align=center>
<font size=2>16</font></p>
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<page>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are subject to the provisions of the Companies Law, which requires that we have at least
two external directors. Under a recent amendment to the Companies Law, at least one of the
external directors is required to have &#147;Financial Expertise&#148; and the other
external directors are required to have &#147;Professional Expertise.&#148; These
requirements are subject to regulations to be promulgated in which the terms
&#147;Financial Expertise&#148; and &#147;Professional Expertise&#148; would be defined.
This recent amendment does not apply to external directors who were appointed before March
17, 2005 (such as our external directors). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Companies Law, a person may not be appointed as an external director if he or his
relative, partner, employer or any entity under his control has or had during the two
years preceding the date of appointment any affiliation with the company, any entity
controlling the company or any entity controlled by the company or by this controlling
entity. The term affiliation includes: an employment relationship, a business or
professional relationship maintained on a regular basis, control, and service as an office
holder. No person can serve as an external director if the person&#146;s position or other
business creates, or may create, conflicts of interest with the person&#146;s
responsibilities as an external director. Until the lapse of two years from termination of
office, a company may not engage an external director to serve as an office holder and
cannot employ or receive services from that person, either directly or indirectly,
including through a corporation controlled by that person. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Companies Law, external directors must be elected by a majority vote at a
shareholders&#146; meeting, provided that either: (1) 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 (2) 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. The initial term of an external director is three years,
which term may be extended for an additional three years. Each committee of a
company&#146;s board of directors must include at least one external director, and all
external directors must serve on the audit committee. NUR&#146;s external directors are
currently Lauri A. Hanover and Koby Shtaierman. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align=center>
<font size=2>17</font></p>
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<page>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee must be composed of members of the Board who are not employees of NUR and
the external directors. In addition, the majority of members of the Audit Committee may
not be holders, directly or indirectly, through family members, of more than five percent
of the ordinary shares. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NUR&#146;s
Audit Committee, acting pursuant to a written charter, currently consists of Lauri A.
Hanover, Koby Shtaierman and Tamar Peller. Approval by the Audit Committee and the Board
is required for (i) proposed transactions to which NUR intends to be a party in which an
Office Holder has a direct or indirect personal interest, (ii) 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 NUR, (iii) arrangements with directors as to the terms of
office or compensation, (iv) indemnification of Office Holders, and (v) compensation and
scope of work of the independent auditor. Arrangements with directors as to the terms of
their service or compensation also require shareholder approval. All arrangements as to
compensation of Office Holders who are not directors require approval of the Board. In
certain circumstances, the matters referred to in (i), (ii), and (iv) may also require
shareholder approval. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </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
Audit Committee provides assistance to the Board in fulfilling its legal and fiduciary
obligations in matters involving our accounting, auditing, financial reporting, internal
control and legal compliance functions by approving the services performed by our
independent accountants and reviewing their reports regarding our accounting practices and
systems of internal accounting controls. The Audit Committee also oversees the audit
efforts of our independent accountants and takes those actions as it deems necessary to
satisfy itself that the accountants are independent of management. Under the Companies
Law, the Audit Committee also is required to monitor deficiencies in the administration of
a company, including by consulting with the internal auditor, and to review and approve
related party transactions. </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
Audit Committee has discussed with the independent registered public accounting firm the
matters covered by Statement on Auditing Standards No. 61, as well as their independence,
and was satisfied as to the independent registered public accounting firm&#146;s
compliance with said standards. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
March 1998, NUR established a Stock Option and Compensation Committee to administer
NUR&#146;s stock option plans, other than the 1998 Option Plan. The Stock Option and
Compensation Committee is charged with administering and overseeing the allocation and
distribution of stock options under the approved stock option plans of NUR and approval of
the NUR&#146;s executive officers&#146; annual compensation. The Stock Option and
Compensation Committee&#146;s recommendations are subject to the Board&#146;s approval.
Under the Companies Law the Board is entitled to delegate to the general manager or person
recommended by the general manager the Board&#146;s authority to issue ordinary shares
issuable upon exercise or conversion of NUR&#146;s securities. The Stock Option and
Compensation Committee is presently composed of three members: Oded Akselrod, Lauri A.
Hanover and Robert F. Hussey. </FONT></P>

<p align=center>
<font size=2>18</font></p>
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<page>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Non-Employee Director
Share Option Plan Committee </I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February 1999, NUR established a committee to administer the 1998 Option Plan (the
&#147;<B>NEDSOP Committee</B>&#148;). The NEDSOP Committee is charged with administering
and overseeing the allocation and distribution of stock options under the 1998 Option
Plan. The Companies Law provides that the Board is not entitled to delegate to Board
committees its power, among other things, to allocate shares or securities convertible
into shares of NUR, except for allocation of shares or securities convertible into shares
of NUR relating to employees incentive plans, and employment or salary agreements between
NUR and its employees. Accordingly, the NEDSOP Committee recommendations are subject to
the Board&#146;s approval. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
will be asked to approve the appointment of Kost Forer Gabbay &amp; Kasierer, a member of
Ernst &amp; Young Global, and their affiliates, as our independent auditors for the year
ending December 31, 2005 and to authorize the Audit Committee to approve the remuneration
of the auditors in accordance with the volume and nature of their services. Kost Forer
Gabbay &amp; Kasierer were our auditors for the year ended December 31, 2004. </FONT></P>

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

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

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

<p align=center>
<font size=2>19</font></p>
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<page>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=9><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Payments due by periods<BR>
(in thousands of U.S. dollars)</FONT><HR WIDTH=98% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2003</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2004</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD WIDTH="62%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Audit fees <SUP>1</SUP></FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>360</FONT></TD>
        <TD WIDTH="9%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>400</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Audit-related fees <SUP>2</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>200</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tax fees <SUP>3</SUP></FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All other fees <SUP>4</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>640</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>720</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD></TR>
</TABLE>

<BR>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
that the independent registered public accounting firm of Kost Forer Gabbay &amp; Kasierer
(a member of Ernst &amp; Young Global), be, and they hereby are, reappointed as
independent public accountants of the Company for the fiscal year ended December 31, 2005,
and until the next annual meeting of shareholders, and that the Board, with the approval
of the Audit Committee, be, and it hereby is, authorized to determine the compensation of
said independent public accountants, considering the volume and nature of their
services.&#148; </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that the shareholders vote &#147;FOR&#148; ratification of the selection
of Kost Forer Gabbay &amp; Kasierer as the independent registered public accounting firm
of the Company for the fiscal year ending December 31, 2005 and until the next annual
meeting of shareholders.</B> </FONT></P>

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


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


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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>2</SUP> </FONT></TD>
          <TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Audit-related fees relate to assurance and associated services that
          traditionally are performed by the independent accountant, including: </FONT></TD>
          </TR>
          </TABLE>



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


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


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


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


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


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





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

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>PROPOSAL 3</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPROVAL OF THE TERMS
OF THE FORTISSIMO PRIVATE PLACEMENT </FONT></H1>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s management has made a significant progress during 2003 and 2004.
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. </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
Fortissimo Private Placement and the Debt Restructuring (each of which is conditioned upon
successful completion of the other) are jointly intended to address these challenges. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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 new equity investment. However, given the Company&#146;s
considerable indebtedness and prevailing market conditions, it was concluded that it would
be impossible to attract new financing, without restructuring its bank debt. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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 clear that as a pre-condition to any discussion regarding debt
restructuring, the Company must complete an equity financing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2004 the Company entered into an investment agreement with Inspire pursuant to
which Inspire agreed to invest $10 million in the Company. In March 2005 the Company and
the lender banks entered into a debt restructuring agreement which was conditioned upon
the consummation of the Inspire investment. The Inspire investment was approved at the
annual shareholders meeting held on April 17, 2005. In June 2005 the Company was notified
by Inspire of it termination of the investment agreement. As a result of the termination
of the investment agreement, the March 2005 debt restructuring agreement with the lender
banks was terminated. </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
consummation of the Inspire investment was conditioned, among other things, upon
Inspire&#146;s completion of its due diligence review. Inspire claimed in its termination
notice that it was not satisfied with the results of its due diligence review and
accordingly viewed the investment agreement to be terminated. Inspire refused to provide
NUR with a detailed account of the unsatisfactory results of its due diligence to which it
referred or to details regarding differences between Inspire&#146;s findings and its
expectations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the termination of the Inspire investment, the Company commenced discussions with several
potential investors. Based on these discussions, the Company concluded that
Fortissimo&#146;s offer as the most suitable in terms of price, deal structure and time
frame. </FONT></P>

<p align=center>
<font size=2>21</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Share Purchase Agreement </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August 21, 2005, the Company entered into a Share Purchase Agreement for the sale of
ordinary shares to Fortissimo and certain other entities identified in the schedule of
investors to the Share Purchase Agreement (i.e., the Fortissimo Investors). On September
11, 2005, the Company and Fortissimo 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. The following description of the
Share Purchase Agreement is qualified in it entirety by reference to the Share Purchase
Agreement and the amendment thereto attached as <B><U>Exhibit A</U></B><U></U> and
<B><U>Exhibit B</U></B><U></U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key
terms of the Share Purchase Agreement, as amended, are as follows: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
will sell 34,285,714 ordinary shares (the &#147;<B>Fortissimo Shares</B>&#148;) to the
Fortissimo Investors, for an aggregate purchase price of $12 million. The purchase price
per share is $0.35, which was higher than the closing bid price of our ordinary shares on
August 19, 2004 (2 days prior to the date on which the Share Purchase Agreement was
executed). The Fortissimo Investors also will receive warrants to purchase up to
25,714,286 ordinary shares at an exercise price of $0.40 per share (the
&#147;<B>Fortissimo Warrants</B>&#148;). The Fortissimo Warrants will have a 5-year term. </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
prior to the closing of the Fortissimo Private Placement (the &#147;<B>Closing</B>&#148;),
Fortissimo becomes aware of an &#147;adverse event&#148;, then, Fortissimo may decide not
to proceed with the Fortissimo Private Placement. The term &#147;adverse event&#148; is
defined as: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>circumstances
not in the Company&#146;s ordinary course of business that are unknown to the Company or
are known to the Company and not reported to the Fortissimo Investors, which have, in the
aggregate, an adverse effect on the Company of $3 million; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>circumstances
that prevent the Company from holding the general meeting of shareholders for approval of
the Fortissimo Private Placement on or before October 30, 2005; or </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
imposition of value added tax, irrespective of the amount thereof, in connection with the
Fortissimo Private Placement and/or the Debt Restructuring. The Company intends to obtain
a pre-ruling regarding this issue from the Israeli tax authorities. In the event the
Company is not successful in securing this tax ruling, the Fortissimo Private Placement
would not occur. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
(1) the closing of the Fortissimo Private Placement, (2) the closing of the Debt
Restructuring and (3) the reservation of shares for grant under the Company&#146;s option
plans: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Fortissimo Shares (excluding the warrants) represent 56.68% of the Company&#146;s issued
share capital (28.66% on a fully diluted basis). The ordinary shares underlying the
Fortissimo Warrants (the <B>&#147;Fortissimo Warrant Shares</B>&#148;) represent 42.51%
of the Company&#146;s issued share capital (21.49% on a fully diluted basis). The
Fortissimo Shares and the Fortissimo Warrant Shares would constitute, in the aggregate,
48.93% of the Company&#146;s share capital on a fully diluted basis. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>22</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
ordinary shares underlying the warrants to be granted to the lender banks in the Debt
Restructuring represent 13.22% of the Company&#146;s issued share capital (6.68% on a
fully diluted basis). </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purchase price of $12 million will be paid in three installments. $5 million will be paid
at the Closing, $5 million within ninety days following the Closing, and the remaining $2
million on the first anniversary of the Closing. At the Closing the Company will sell to
the Fortissimo Investors, against the payment of the first installment, the respective
number out of the Fortissimo Shares and Fortissimo Warrants, and the remaining Fortissimo
Shares and Warrants (the &#147;<B>Escrow Securities</B>&#148;) will be issued to an escrow
agent. The escrow agent will release the Escrow Securities to the Fortissimo Investors
upon payment of the second and third installments, as applicable. Until the date of
payment of the second installment or third installment, as applicable, the escrow agent
will vote, execute written instruments and/or exercise any other rights of holders in
connection with the Escrow Securities pursuant to the written instructions of Fortissimo. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August 30, 2005 the Fortissimo Investors deposited with the escrow agent an amount of $1
million. If the Closing takes place, the escrow amount will be transferred to the Company
as part of the aggregate purchase price. In the event that the Closing does not take place
due to the occurrence of an &#147;adverse event,&#148; or the Company&#146;s failure to
effect the Closing, then, the escrow amount will be returned to the Fortissimo Investors.
If the Closing does not take place due to Fortissimo&#146;s election for reasons other
than the occurrence of an &#147;adverse event,&#148; then, escrow amount will be
transferred to the Company as an investment by the Fortissimo Investors at a purchase
price of $0.35 per share. </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
a Fortissimo Investor fails to pay its portion of the second or third installments when
due, as applicable, then, all the then remaining Escrow Securities held for the benefit of
such Fortissimo Investor will be cancelled by the Company in accordance with applicable
law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consummation
of the transactions contemplated by the Share Purchase Agreement is subject, in addition
to receipt of shareholder approval, to the following additional closing conditions, which
may be waived by the Fortissimo Investors: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>receipt
of any required regulatory or governmental approvals;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>execution
of the Debt Restructuring Agreement;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
lender  banks'  approval  of the  Fortissimo  Private  Placement  and the  transactions
 contemplated               thereunder; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>written
confirmation from the Company that it views the Voting Agreement by and among the Company
and Dan Purjes, dated January 23, 2005 to be in full force and effect, and that it has
not waived and/or amended any term thereunder. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
a registration rights agreement entered into among the Company, the Fortissimo Investors
and the lender banks, the Company may be required by the Fortissimo Investors to register
for resale the Fortissimo Shares and the Fortissimo Warrant Shares. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and the Fortissimo Investors has made representations, warranties and
undertakings, including indemnifications obligations, standard for a transaction of this
type. </FONT></P>

<p align=center>
<font size=2>23</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Share Purchase Agreement, the Company has agreed that until October 20, 2005, it will
not solicit, negotiate and/or accept any financing or investment offers by others, or
declare or make any distribution to shareholders or enter into any new interested party
transaction without Fortissimo&#146;s consent. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the terms of the Share Purchase Agreement, the Company has agreed to take certain steps
following the Closing to ensure that the Fortissimo Investors shall be able to elect a
majority of the Board of Directors, including the Chairman of the Board. Under the
Company&#146;s Amended and Restated Articles of Association, the Board may from time to
time elect one of its members to be the chairman of the Board, remove such chairman from
office and appoint another in his place. Fortissimo proposes to elect the four nominees
named below (the &#147;<B>Fortissimo Directors</B>&#148;). Upon the completion of the
Fortissimo Private Placement Robert F. Hussey and Tamar Peller will resign from their
office as Directors. <B>Following such resignation, the Board will be increased by two
directors to consist of seven members, four of which will be nominated by Fortissimo as
described in PROPOSAL 3. The remaining directors will be Oded Akselrod and our current
external directors, Lauri A. Hanover and Koby Shtaierman.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is unaware of any reason why any of the nominees, if appointed, should be unable
to serve as a member of the Board. If any of the nominees are unable to serve, David Amir,
the person named in the proxy will vote the shares represented thereby
&#147;<B>FOR</B>&#148; the appointment of other nominees proposed by the Fortissimo
Investors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following information is supplied with respect to each of the Fortissimo Directors and is
based upon information furnished to the Board by the nominees. </FONT></P>

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



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Name</FONT><HR WIDTH="95%" SIZE="1" COLOR="BLACK" NOSHADE ALIGN="LEFT"></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Age</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Yuval Cohen</FONT></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Eli Blatt</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Marc Lesnick</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shmoulik Barashi</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Yuval
Cohen</I> is the managing partner of Fortissimo, a technology focused growth equity fund.
Prior to founding Fortissimo, Mr. Cohen was a General Partner at Jerusalem Venture
Partners (&#147;<B>JVP</B>&#148;), an international venture capital firm with over $650
million under management.&nbsp;Mr. Cohen led investments in, and served on&nbsp;boards
of&nbsp;numerous companies, including:&nbsp; PowerDsine Ltd. (Nasdaq: PDSN), Precise
Software Solutions, Inc. (sold to Veritas Software Corporation. Nasdaq: PRSE), T.sqware,
Inc. (sold to Globespan Inc. Nasdaq: GSPN), Sheer Networks (sold to Cisco Systems Inc.:
Nasdaq: CSCO), Sphera Corporation, Teleknowledge Group, Celltick Technologies, and Quarry
Technologies. Prior to joining JVP, Mr. Cohen held various executive positions in the
Silicon Valley. Mr. Cohen&nbsp;was the Vice President&nbsp;of Business Development and
also served as the General Manager of the licensing division&nbsp;at DSP Group,
Inc.&nbsp;(Nasdaq: DSPG).&nbsp; In addition, &nbsp;Mr. Cohen&nbsp;served as the Vice
President of Marketing at VDOnet Corporation and as the Assistant to the President of
Intel Capital at Intel Corporation (Nasdaq: INTC). Mr. Cohen also serves as the Chairman
of the Board of Directors of Telrad Networks Ltd. (&#147;<B>Telrad</B>&#148;), a
Fortissimo portfolio company. Mr. Cohen received an MBA from the Harvard Business School
and a B.Sc. in Industrial Engineering from Tel Aviv University. </FONT></P>

<p align=center>
<font size=2>24</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eli
Blatt</I> is a partner at Fortissimo. Prior to joining Fortissimo, Mr. Blatt was the CFO
and VP operations of Noosh, Inc., a supplier of print management solutions. At Noosh, Mr.
Blatt was responsible for the general management of finance and operations. In that
capacity he managed the company&#146;s M&amp;A strategy and initiatives. Prior to joining
Noosh, Mr. Blatt was the Director of Operations at CheckPoint Software Technologies Inc.
(Nasdaq: CHKP), the worldwide leader in securing the Internet. At Checkpoint he was
responsible for OEM operations, product licensing and customer service. Mr. Blatt was
previously the Operations controller at Madge Networks (sold to Lucent &#150; NYSE: LU).
Prior to joining Madge, Mr. Blatt held senior Finance and Operations positions in Israel
at Intel and Israel Chemicals. Mr. Blatt also serves on the Board of Directors of Telrad,
a Fortissimo portfolio company. Mr. Blatt received an MBA degree, from Indiana University
and a B.Sc. degree in Industrial Engineering from Tel-Aviv University. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Marc
 Lesnick </I>is a partner at  Fortissimo.  Prior to joining  Fortissimo,  Mr.  Lesnick was
the  Managing Director at  Jerusalem  Global,  a boutique  investment  bank that
 specialized  in  financings  of Israeli  based technology  startup  companies.  Mr.
 Lesnick  was  instrumental  in  raising  in  excess of $250  million  for 35 companies,
 several of which later went public or were  acquired.  Mr.  Lesnick was also part of the
founding team of a spin off of Jerusalem Global,  which specialized in raising private
equity for technology  startup companies. The company was sold in 2001 to a US based
incubator.  Prior to joining  Jerusalem  Global,  Mr. Lesnick served as a senior
 corporate  attorney at the New York offices of Weil,  Gotshal &amp; Manges LLP. As a
corporate  lawyer,  Mr. Lesnick led 16 Israeli  related  transactions  and  represented
 many of the  leading  U.S.  investment  banks and financial  institutions  with  respect
to public and  private  financings  as well as  mergers  and  acquisitions, buyouts,
 restructurings,  reorganizations and securities related activities. Mr. Lesnick also
serves on the Board of  Directors of Telrad,  a  Fortissimo  portfolio  company.  Mr.
 Lesnick  received a JD from the  University  of Pennsylvania and a BA from Yeshiva
University. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shmoulik
Barashi </I>is a partner at Fortissimo. Prior to joining Fortissimo, Mr. Barashi was a senior
partner in BDO Ziv Haft, one of the five largest accounting firms in Israel. Ziv Haft is
the Israeli representative office of the international accounting firm of BDO. BDO clients
in Israel include two of the largest banks and many large public and private companies. At
BDO, Mr. Barashi specialized in corporate finance, IPO&#146;s, deal structuring, business
consultancy, auditing and tax. Mr. Barashi established a department in the Jerusalem
branch that focused on the preparation of business plans and that performed valuation
analysis of companies. Mr. Barashi worked closely with several leading Israeli companies
whose activities were primarily in the Israeli capital markets and in real estate. Prior
to his activity in BDO, Mr. Barashi established his own accounting firm, which he merged
into BDO Ziv Haft. Mr. Barashi received an MBA from Hebrew University (specialty &#150;
finance) and an LLM from Bar Ilan University. Mr. Barashi is a certified public accountant
in Israel. </FONT></P>

<p align=center>
<font size=2>25</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
additional information regarding our Board see &#147;PROPOSAL 1.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fortissimo Directors will not be entitled to remuneration or compensation for their
services as directors other than the management fee payable to Fortissimo under the
management agreement entered into between the Company and Fortissimo. For additional
information regarding the management fee see &#147;PROPOSAL 3: Management
Agreement.&#148; </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and Fortissimo also entered into a management agreement on September 25, 2005 (the
<B>&#147;Management Agreement</B>&#148;) which will become effective upon the Closing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key
terms of the Management Agreement are as follows: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortissimo,
through its employees, officers and directors, will provide management services and advise
and provide assistance to the Company&#146;s management concerning the Company&#146;s
affairs and business. The Fortissimo Investors will be entitled to elect a majority of the
Board, including the chairman of the Board. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration of the performance of the management services and the Board services
hereunder, the Company has agreed to pay to Fortissimo an aggregate annual management
services fee in the amount $250,000 plus value added tax pursuant to applicable law. </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
Management Agreement will become effective only upon the Closing and remain in effect for
so long as a Fortissimo Director occupies the seat of the chairman of the Board and one
additional seat of the Board. Upon Fortissimo dropping below the above threshold the Board
may reevaluate the Management Agreement and any revision or amendment of the terms
suggested by the Board will require the approvals and corporate under applicable law and
the Company&#146;s charter documents. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt
of the funds from the Fortissimo Private Placement is essential if NUR is to continue as a
viable company. Under the current agreements between NUR and the lender banks, the Company
is not to make any payments under the loan agreements until January 1, 2006, provided,
that NUR does not breach its obligations under the loan agreements. Absent the completion
of the Debt Restructuring described in PROPOSAL 4, all of NUR&#146;s outstanding bank debt
will become due and payable on January 1, 2006. In turn, the Debt Restructuring is
conditioned upon the completion of the Fortissimo Private Placement. 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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This
financing will significantly dilute your shareholding. However, if shareholders do not
approve PROPOSAL 3, NUR may be compelled to cease its operations entirely.</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 align=center>
<font size=2>26</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board approved the terms of the Fortissimo Private Placement at a meeting held on August
18, 2005. The Audit Committee and the Board approved the Management Agreement at meetings
held on September 25, 2005. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are seeking shareholder approval of the Fortissimo Private Placement for the following
reasons: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>(1)
Condition to Closing. </B>NUR is required to seek and obtain shareholder
          approval as a condition to closing of the Fortissimo Private Placement pursuant
          to the Share Purchase Agreement.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>(2)
Compliance with Israel&#146;s Companies Law.</B> Section 328 of the Companies
          Law provides that an acquisition of shares in a public company must be made by
          means of a tender offer if as a result of the acquisition the purchaser would
          hold greater than a 45% interest in the company, unless there is another
          shareholder holding more than a 45% interest in the company. These requirements
          do not apply if, in general, the acquisition (1) was made in a private
placement           that received shareholder approval as a private offering intended to
grant the           acquirer 45% interest in the company if no other shareholder holds
45% interest           in the company, (2) was from a 25% or greater shareholder of the
company which           resulted in the acquiror becoming a 25% or greater shareholder of
the company,           or (3) was from a shareholder holding more than a 45% interest in
the company           which resulted in the acquiror becoming a holder of more than a 45%
interest in           the company.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Based
on the shares outstanding as of September 1, 2005, following the closing of the
Fortissimo Private Placement, the Debt Restructuring and the reservation of shares for
grant under the Company&#146;s option plans:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Fortissimo Shares (excluding the warrants) to be issued to the Fortissimo Investors in
the Fortissimo Private Placement would constitute 56.68% of the Company&#146;s issued
share capital (28.66% on a fully diluted basis). The Fortissimo Warrant Shares would
constitute 42.51% of the Company&#146;s issued share capital (21.49% on a fully diluted
basis). The Fortissimo Shares and the Fortissimo Warrant Shares would constitute, in the
aggregate, 48.93 % of the Company&#146;s share capital on a fully diluted basis; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
ordinary shares underlying the warrants to be granted to the lender banks in the Debt
Restructuring would constitute 13.22% of the Company&#146;s issued share capital (6.68%
on a fully diluted basis).: </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consequently,
the Company believes that the completion of the Fortissimo Private Placement would
constitute an acquisition of a &#147;controlling interest&#148; under Section 328 of the
Companies Law and, therefore, seeks shareholder approval of the Fortissimo Private
Placement as a private offering intended to grant Fortissimo an interest in the Company
which is greater than 45% while no other shareholder holds 45% interest in the Company. </FONT></P>

<p align=center>
<font size=2>27</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fortissimo Private Placement, the Debt Restructuring described in PROPOSAL 4 and the
reservation of shares for future grants under the Company&#146;s option plans described in
PROPOSAL 10 and PROPOSAL 11 will have, in the aggregate, 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 these transactions and actions. As
a result of the Closing of the Fortissimo Private Placement, the Fortissimo Investors will
be the holders of 56.68% of the Company&#146;s outstanding ordinary shares. These
shareholders, acting together, could exercise significant influence over our business,
including the election of our directors and the approval of change in control
transactions. This influence may have the effect of delaying or preventing changes in
control or changes in management, or limiting the ability of our other shareholders to
approve transactions that they may deem to be in their best interest. The number of shares
and warrants exercisable into shares to be issued pursuant to the Fortissimo Private
Placement, the Debt Restructuring and the reservation of shares for future option grants
will increase substantially the currently outstanding number of ordinary shares and
securities exercisable into ordinary shares. This means that our current shareholders will
own a much smaller interest in NUR as a result of such transactions and will be unable to
influence on future corporate actions as Fortissimo will own the percentage required for
every action requiring a majority of the ordinary shares. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of illustration only, a shareholder who owns 10% of our outstanding ordinary
shares as of September 1, 2005, would own: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.33%
of the outstanding ordinary shares immediately following the Fortissimo Private Placement
(or 2.71% on a fully diluted basis), assuming the issuance of 34,285,714 ordinary shares
and warrants to purchase 25,714,286 ordinary shares to the Fortissimo Investors. This
represents a dilutive effect of 56.70% (or 72.90% on a fully diluted basis). The dilutive
effect on all securityholders, except for the lender banks, will be 56.70% (62.98% on a
fully diluted basis); </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10%
of the outstanding ordinary shares immediately following the Debt Restructuring described
in PROPOSAL 4 (or 5.87% on a fully diluted basis), assuming the issuance of warrants to
purchase 8,000,000 ordinary shares to the lender banks. This represents a dilutive effect
of 0% (or 41.30% on a fully diluted basis). The dilutive effect on all securityholders,
except for the lender banks, will be 0% (18.49% on a fully diluted basis); </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10%
of the outstanding ordinary shares immediately following the increase of the reservation
for options under the 2000 Option Plan described in PROPOSAL 10 and the Company&#146;s
1998 Option Plan described in PROPOSAL 11 (or 5.08% on a fully diluted basis), assuming
the aggregate increase of the reservation by 15,000,000 ordinary shares. This represents
a dilutive effect of 0% (or 49.20% on a fully diluted basis). The dilutive effect on all
securityholders, except for the lender banks, will be 0% (29.84% on a fully diluted
basis); </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.33%
of the outstanding ordinary shares immediately following the Fortissimo Private Placement
and the Debt Restructuring (or 2.50% on a fully diluted basis), assuming the issuance of
34,285,714 ordinary shares and warrants to purchase 33,714,286 ordinary shares to the
Fortissimo Investors and the lender banks, in the aggregate. This represents a dilutive
effect of 56.7% (or 75% on a fully diluted basis). The dilutive effect on all
securityholders, except for the lender banks, will be 56.70% (65.84% on a fully diluted
basis); and </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>28</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Just
4.33% of the outstanding ordinary shares immediately following the Fortissimo Private
Placement, the Debt Restructuring and the increase of the reservation for options under
the 2000 Option Plan and the 1998 Option Plan (or 2.19% on a fully diluted basis),
assuming the issuance of 34,285,714 ordinary shares and warrants to purchase 33,714,286
ordinary shares to the Fortissimo Investors and the lender banks and the aggregate
increase of the option reservation by 15,000,000 ordinary shares, in the aggregate. This
represents a dilutive effect of 56.7% (or 78.1% on a fully diluted basis). The dilutive
effect on all securityholders, except for the lender banks, will be 56.70% (70.18% on a
fully diluted basis). </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table reflects the dilutive effect of the Fortissimo Private Placement, the Debt
Restructuring and the increase of the reservation of the options under the 2000 Option
Plan and the 1998 Option Plan: </FONT></P>








<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=12><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Securities beneficially<BR>
owned prior to the proposed transactions(1)</FONT></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Securities offered</FONT></TH>
     <TH COLSPAN=12><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Securities beneficially<BR>
owned after the proposed transactions(2)</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Holder</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Shares</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Outstanding<BR>
Percent</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Warrants(3)</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1><BR>
Fully<BR>
Diluted<BR>
Percent(4)</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Shares</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Warrants</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Outstanding<BR>
Shares</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Outstanding<BR>
Percent</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Warrants^</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Fully<BR>
Diluted<BR>
Percent(4)</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD WIDTH="17%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="3%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="3%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="3%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="3%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Holders(5)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,205,681</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.00</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,068,604</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96.34</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,205,681</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.32</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,068,604</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.49</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lender Banks</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.00</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,340,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.66</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,000,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.00</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,340,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.81</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT" COLSPAN=31><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fortissimo</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investors</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.00</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.00</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,285,714</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,714,286</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,285,714</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56.68</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,714,286</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.16</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New ESOP</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.00</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.00</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,000,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.00</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,000,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.54</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total</B> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>26,205,681</B> </FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>100.00</B> </FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>%</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>10,408,604</B> </FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>100.00</B> </FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>%</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>34,285,714</B> </FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>48,714,286</B> </FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>60,491,395</B> </FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>100.00</B> </FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>%</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>59,122,890</B> </FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>100.00</B> </FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>%</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD></TR>
</TABLE>
<BR>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As
used in this table, &#147;beneficial ownership&#148; means the sole or shared
                    power to vote or direct the voting or to dispose or direct the
disposition of                     any security. The amounts and percentages are based
upon 26,205,681 ordinary                     shares and 10,408,604 warrants outstanding
as of September 1, 2005. </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
securities beneficially held by a holder assuming (1) the closing of the
                    Fortissimo Private Placement, (2) the closing of the Debt
Restructuring, and (3)                     the increase of the reservation under the 2000
Option Plan and the 1998 Option                     Plan, and the issuance of 34,285,714
ordinary shares and warrants to purchase                     33,714,286 ordinary shares
and the reservation of 15,000,000 ordinary shares. </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
purposes of this table, a person is deemed to be the beneficial owner of
                    warrants if such beneficial owner can acquire ordinary shares through
the                     exercise of any option or warrant. </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assuming
all outstanding warrants, options and other securities convertible into
                    ordinary shares are exercised into ordinary shares, including the
entire reserve                     for future grants of options under the Company&#146;s
option plans. </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
amounts and percentages include the ordinary shares underlying options under
                    the Company&#146;s existing stock option plans. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>29</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fortissimo Investors will not bear the dilution resulting from the Debt Restructuring.
Fortissimo Investors will bear the dilution resulting from the aggregate reservation of
additional 15,000,000 ordinary shares for future grants under the 2000 Option Plan and the
1998 Option Plan. The Fortissimo Investors would own 56.68% of the outstanding ordinary
shares assuming (1) the closing of the Fortissimo Private Placement, (2) the closing of
the Debt Restructuring, and (3) the reservation of shares under the 2000 Option Plan and
the 1998 Option Plan, and 50.16% of the outstanding shares assuming the exercise and/or
conversion of all warrants and options outstanding following the consummation of these
transactions. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
that the private placement and the other transactions contemplated by the Share Purchase
Agreement between the Company and Fortissimo Capital dated August 21, 2005, as amended on
September 11, 2005 pursuant to Amendment Number 1 to the Share Purchase Agreement,
including the registration rights agreement, be, and hereby are, approved as a private
offering intended to grant Fortissimo an interest in the Company which is greater than 45%
while no other shareholder holds 45% interest in the Company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED,
that upon completion of the Fortissimo Private Placement, the Company&#146;s Board of
Directors will be composed of seven directors.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED,
to approve, subject to the completion of the Fortissimo Private Placement, the appointment
by the Board of Yuval Cohen, Eli Blatt, Marc Lesnick and Shmoulik Barashi as directors of
the Company for the coming year until the next annual meeting of the Company&#146;s
shareholders and until their respective successors are duly elected. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED,
to approve, subject to the closing of the Fortissimo Private Placement, the Management
Agreement between NUR and Fortissimo for the services of 4 board members, including the
chairman, to be appointed by Fortissimo and other professional and management services to
be provided to NUR by Fortissimo and the payment by the Company of an annual management
fee in the amount of $250,000 in consideration for such services.&#148; </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that the shareholders vote &#147;FOR&#148; the approval of (1) the
Fortissimo Private Placement, (2) the appointment of the Fortissimo Directors to the
Board, (3) the approval of the Management 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 to be necessary or desirable to permit completion of the Fortissimo Private
Placement and (5) the ratification of any and all prior actions taken by the Board or the
Company&#146;s officers related to the negotiation or execution of the Fortissimo Private
Placement.</B> </FONT></P>

<p align=center>
<font size=2>30</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>APPROVAL OF THE DEBT
RESTRUCTURING</U> </FONT> </H1>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
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>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
July 2003 and February 2004 we amended the loan agreement. These amendments provided for a
twelve-month grace period regarding the quarterly payments of the principal and a balloon
payment of the remainder of the long-term loans in the first quarter of 2006. In addition,
NUR undertook to maintain certain financial ratios. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2004 NUR failed to meet certain of the financial covenants governing its long-term and
short-term loans. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table shows the outstanding amounts owed to Bank Hapoalim, Bank Leumi and Israel
Discount Bank Ltd. (&#147;<B>Discount Bank</B>&#148;) as of September 12, 2005: </FONT></P>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=9><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Outstanding Debt<BR>
(in thousands of U.S. dollars)</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>&nbsp;</B> </FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Credit Lines and<BR>
short-term loans <SUP>(1)</SUP></FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Long-term loans <SUP>(2)</SUP></FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD WIDTH="32%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Bank Hapoalim</B> </FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  8,800</FONT></TD>
        <TD WIDTH="6%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 14,225</FONT></TD>
        <TD WIDTH="6%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 23,025</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Bank Leumi</B> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  3,350</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 12,400</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 15,750</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Discount Bank</B> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  4,280</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  4,280</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total</B> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 16,430</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 26,625</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 43,055</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD></TR>
</TABLE>
<BR>



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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
short-term loans from Bank Hapoalim, Bank Leumi and Discount Bank bear
                    interest rates ranging between LIBOR plus 2.50% and LIBOR plus 2.75%. </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
long-term loans from Bank Hapoalim and Bank Leumi bear interest rates
                    ranging between LIBOR plus 2.25% and LIBOR plus 2.50%. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>31</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2005, the Company amended the financial covenants governing the loan agreements with
our lender banks for the second, third and fourth quarters of 2005. In addition, the
lender banks agreed in writing to waive the non-performance by NUR of certain financial
covenants for prior periods ended on March 31, 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the terms of the June 2005 agreements with the lender banks, NUR agreed to maintain with
respect to the second, third and fourth quarters of 2005: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>total
revenue of not less than $16 million;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>operating
loss not greater than $2 million for the second quarter of 2005 and operating income
greater than zero for the third and fourth quarters of 2005; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>inventory
levels of not less than $14 million; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>accounts
receivable of not less than $7 million.</FONT></TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
lender banks also agreed that, unless NUR breaches its obligations under the loan
agreements, it will not be obligated to repay to the lender banks any amounts on account
of principal that are due and payable under the loan agreements until January 1, 2006. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NUR&#146;s
loans are secured by a floating lien on all assets of NUR, a negative pledge of the assets
of its subsidiaries, NUR America, NUR Europe, NUR Media Solutions, NUR Asia Pacific and
NUR Shanghai and unlimited guarantees by those subsidiaries. The long-term and short-term
loans also contain customary events of default, including the failure to pay interest or
principal, breach of any obligation, representation or warranty made under the loan
agreements, bankruptcy, or a change in control event relating to NUR. The loans are
governed by the laws of the State of Israel. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
execution of the Share Purchase Agreement with Fortissimo NUR extended a proposal to the
lender banks to restructure and reschedule the Company&#146;s outstanding debt. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Debt Restructuring
Agreement </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September 12, 2005, the Company entered into the Debt Restructuring Agreement which calls
for the conversion of its outstanding debt into equity (through the issuance to the lender
banks of warrants to purchase ordinary shares) and a subordinated debt, and rescheduling
the repayment of the remaining balance of its outstanding debt. This transaction is
subject to the satisfaction of the closing conditions set forth in the Debt Restructuring
Agreement, including shareholder approval of the Debt Restructuring Agreement. The
following description of the Debt Restructuring Agreement is qualified in its entirety by
reference to the Debt Restructuring Agreement attached as <B><U>Exhibit C</U></B><U></U>,
including<B><U> </U></B><U></U>all the exhibits and annexes thereto. The Letter of
Undertaking attached to the Debt Restructuring Agreement as Exhibit C is a translation of
the original Hebrew version of the document. </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
principal terms of the Debt Restructuring Agreement are as follows: </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 lender
banks will receive warrants to purchase up to 8,000,000 ordinary shares for an exercise
price of $0.35 per share (the &#147;<B>Bank Warrants</B>&#148;) in lieu of the right to
receive repayment of $14.2 million of indebtedness. </FONT></P>

<p align=center>
<font size=2>32</font></p>
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<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the price per share at which the Fortissimo Investors purchase the Fortissimo Shares or
exercise the Fortissimo Warrants is lower than $0.35 per share, then, the exercise price
per share of the Bank Warrants shall be reduced so that it is equal to such lower price. </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
lender banks also will convert $5 million of the outstanding bank debt into a 3-year,
non-interest bearing subordinated debt, which will be payable upon &#147;liquidation&#148;
of the Company only after the lender banks received $15 million as repayment of their
outstanding bank debt (the &#147;<B>Subordinated Debt</B>&#148;). Events of
&#147;liquidation&#148; are defined as: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 days thereafter; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 days thereafter; or </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 days (such period of time
shall not apply if it prejudices the rights of the lender banks) </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Subordinated Debt will be assigned by the lender banks to Fortissimo as detailed under
&#147;PROPOSAL 4: The Agreement between Fortissimo and the Lender Banks.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has agreed to direct the $2 million third installment of the Fortissimo Private
Placement investment to repay $2 million of NUR&#146;s bank debt on the first anniversary
of the closing of the Fortissimo Private Placement and the Debt Restructuring Agreement.
This $2 million repayment of bank debt will consist of $1.9 million of principal and
$100,000 of fixed interest. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
repayment of the Company&#146;s remaining $22 million of outstanding bank debt, after the
repayment of the $2 million described above (the &#147;<B>Remaining Debt</B>&#148;) will
be rescheduled for repayment under a new credit facility. The credit facility will be
divided into a revolving short-term credit line in the amount of approximately $11
million, and a 10-year long-term loan in the amount of $11 million. The revolving credit
line is renewable on a yearly basis at the request of the Company for up to six years
unless the Company has defaulted on the terms of the credit facility or the lender banks
otherwise have the right to demand repayment of the amounts outstanding under the
revolving credit line. NUR is required to pay interest on the revolving credit line
quarterly. NUR will not be required to make any annual principal payments, payable in four
quarterly installments, under the new long-term loan for a period of two years and
thereafter is required to make the following principal payments: </FONT></P>

<p align=center>
<font size=2>33</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>



<TABLE CELLPADDING=3 CELLSPACING=0 BORDER=1 ALIGN=Center WIDTH=400>
<TR VALIGN=Bottom>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Year</FONT></TH>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Principal Payment Amount</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2008</FONT></TD>
     <TD WIDTH=55% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;500,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2009</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;500,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2010</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2011</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2012</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,500,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2013</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,500,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2014</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,500,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2015</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,500,000&nbsp;</FONT></TD></TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NUR
will have the option to repay the aggregate remaining principal under the long-term loan
after six years from the inception date of the new credit facility. The revolving credit
line and the long term loan under the new credit facility will be subject to immediate
repayment upon the occurrence of certain events including default under the terms of the
credit facility or other agreements with the lender banks, the creation of certain liens
on the Company&#146;s assets, the filing for voluntary liquidation by the Company, a
change of control of the Company or certain other events detailed in the Letter of
Undertaking attached to the Debt Restructuring Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the terms of the Debt Restructuring Agreement, NUR has agreed to maintain the following
ratios of (1) the Company&#146;s total amounts owed to the Company&#146;s lender banks
plus available credit under the new revolving credit facility plus debts of subsidiaries
to outside lenders incurred above an aggregate of &#128;2.035 million to (2) EBITDA (as
defined in the Letter of Undertaking) </FONT></P>




<TABLE CELLPADDING=3 CELLSPACING=0 BORDER=1 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Time Period</FONT></TH>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ratio of Debt to EBITDA</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fiscal year ended December 31, 2007</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No compliance required.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fiscal year ended December 31, 2008</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13 : 1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fiscal year ended December 31, 2009</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10 : 1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fiscal year ended December 31, 2010</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8 : 1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fiscal year ended December 31, 2011 and thereafter</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6 : 1</FONT></TD></TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
first measurement of the financial covenants will take place following the end of the
third quarter of 2008 based on the Company&#146;s financial results during the first three
quarters of 2008, and will measured on a quarterly basis thereafter, which measurement
will take into account the previous four calendar quarters. If the Company does not meet
the financial covenants mentioned above, it may remedy such default by paying to the
lender banks, in a single payment upon the determination of the occurrence of such default
principal that would have been paid quarterly during the twelve consecutive calendar
months that immediately follow such default. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has agreed to extend the exercise period of existing warrants to purchase up to
1,340,000 ordinary shares which were previously granted to the lender banks (the
&#147;<B>Existing Bank Warrants</B>&#148;) by eighteen months. The exercise prices of the
Existing Bank Warrants range from $0.34 to $5.00 per share. The Existing Bank
Warrants&#146; weighted average exercise price is $0.96 per share. </FONT></P>

<p align=center>
<font size=2>34</font></p>
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<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
a registration rights agreement entered into among the Company, the Fortissimo Investors
and the lender banks, the Company may be required by the lender banks to register for
resale the shares underlying the Bank Warrants (the &#147;<B>Bank Warrant
Shares</B>&#148;). The Company agreed to file, upon the lender banks&#146; request, a
registration statement covering the resale of the Bank Warrant Shares within forty-five
days of the Closing of the Debt Restructuring. </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
consummation of the Debt Restructuring Agreement is subject to, in addition to the receipt
of shareholder approval, the following additional closing conditions: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
consummation of the Fortissimo Private Placement; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
completion of all corporate resolutions required under the Company&#146;s organizational
documents in order to extend the exercise period of the Existing Bank Warrants. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that all of the above closing conditions are not completed before December 1,
2005, the Debt Restructuring Agreement will terminate automatically. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This
debt restructuring will significantly dilute your shareholding. However, if shareholders
do not approve PROPOSAL 4, NUR may be compelled to cease its operations entirely.</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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board approved the Debt Restructuring on September 12, 2005. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Agreement between
Fortissimo and the Lender Banks </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortissimo
has informed NUR that on September 12, 2005 it separately entered into an agreement with
the lender banks (the &#147;<B>Fortissimo-Lender Banks Agreement</B>&#148;). NUR is not a
party to this agreement. The description of the terms of the Fortissimo-Lender Banks
Agreement is qualified by reference to the actual text of the agreement which is attached
to this Proxy Statement as <B><U>Exhibit D</U></B><U></U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key
features of the Fortissimo-Lender Banks Agreement are as follows: </FONT></P>

<p align=center>
<font size=2>35</font></p>
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<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
a 24-month period beginning on the consummation of the Fortissimo Private Placement (the
<B>&#147;Minimum Holding Period</B>&#148;), unless otherwise approved in writing by the
lender banks, (a) Fortissimo is required to retain voting rights representing at least 51%
of ordinary shares of the Fortissimo Investors and (b) the Fortissimo Investors will not
hold less than 35% of the Company&#146;s issued and outstanding shares (together, the
<B>&#147;Minimum Holding Requirement</B>&#148;). After the expiration of the Minimum
Holding Period, the Fortissimo Investors and Fortissimo will be permitted to transfer the
Fortissimo Shares and the Fortissimo Warrants with no restrictions, provided, however,
that if a proposed transfer would violate the Minimum Holding Requirement the completion
of the proposed transfer will be contingent on the Company repaying the lender banks not
less than one-third of the then outstanding long-term debt (the &#147;<B>Early
Repayment</B>&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
lender banks will have, for as long as they hold 4% or more of the Company&#146;s issued
and outstanding ordinary shares (assuming the conversion of all of the Bank Warrants), a
co-sale right to participate on a proportionate basis in any proposed sale by Fortissimo
of more than 50% of the ordinary shares held by it. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
expiration of the Minimum Holding Period, Fortissimo may demand that the lender banks
participate, on a proportionate basis, in a sale by Fortissimo to a third party of
ordinary shares constituting more than 50% of the Fortissimo Shares, provided that the
selling price of such sale shall not be lower than $1.00 per share. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortissimo
will have a right of first refusal, so long as the Fortissimo Investors hold at least 4%
of the Company&#146;s issued and outstanding ordinary shares, with respect to proposed
sales and assignments of the Bank Warrants and/or the Bank Warrant Shares. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
lender banks shall assign to Fortissimo the Subordinated Debt. Fortissimo will secure the
Subordinated Debt by registering a floating charge over the Company&#146;s assets, which
floating charge will be subordinate to all securities and guarantees of the lender banks.
The right to receive the repayment on account of the Subordinated Debt shall expire on the
third anniversary of the date of closing of the Fortissimo Private Placement. </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
consummation of the Fortissimo-Lender Banks Agreement is subject to the consummation of
the Fortissimo Private Placement and the satisfaction of the conditions to closing
thereunder. In the event that all of the above closing conditions are not completed before
December 1, 2005, the Fortissimo-Lender Banks Agreement shall be null and void. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the current provisions of the Companies Law, Fortissimo causing the Company to effect an
Early Repayment as described above in connection with a change of control transaction
whereby the Fortissimo Investors will cease to be the Company&#146;s controlling
shareholders, would be considered an extraordinary transaction between a public company
and a controlling shareholder, or an extraordinary transaction in which a controlling
shareholder of the Company has a personal interest but which are between a public company
and another entity. The Companies Law defines a controlling shareholder as a person who
holds 25% or more of the voting rights at the company&#146;s general meeting, provided
there is no other person that holds more than 50% of the voting rights in the company; for
purposes of holding, two or more persons who hold voting rights in the company and each of
whom has a personal interest in the approval of the same transaction brought up for
approval by the company are be deemed one holder. The approval of such Early Repayment
would therefore require the approval of the Audit Committee, Board and of NUR&#146;s
shareholders. At least one-third of NUR&#146;s shareholders who have no personal interest
in the transaction who vote on the matter would be required to approve the Early
Repayment. The Early Repayment could be approved by NUR&#146;s shareholders without this
one-third approval, if the total shareholdings of those shareholders who have no personal
interest and voted against the transaction do not represent more than one percent of the
voting rights in the company. </FONT></P>

<p align=center>
<font size=2>36</font></p>
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<page>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>(1)
Condition to Closing. </B>NUR is required to seek and obtain shareholder
          approval of the Debt Restructuring Agreement as a condition to closing of the
          Debt Restructuring under the terms of the Debt Restructuring Agreement dated as
          of September 12, 2005 among NUR, Bank Hapoalim, Bank Leumi and Discount Bank.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>(2)
Compliance with Israel&#146;s Companies Law.</B> Section 328 of the Companies
          Law provides that an acquisition of shares in a public company must be made by
          means of a tender offer if as a result of the acquisition the purchaser would
          hold greater than a 45% interest in the company, unless there is another
          shareholder holding more than a 45% interest in the company. These requirements
          do not apply if, in general, the acquisition (1) was made in a private
placement           that received shareholder approval as a private offering intended to
grant the           acquirer 45% interest in the company if no other shareholder holds
45% interest           in the company, (2) was from a 25% or greater shareholder of the
company which           resulted in the acquiror becoming a 25% or greater shareholder of
the company,           or (3) was from a shareholder holding more than a 45% interest in
the company           which resulted in the acquiror becoming a holder of more than a 45%
interest in           the company.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the shares outstanding as of September 1, 2005, following the closing of the Fortissimo
Private Placement, the Debt Restructuring and the reservation of shares for grant under
the Company&#146;s option plans: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Fortissimo Shares (excluding the warrants) represent 56.68% of the Company&#146;s issued
share capital (28.66% on a fully diluted basis). The Fortissimo Warrant Shares represent
42.51% of the Company&#146;s issued share capital (21.49% on a fully diluted basis). The
Fortissimo Shares and the Fortissimo Warrant Shares would constitute, in the aggregate,
48.93% of the Company&#146;s share capital on a fully diluted basis; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
ordinary shares underlying the warrants to be granted to the lender banks in the Debt
Restructuring represent 13.22% of the Company&#146;s issued share capital (6.68% on a
fully diluted basis). </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
Section 328 of the Companies Law, the Company is seeking shareholder approval of the Debt
Restructuring Agreement. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
information  regarding  the dilutive  effect of the Debt  Restructuring,  see  "PROPOSAL 3: Dilutive
Effect."</FONT></P>

<p align=center>
<font size=2>37</font></p>
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<page>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
that the 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 September 12, 2005, be, and hereby is, approved. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED,
to approve that the exercise period of warrants to purchase up to 1,340,000 ordinary
shares which were previously granted the lender banks be, and hereby is, extended by
eighteen months.&#148; </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that the shareholders vote &#147;FOR&#148; the approval of (1) the Debt
Restructuring, (2) the extension of the exercise periods of the Existing Bank Warrants,
(3) 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 (4) the ratification of any and all prior actions
taken by the Board or the Company&#146;s officers related to the negotiation, execution or
closing of the Debt Restructuring.</B> </FONT></P>

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

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INCREASE OF SHARE
CAPITAL </FONT></H1>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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 120,000,000 consisting of 120,000,000 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 26,212,348. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the issuance by the Company of the Fortissimo Shares under the Fortissimo Private
Placement described in PROPOSAL 3 and the reservation of authorized and unissued share
capital for the issuance of the Fortissimo Warrant Shares described in PROPOSAL 3, the
Bank Warrant Shares under the Debt Restructuring and the shares underlying the options
under the 2000 Option Plan as described in PROPOSAL 10 and the 1998 Option Plan as
described in PROPOSAL 11, the Company will be left without unreserved and unissued share
capital. Therefore, an increase of the Company&#146;s authorized share capital is
required. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board recommends an increase in the share capital of the Company by NIS 50,000,000 divided
into 50,000,000 ordinary shares, so that following the increase the Company&#146;s
authorized share capital will be NIS 170,000,000 divided into 170,000,000 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 align=center>
<font size=2>38</font></p>
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<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed increase will give the Company a sufficient number of authorized, unreserved and
unissued shares to provide flexibility to the Company. The 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>

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

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
to increase the Company&#146;s authorized share capital by NIS 50,000,000 divided into
50,000,000 ordinary shares, nominal value NIS 1.00 each, so that following the increase
the Company&#146;s authorized share capital will be NIS 170,000,000 divided into
170,000,000 ordinary shares. </FONT></P>

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

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<I>4.</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <I> The Company&#146;s authorized share capital will be NIS 170,000,000 divided
          into 170,000,000 ordinary shares of the Company, nominal value NIS 1.00
          each.</I>&#148; </FONT></P>

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

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

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>PROPOSAL 6</U> </FONT> </H1>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>AMENDMENT
OF THE DIRECTORS AND OFFICERS INDEMNIFICATION PROVISIONS <BR>
UNDER THE AMENDED AND RESTATED
ARTICLES OF ASSOCIATION </B> </FONT></P>


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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
March 2005, several sections of the Companies Law were amended. Some of these amendments
relate to issues contained in our Amended and Restated Articles of Association. We
therefore propose to amend our Amended and Restated Articles of Association accordingly. </FONT></P>

<p align=center>
<font size=2>39</font></p>
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<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Companies Law authorizes a company to indemnify an officer or director of the Company by
reason of acts or omissions committed in his or her capacity as an officer or director of
the Company for: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
 financial  obligation  imposed  upon him or her by a court  judgment,  including  a
 settlement  or an                   arbitrator's award approved by court; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT>   </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reasonable
litigation expenses, including attorney&#146;s fees, expended by an officer or director
or charged to him or her by a court: (a) in a proceeding instituted against him or her by
or on behalf of the Company or by another person, (b) in a criminal charge from which he
or she was acquitted, or (c) in criminal proceedings in which he or she was convicted of
a crime which does not require proof of criminal intent. </FONT></TD>
</TR>
</TABLE>
<BR>

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


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

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

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

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


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
March 2005 amendment adds an additional category of indemnifiable expenses: reasonable
litigation expenses, including attorney&#146;s fees, expended by the officer or director
as a result of an investigation or proceeding instituted against him or her by a competent
authority, provided, that such investigation or proceeding concluded without the filing of
an indictment against him or her and either concluded (a) without the imposition of any
financial liability in lieu of criminal proceedings or (b) with the imposition of a
financial liability in lieu of criminal proceedings but relates to a criminal offense that
does not require proof of criminal intent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
company may indemnify an officer or director retroactively, to the extent the
reimbursement is approved by the audit committee, board of directors and shareholders.
With respect to undertakings to indemnify an officer or director in the future, the
Companies Law prior to the March 2005 amendment required that the undertaking be limited
to types of occurrences which, in the opinion of the company&#146;s board of directors,
can be foreseen and in an amount the board of directors has determined is reasonable under
the circumstances. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
March 2005 amendment modifies this condition. It limits indemnification to occurrences
deemed foreseeable by the board of directors in light of the actual activities of the
company at the time the obligation to indemnify is undertaken. In addition, in lieu of
limiting the indemnification to a maximum amount, the limit can be based on specified
criteria. Finally, the undertaking must set forth the events deemed foreseeable by the
board of directors and the maximum amount or criteria that the board of directors has
determined to be reasonable under the circumstances. The March 2005 amendment applies
these conditions only to financial obligations imposed by a court judgment, settlement or
court-approved arbitration award but not to expenses incurred. </FONT></P>

<p align=center>
<font size=2>40</font></p>
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<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed amendment of the Amended and Restated Articles of Association is intended to
permit the Company to enter into revised indemnification agreements with its current and
future directors and officers, which agreements also will include an indemnity for
litigation expenses allowed pursuant to the March 2005 amendment of the Companies Law as
described above. In addition, these amended indemnification agreements will permit
indemnification to occurrences deemed foreseeable by the Board in light of the
Company&#146;s actual activities at the time the obligation to indemnify is undertaken. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
to replace Article 60 to the Company&#146;s Amended and Restated Articles of Association
in its entirety with the following Article 60, as follows: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Indemnity
of Officers</U> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company may, from time to time and subject to any provision of law,
               indemnify an Officer in respect of a liability or expense set out below
which is                imposed on him or incurred by him as a result of an action taken
in his capacity                as an Officer of the Company: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.1.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>monetary
liability imposed on him in favor of a third party by a judgment,           including a
settlement or a decision of an arbitrator which is given the force           of a
judgment by court order;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.1.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reasonable
litigation expenses, including legal fees, incurred by the Officer           as a result
of an investigation or proceeding instituted against such Officer by           a
competent authority, which investigation or proceeding has ended without the
          filing of an indictment or in the imposition of financial liability in lieu of
a           criminal proceeding, or has ended in the imposition of a financial obligation
in           lieu of a criminal proceeding for an offence that does not require proof of
          criminal intent (the phrases &#147;proceeding that has ended without the filing
          of an indictment&#148; and &#147;financial obligation in lieu of a criminal
          proceeding&#148; shall have the meanings ascribed to such phrases in Section
          260(a)(1a) of the Companies Law); and  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.1.3. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reasonable
litigation expenses, including legal fees, which the Officer has           incurred or is
obliged to pay by the court in proceedings commenced against him           by the Company
or in its name or by any other person, or pursuant to criminal           charges of which
he is acquitted or criminal charges pursuant to which he is           convicted of an
offence which does not require proof of criminal intent.  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>41</font></p>
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<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         60.2 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company may, from time to time and subject to any provision of the law:</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.2.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Undertake
in advance to indemnify an Officer of the Company for any of the           following:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
liability as set out in Article 60.1.1 above, provided that the undertaking           to
indemnify is limited to the classes of events which in the opinion of the           Board
can be anticipated in light of the Company&#146;s activities at the time           of
giving the indemnification undertaking, and for an amount and/or criteria           which
the Board has determined are reasonable in the circumstances and, the           events
and the amounts or criteria that the Board deem reasonable in the           circumstances
at the time of giving of the undertaking are stated in the           undertaking; or  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii) </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
liability stated in Article 60.1.2 or 60.1.3 above;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.2.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>indemnify
an Officer after the occurrence of the event which is the subject of           the
indemnity.&#148; </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that the shareholders vote &#147;FOR&#148; the amendment of the
provisions of the Amended and Restated Articles of Association regarding indemnification
of the Company&#146;s directors and officers.</B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>PROPOSAL 7</U> </FONT> </H1>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2004 the shareholders of the Company approved the procurement and maintenance of a
directors&#146; and officers&#146; liability insurance policy. On May 15, 2005 the Company
renewed the then existing directors&#146; and officers&#146; liability insurance policy
(the &#147;<B>Existing Policy</B>&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Existing Policy provides that it will only cover wrongful acts and omissions of insured
directors and officers that occur prior to the date of closing of a
&#147;transaction&#148;. The term &#147;transaction&#148; relates, among other things, to
any event upon which any person or entity, whether individually or together with any other
person or persons, entity or entities becomes entitled to exercise more than 50% of the
right to vote at general shareholder meetings of the Company or control the appointment of
directors who are able to exercise a majority of votes at Board meetings, or the Company
becomes a subsidiary of another entity or becomes controlled by another entity. </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
closing of the Fortissimo Private Placement and the issuance of the ordinary shares to the
Fortissimo Investors (which will constituting at the closing of the Fortissimo Private
Placement 56.68% of the Company&#146;s outstanding shares) as well as Fortissimo&#146;s
right and ability to appoint majority of the members of the Board, will each constitute a
change of control of the Company. As a result, the Existing Policy will not cover wrongful
acts and omissions of the Company&#146;s Directors and officers that occur following the
closing of the Fortissimo Private Placement. </FONT></P>

<p align=center>
<font size=2>42</font></p>
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<page>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Procurement of a New
Liability Insurance Policy Directors and Officers </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board recommends that, subject to the completion of the Fortissimo Private Placement
described in PROPOSAL 3, the shareholders approve procurement and maintenance each year of
directors&#146; and officers&#146; liability insurance covering potential liability of
senior officers and directors of the Company, as permitted under the Companies Law, with
the fundamental terms described herein (the &#147;<B>New D&amp;O
Policy</B>&#148;).&nbsp;The New D&amp;O Policy will cover potential liabilities of up to
$10.0 million. The Company expects the associated premium costs of the New Policy to be
customary under current market conditions. </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
New D&amp;O Policy will provide coverage for the Company&#146;s directors and senior
officers for claims made (including defense costs) and judgments rendered against such
insured persons arising from acts connected to their service as directors or officers of
the Company from the date of Closing of the Fortissimo Private Placement subject to
standard exclusions.&nbsp;The New D&amp;O Policy also will cover claims made by
shareholders in respect of alleged wrongful acts of the Company. The New D&amp;O Policy
will provide that in the event of loss arising from a covered claim for which payment is
due under the provisions of the New D&amp;O Policy, the order of payments will provide
that any insured officers will be paid up to the maximum amount, and then the Company will
be paid amounts due for shareholders claims. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Procurement of a
Liability Insurance Policy for Existing Directors and Officers </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board recommends that, subject to the completion of the Fortissimo Private Placement, the
shareholders approve the procurement and maintenance a directors&#146; and officers&#146;
liability insurance policy (the <B>&#147;Runoff</B> <B>Policy</B>&#148;) covering
potential liabilities of up to $10.0 million for at least four years from the date of
Closing of the Fortissimo Private Placement. The Company expects the associated premium
costs of the Runoff Policy to be customary under current market conditions. </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
Runoff Policy will provide coverage to the Company&#146;s directors and senior officers
for claims made (including defense costs) and judgments rendered against such insured
persons arising from wrongful acts or omissions connected to their service as directors or
officers of the Company before the date of Closing of the Fortissimo Private Placement,
and also will contain standard exclusions.&nbsp; The Runoff Policy will provide that in
the event of loss arising from a covered claim for which payment is due under the
provisions of the Runoff Policy, the order of payments will provide that any insured
directors and officers will be paid up to the maximum amount, and then the Company will be
paid amounts due for shareholders claims. </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
Audit Committee and the Board approved the procurement of the New D&amp;O Policy and the
Runoff Policy at meetings held on September25, 2005. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
that subject to the consummation of the Fortissimo Private Placement, the Company will (i)
procure and maintain directors&#146; and officers&#146; liability insurance, with a
coverage amount of up to $10 million, and (ii) continue thereafter on a year-to-year basis
to obtain directors&#146; and officers&#146; liability insurance with a coverage amount of
up to $10 million (the &#147;New Policy&#148;), provided, that with respect to both (i)
and (ii) above the liability insurance will insure all directors and officers as may be
serving from time to time, including directors and officers whose service has terminated
for any reason, against any insurable event deriving from or connected to their service as
directors or officers of the Company at any time during their service in the Company, and
such liability insurances will be subject to applicable law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED,
that, subject to the completion of the Fortissimo Private Placement, the Company procure a
directors and officers liability policy with a coverage amount of $10 million for at least
four years from the date of closing of the Fortissimo Private Placement, that will apply
to obligations and liabilities of the Company&#146;s directors and officers who served in
office in the Company and/or in companies controlled by the Company, before the date of
closing of the Fortissimo Private Placement for any wrongful act, omission, or event that
preceded such date, all this being subject to the conditions of the current policy and its
exclusions (the &#147;Runoff Policy&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED,
that the terms of the New Policy and the Runoff Policy may provide that any natural person
insured thereunder will have access to any compensation available under the policy before
the Company.&#148; </FONT></P>

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

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

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>PROPOSAL 8</U> </FONT> </H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REPLACEMENT OF
INDEMNIFICATION AGREEMENTS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Companies Law authorizes the audit committee, board of directors and shareholders to
approve the indemnification of the directors and officers of the Company, to the extent
permitted by law and as set forth in the Company&#146;s Amended and Restated Articles of
Association. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the annual shareholders meeting held on February 12, 2002, NUR&#146;s shareholders
authorized it to enter into indemnification agreements with each of its then current and
future Directors. The shareholders of NUR further authorized certain amendments to the
indemnification agreements at the annual shareholders meeting held on November 18, 2003.
The indemnification agreements, as amended, limit the indemnification of our current and
future Directors to certain categories of events and to the maximum amount equal to the
greater of (1) fifty percent (50%) of the net equity of NUR and (2) to one time annual
revenue of NUR in the year prior to the date of the claim with regard to judgment
liability, and $3.0 million with regard to litigation expenses (such amount, the
&#147;<B>Maximum Indemnity Amount</B>&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board will present at the Shareholders Meeting for shareholder approval a form of
indemnification agreement that will replace and supersede the previous form approved at
the annual meeting of shareholders held on November 18, 2003. The new indemnification
agreements in the form attached to this Proxy Statement as <B><U>Exhibit E</U></B><U></U>
are to be entered into between the Company and each of its Directors who are currently
serving and/or who will be appointed in the future, including the Fortissimo Directors
(assuming the completion of the Fortissimo Private Placement described in PROPOSAL 3). The
indemnification agreements to be entered into with the Company&#146;s current directors
will supersede and cancel the previous indemnification agreements entered with such
persons. </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
new form of the indemnification agreement incorporates, among other things, changes that
result from the March 2005 amendments of the Companies Law. Specifically, the new form of
indemnification agreement adds a new category of indemnifiable expenses (for further
detail see &#147;Proposal 6: Background&#148;). The new indemnification agreements also
limit indemnification to occurrences deemed foreseeable by the Board in light of the
actual activities of the Company. The maximum indemnifiable amount under the new
indemnification agreement will be the same as in the previously approved agreements (that
is the Maximum Indemnity Amount). </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
Audit Committee and the Board approved the replacement of the form of indemnification
agreement and the Company entering into indemnification agreement with its current and
future directors and officers at meetings held on September 25, 2005. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
to approve the replacement of the existing form of indemnification agreement with new
agreements in the form attached as Exhibit E to the Proxy Statement and the entering of
the Company into such indemnification agreements with each of its directors who are
currently serving and will be appointed in the future, including the Fortissimo
Directors.&#148; </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that the shareholders vote &#147;FOR&#148; replacing the form of the
indemnification agreement and the Company entering into new indemnification agreements
with its directors.</B> </FONT></P>

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<font size=2>45</font></p>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>PROPOSAL 9</U> </FONT> </H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXCULPATION LETTERS TO
DIRECTORS AND OFFICERS </FONT></H1>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Companies Law, an Israeli company may not exculpate a director or officer from
liability for a breach of the duty of loyalty of such director or officer. However, a
company may approve an act performed in breach of the duty of loyalty of a director or
officer provided that such person acted in good faith, the act or its approval does not
harm the company, and holder discloses the nature of his or her personal interest in the
act and all material facts and documents a reasonable time before discussion of the
approval. An Israeli company may exculpate a director or officer in advance from liability
to the company, in whole or in part, for a breach of the duty of care unless the breach
relates to unlawful distribution, but only if a provision authorizing such exculpation is
inserted in its articles of association. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Companies Law authorizes the audit committee, board of directors and shareholders to
approve the exculpation of the directors and officers of the Company, to the extent
permitted by law and as set forth in the Company&#146;s Amended and Restated Articles of
Association. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Amended and Restated Articles of Association were amended to include such a provision in
the annual meeting of shareholders held on October 27, 2004. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Approval of Exculpation
Letters </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board will present at the Shareholders Meeting for shareholder ratification and approval
the terms of the form of an exculpation letter to Directors and officers. The exculpation
letter in the form attached to this Proxy Statement as <B><U>Exhibit F</U></B><U></U> was
granted to existing directors and officers of the Company and will grant to each of the
Directors who is appointed in the future, including the Fortissimo Directors (assuming the
completion of the Fortissimo Private Placement described in PROPOSAL 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;On
September 25, 2005, the Audit Committee and the Board ratified and approved the form of
exculpation letters, and the granting of such letters to the Company&#146;s existing and
future directors. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
to approve and ratify the form of exculpation letter attached as Exhibit F to the Proxy
Statement, the grant of exculpation letters to the Company&#146;s existing Directors and
each of the Directors who will be appointed in the future, including the Fortissimo
Directors (subject to the completion of the Fortissimo Private Placement).&#148; </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that the shareholders vote &#147;FOR&#148; the approval and ratification
of the form of the exculpation letter, the grant of such letters to existing and future
Directors.</B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>PROPOSAL 10</U> </FONT> </H1>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2000 the shareholders of the Company adopted the 2000 Option Plan. The 2000 Option Plan
provides for the granting of options to officers, employees and consultants to the Company
on the basis of past or future services. For a description of the 2000 Option Plan, please
see <B><U>Exhibit G</U></B><U></U> to this Proxy Statement. Options to purchase an
aggregate of 2,000,000 ordinary shares were originally available for grant under the 2000
Option Plan. In November 2003, the Company&#146;s shareholders approved the amendment of
the 2000 Option Plan by increasing the number of ordinary shares authorized for issuance
under the 2000 Option Plan by 497,590, from 2,000,000 ordinary shares to 2,497,590
ordinary shares. In October 2004, the Company&#146;s shareholders approved the amendment
of the 2000 Option Plan by increasing the number of ordinary shares authorized for
issuance under the 2000 Option Plan by 500,000, from 2,497,590 ordinary shares to
2,997,590 ordinary shares. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board recommends that the shareholders approve, subject to the completion of the
Fortissimo Private Placement, the proposed increase of the number of ordinary shares
authorized for issuance under the 2000 Option Plan in the aggregate amount of 14,500,000
ordinary shares, from 2,997,590 ordinary shares to 17,497,590 ordinary shares. The Board
considers the increase in ordinary shares necessary to meet the Company&#146;s current
needs. The Board further believes that the 2000 Option Plan is an integral part of the
Company&#146;s benefits program that is intended to provide employees with an incentive to
exert maximum effort for the success of the Company and to participate in that success
through the acquisition of the Company&#146;s ordinary shares. In addition, the 2000
Option Plan plays an important part in employee retention, which is essential for the
Company to remain competitive. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
1995 and 1997 the Company&#146;s shareholders adopted the 1995 Israel Stock Option Plan
(the &#147;<B>1995 Option Plan</B>&#148;) and the 1997 Stock Option Plan (the
&#147;<B>1997 Option Plan</B>&#148;), respectively, each of which provide for grants of
stock options to employees and consultants of the Company. Options to purchase an
aggregate of 500,000 and 2,200,000 ordinary shares were originally available for grant
under the 1995 Option Plan and the 1997 Option Plan, respectively. The Board resolved to
terminate the 1995 Option Plan and the 1997 Option Plan. Options that were granted under
the 1995 Option Plan and the 1997 Option Plan remain outstanding. The Board recommends
increasing the available number of ordinary shares authorized for issuance under the 2000
Option Plan by the number of ordinary shares underlying options surrendered (except in the
case of surrender for the exercise into shares) or which cease to be exercisable under the
Company&#146;s 1995 Option Plan or the 1997 Option Plan. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
that, subject to the completion of the Fortissimo Private Placement, an amendment of the
2000 Stock Option Plan providing an increase in the ordinary shares authorized for
issuance under the 2000 Stock Option Plan by 14,500,000 ordinary shares, from 2,497,590
ordinary shares to 17,497,590 ordinary shares under the 2000 Stock Option Plan, be, and
hereby is, adopted. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED,
that an amendment of the 2000 Stock Option Plan providing for the increase of available
number of ordinary shares authorized for issuance under the 2000 Option Plan by the number
of ordinary shares underlying options surrendered (except in the case of surrender for the
exercise into shares) or which cease to be exercisable under the Company&#146;s 1995
Israel Stock Option Plan or the 1997 Stock Option Plan, be, and hereby is, adopted.&#148; </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that the shareholders vote &#147;FOR&#148; the adoption of the resolution
to increase the number of ordinary shares reserved for issuance under the 2000 Option</B>
<B>Plan by an additional 14,500,000 ordinary shares and to further such number by the
number of ordinary shares underlying options becoming available under the 1995 Option Plan
or the 1997 Option Plan.</B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>PROPOSAL 11</U> </FONT> </H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INCREASE IN THE NUMBER
OF ORDINARY SHARES AUTHORIZED FOR <BR>
ISSUANCE UNDER THE COMPANY&#146;S 1998 SHARE OPTION
PLAN FOR <BR>
NON-EMPLOYEE DIRECTORS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
1998 the shareholders of the Company adopted the 1998 Share Option Plan for Non-Employee
Directors to provide for grants of options to purchase ordinary shares to NUR&#146;s
non-employee directors. For a description of the 1998 Option Plan, please see
<B><U>Exhibit H</U></B><U></U> to this Proxy Statement. Options to purchase an aggregate
of 250,000 ordinary shares were originally available for grant under the 1998 Option Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company granted options to its non-employee directors to purchase almost all of the
underlying shares available under the 1998 Option Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board recommends that shareholders approve the proposed increase of the number of ordinary
shares authorized for issuance under the 1998 Option Plan by 500,000 ordinary shares, from
250,000 ordinary shares to 750,000 ordinary shares. The Board considers the increase in
ordinary shares necessary to meet the Company&#146;s current needs. The Board further
believes that the 1998 Option Plan is an integral part of the Company&#146;s benefits
program intended to attract non-employee directors and enable them to participate in the
Company&#146;s success through the acquisition of its ordinary shares. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
that an amendment of the 1998 Share Option Plan for Non-Employee Directors providing for
an increase in the ordinary shares authorized for issuance under the 1998 Plan by 500,000
ordinary shares, from 250,000 ordinary shares to 750,000 ordinary shares under the 1998
Share Option Plan for Non-Employee Directors, be, and hereby is, adopted.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Board Recommendation </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that the shareholders vote &#147;FOR&#148; the adoption of the resolution
to increase the number of ordinary shares reserved for issuance under the 1998 Option</B>
<B>Plan by additional 500,000 ordinary shares.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSALS OF
SHAREHOLDERS </FONT></H1>

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

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>COMPENSATION OF
DIRECTORS AND EXECUTIVE OFFICERS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth information concerning the total compensation paid with respect
to all of our Directors and our executive officers as a group in fiscal year ended
December 31, 2004. </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(in thousands of U.S. dollars)</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN="3" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Name and Principal Position</FONT><HR WIDTH="95%" SIZE="1" COLOR="BLACK" NOSHADE ALIGN="LEFT"></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Salaries, fees, commissions and<BR>
bonuses</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Pension, retirement and other<BR>
similar benefits</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=34% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All executive officers and Directors as a</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=26% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=26% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>group (nine persons, including 2</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>directors who left the Board during 2004)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 823</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  24</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 823</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  24</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD></TR>
</TABLE>
<BR>

<p align=center>
<font size=2>49</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
compensate our non-employee directors for their services as directors. This remuneration
includes (other than Mr. Robert F. Hussey) an annual payment of $8,000 and additional
payments of approximately $500 per meeting and $250 per committee meeting. The chairman of
the Board and chairman of any committee are also entitled to receive an additional annual
fee of $5,000. Each non-employee director also receives an annual grant of options to
purchase 10,000 ordinary shares under the conditions set forth in NUR&#146;s 1998 Option
Plan (a description of the 1998 Option Plan is attached to this Proxy Statement as
<B><U>Exhibit H</U></B><U></U>). The directors do not receive any additional compensation
upon termination of their services as directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s shareholders approved at the special shareholders meeting held on April 17,
2005 compensation to Mr. Robert F. Hussey, the Acting Chairman of the Board. In his
capacity as Acting Chairman of the Board, Mr. Hussey is to receive during his chairmanship
a quarterly cash fee of $10,000 or a prorated 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 NUR&#146;s policies. In addition, Mr.
Hussey is also entitled during his chairmanship to 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 Option Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Directors and executive officers of NUR hold, in the aggregate, options and warrants
exercisable into 1,090,001 ordinary shares. The 1,090,001 options have a weighted average
exercise price of approximately $0.96 and have expiration dates until 2015. </FONT></P>

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

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

<p align=center>
<font size=2>50</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this context, the Audit Committee has met and held discussions with management, the
Company&#146;s internal auditor and the independent auditors. Management represented to
the Audit Committee that the audited financial statements of the Company included in the
Company&#146;s annual report to Shareholders for the year ended December 31, 2004, were
prepared in accordance with generally accepted accounting principles in the United States,
and the Audit Committee has reviewed and discussed the consolidated financial statements
with management, the internal auditor and the independent auditors. The Audit Committee
discussed with the independent auditors the matters required to be discussed by Statement
on Auditing Standards No. 61, &#147;Communication with Audit Committees.&#148; The Audit
Committee&#146;s discussions with the internal and independent auditors were held both
with and without management present, and included the scope of their respective audits,
their evaluation of the Company&#146;s internal controls and the overall quality of the
Company&#146;s financial reporting. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the reviews and discussions referred to above, the Audit Committee recommended to the
Board, and the Board approved, that the audited consolidated financial statements be
included in the annual report on Form 20-F for the year ended December 31, 2004, as filed
with the Securities and Exchange Commission. The Audit Committee has recommended (which
recommendation was adopted by the Board) the selection of the Company&#146;s independent
auditors, subject to shareholder approval. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NUR
has restated its previously issued financial results for the years 2002 through 2003. This
restatement was primarily the result of the implementation of a new revenue recognition
policy and deferred tax valuation with respect to 2003. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically,
NUR had recognized revenue on its printers at the time of shipment under the criteria that
evidence of an arrangement existed, the price was fixed, delivery had occurred and
collectibility was assured. NUR assumed that the existence of those elements was
indicative of the completion of a sale. Senior management determined in 2004 that the
actual business practice in recent years had shown that the decline in market conditions
meant that from the customers&#146; point of view acceptance of the risk and title of the
printers occurred only after installation rather than at the time of shipment.
Consequently, management concluded that the previous revenue recognition policy did not
take into account NUR&#146;s the business environment NUR was operating in and did not
provide appropriate control over financial reporting regarding revenue recognition. In
recognition of this material weakness, senior management, with the assistance of the Audit
Committee, adopted a revised revenue recognition policy. The restatement adjustments for
revenue recognition resulted in adjustments to revenue, cost of sales, accounts receivable
and deferred revenues. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in 2004 the Company wrote-off assets from its balance sheet in the amount of
$18.5 million. This figure primarily consists of a $9.7 million inventory write-off and a
$6.3 million write-off of various accounts receivables, both of which are related to the
Company&#146;s decision to cease selling the Ultima/Salsa product lines. The balance of
$2.5 million consists of a write-off of a deferred tax asset that also was restated back
to 2003 to reflect revised accounting treatment of deferred tax valuation in 2003,
intangibles assets and increase of accrual for liabilities. </FONT></P>

<p align=center>
<font size=2>51</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lauri A. Hanover <BR>
Koby Shtaierman <BR>
Tamar Peller </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REPORT OF THE BOARD OF
DIRECTORS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Shareholders Meeting, the Board will provide a management report which will include a
discussion of the Company&#146;s consolidated financial statements for the year ended
December 31, 2004. </FONT></P>

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

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company expects to mail this Proxy Statement and the enclosed form of proxy to
shareholders on or about October 3, 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>

<p align=center>
<font size=2>52</font></p>
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<page>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of the Company&#146;s 2004 annual report on Form 20-F are being mailed to shareholders
simultaneously with this Proxy Statement. The Company&#146;s 2004 annual report, financial
statements and financial information appearing in such annual report are not part of the
proxy solicitation materials. Shareholders may obtain a copy of the Form 20-F report
without charge at <U>www.nur.com</U>. </FONT></P>



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

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lod, Israel<BR>
Date:  September 26, 2005
</FONT></P>

<p align=center>
<font size=2>53</font></p>
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<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Exhibit A</U> </FONT> </H1>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This Share Purchase Agreement (this
&#147;<B>Agreement</B>&#148;) is entered into as of August 21, 2005, by and among NUR
Macroprinters Ltd., a company registered under the laws of the State of Israel (the
&#147;<B>Company</B>&#148;) and Fortissimo Capital Fund GP, LP on behalf of the several
limited partnerships for which it serves as the general partner, as well as on behalf of
any third party investors (the &#147;<B>Lead</B> <B>Investor</B>&#148;) together with any
subsidiary or any other entity controlled, controlling or under common control therewith
listed in <B><U>Schedule A</U></B><U></U>, 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><U></U> and agreed to by the Company (each, the &#147;<B>Investor</B>&#148; and
collectively, the &#147;<B>Investors</B>&#148;). </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>WHEREAS</B>, </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>NOW, THEREFORE</B>, the parties
agree as follows: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>INTERPRETATION;
DEFINITIONS</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
headings of the sections and subsections of this Agreement are for
               convenience of reference only and are not to be considered in construing
this                Agreement. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
this Agreement, the following capitalized terms shall have the meanings set
               forth below and all terms defined in the recitals to this Agreement and
below                are incorporated herein by reference: </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Board</B>&#148; means
the Company&#146;s board of directors.  </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Debt
Restructuring Agreement</B>&#148; shall have the meaning ascribed                to it in
Section 4.2.1(d)  </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2.3. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;<B>Escrow
Agent</B>&#148; means Adv. Jonathan Schwartz. </FONT> </TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2.4. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Fully
Diluted Basis</B>&#148; means 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></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2.5. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;<B>Management
Agreement</B>&#148; means that certain Management Agreement referred to in
Section 10 below, in the form attached hereto as <U><B>Schedule 10.3</B></U>. </FONT> </TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2.6. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;<B>Ordinary
Shares</B>&#148; means ordinary shares of the Company, nominal value NIS 1.00
per share. </FONT> </TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2.7. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Registration
Rights Agreement</B>&#148; means that certain Registration                Rights
Agreement referred in Section 9 below, in the form attached hereto as <B><U>Schedule 9</U></B><U></U>.  </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>INVESTMENT;
ACQUIRED SHARES; GRANT OF WARRANTS</U></B></FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At
Closing (as defined below), the Company shall issue and the Investors shall
               acquire 34,285,714 newly issued Ordinary Shares (the &#147;<B>Acquired
               Shares</B>&#148;) in accordance with the terms of this Section 2, free and
clear                of any lien, encumbrance, debt, or any other third party right
whatsoever at a                price per share of US$0.35 (the &#147;<B>Price Per Share</B>&#148;)
and for an                aggregate purchase price of US $12,000,000 for all the Acquired
Shares (the                &#147;<B>Purchase Price</B>&#148;). Actual issuances and
purchase of the                Acquired Shares shall be in accordance with the terms and
conditions set forth                in the sub-Sections below of this Section 2. </FONT></TD>
</TR>
</TABLE>
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<p align=center>
<font size=2></font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Purchase Price shall be paid to the Company in three installments as
               follows: (i) US$5,000,000 at the Closing (the &#147;<B>1<SUP>st</SUP>               Installment</B>&#148;),
(ii) US$5,000,000 on the date which is not later than 90                days following
the Closing (the &#147;<B>2<SUP>nd</SUP> Installment</B>&#148;),                and (iii)
US$2,000,000 on the first anniversary of the Closing (the                &#147;<B>3<SUP>rd</SUP> Installment</B>&#148;). </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At
the Closing, the Company shall issue to the Investors 25,714,286 warrants to
               in accordance with the terms of this Section 2 (the &#147;<B>Warrants</B>&#148;)
               exercisable into 25,714,286 newly issued Ordinary Shares (the &#147;<B>Warrant
               Shares</B>&#148;) for an exercise price of US$0.40 per Warrant Share (the
               &#147;<B>Exercise </B><B>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(c)</U></B><U></U>.
Actual grants of the                Warrants shall be in accordance with the terms and
conditions set forth in the                sub-Sections below of this Section 2. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Warrants shall be issued to the Investors at the Closing for no additional
               payment or consideration. 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 thereof (the &#147;<B>Exercise
               Period</B>&#148;). All unexercised Warrants shall expire immediately after
the                end of the Exercise Period. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
and subject to the terms and conditions of this Agreement, at the Closing,
               the Company shall sell, issue and allot to: (i) each Investor, the number
of                1<SUP>st</SUP> Installment Acquired Shares and 1<SUP>st </SUP> Installment
               Warrants set forth against its name on <B><U>Schedule A</U></B><U></U> (the
               &#147;<B>1<SUP>st</SUP> Installment </B> Securities&#148;), to be issued
to each                Investor, (ii) to the Escrow Agent, the number of 2<SUP>nd </SUP> Installment
               Acquired Shares and 2<SUP>nd</SUP> Installment Warrants (the
               &#147;<B>2<SUP>nd</SUP> Installment Securities</B>&#148;) of which the
Escrow                Agent will transfer to the Investors the number of 2<SUP>nd</SUP> Installment
               Securities set forth against their name on <B><U>Schedule A</U></B><U></U>,
and                (iii) to the Escrow Agent, the number of 3<SUP>rd </SUP> Installment
Acquired                Shares and 3<SUP>rd</SUP> Installment Warrants (the &#147;<B>3<SUP>rd</SUP>               Installment
Securities</B>&#148;) of which the Escrow Agent will transfer to the
               Investors the number of 3<SUP>rd</SUP> Installment Securities set forth
against                their name on <B><U>Schedule A</U></B><U></U>. Notwithstanding
anything to the                contrary contained herein, <B><U>Schedule A</U></B><U></U> may
be amended at the                Lead Investor&#146;s sole discretion prior to the date
of the 2<SUP>nd</SUP>               Installment and/or the 3<SUP>rd</SUP> Installment
(including to reflect an                increased portion of the investment to be made by
the Lead Investor), provided                that any new Investor acquires securities
subject to the terms and conditions of                this Agreement pursuant to a
Joinder Agreement in the form attached hereto as <B><U>Schedule 2.5</U></B><U></U>. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
ensure full performance of the obligations and undertakings of the Company
               and the Investors in connection with the 2<SUP>nd</SUP> Installment and
the                3<SUP>rd</SUP> Installment, at the Closing, the Company shall issue
and allot to                the Escrow Agent the 2<SUP>nd</SUP> Installment Securities
and the                3<SUP>rd</SUP> Installment Securities (collectively, the &#147;<B>Escrow
               Securities</B>&#148;), to be held by the Escrow Agent in trust for the
Company                and the Investors according to the number of Escrow Securities set
forth against                each Investor&#146;s name on <B><U>Schedule A</U></B><U></U>.
The Escrow Agent                shall hold the Escrow Securities in trust and release and
transfer them to                Investors upon receipt of a confirmation from the Company&#146;s
bank, with                respect to each Investor, that such Investor paid its
applicable portion of the                2<SUP>nd </SUP> Installment or the 3<SUP>rd</SUP> Installment
set forth against                such Investor&#146;s name on <B><U>Schedule A</U></B><U></U>.
All of the Escrow                Agent&#146;s duties, rights and instructions in
connection herewith shall be as                set forth in the Escrow Agreement attached
hereto in <B><U>Schedule 2.6(a)</U> </B>(the &#147;<B>Escrow Agreement</B>&#148;),
executed by the Company, Escrow                Agent and the Investors on or prior to the
date of Closing. For the avoidance of                doubt, for all purposes hereunder,
until the date of payment by the Investors of                the 2<SUP>nd</SUP> Installment
or the 3<SUP>rd</SUP> Installment, as the case                may be, the Escrow Agent
shall vote, execute written instruments and/or exercise                any other rights
of holders in connection with the Escrow Securities pursuant to                the
written instructions of the Lead Investor. In order to facilitate the
               release of the Escrow Securities from the Escrow Agent to the Investors
upon                payment by the Investors of the 2<SUP>nd</SUP> Installment or the 3<SUP>rd</SUP>               Installment,
as applicable, the Escrow Agent and Investors shall each execute                transfer
instruments in the form attached hereto as <B><U>Schedule                2.6(b)</U></B><U></U>,
which transfer instruments will be held by the Escrow                Agent together with
the Escrow Securities. </FONT></TD>
</TR>
</TABLE>
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<p align=center>
<font size=2>2</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
addition to the foregoing, on or prior to August 30, 2005, the Investors
               shall deposit with the Escrow Agent an amount of US$1,000,000 on account
of the                aggregate Purchase Price (the &#147;<B>Escrow </B><B>Amount</B>&#148;).
The                Escrow Amount shall include any and all interest accumulated thereon
whilst in                escrow, and shall be released according to the following: </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
the Closing takes place, the Escrow Agent shall, upon receipt of written
               confirmation from the Company and the Lead Investor, transfer the Escrow
Amount                to the Company. In these circumstances, the Escrow Amount shall be
deducted from                the 1<SUP>st</SUP> Installment due and payable by the
Investors at Closing.  </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
the Closing does not take place due to: (i) the election of the Lead Investor
               in accordance with the provisions of Sections 10.5 (Due Diligence) or 10.6
               (Adverse Event), (ii) the Company&#146;s failure to enter into the Debt
               Restructuring Agreement within the twenty-one (21) days set forth in
Section                10.1 below, or (iii) the Company&#146;s failure to effect the
Closing, then the                Escrow Agent shall, upon receipt of written instructions
from the Lead Investor                that the Closing did not take place for any one of
such reason(s), transfer the                Escrow Amount to the Investors.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
the Closing does not take place due to the election of the Lead Investor for
               reasons other than those provided for under Sections 10.5 (Due Diligence)
and                10.6 (Adverse Event), then, as the Company&#146;s sole remedy, the
Escrow Agent                shall transfer the Escrow Amount to the Company as an
investment by the                Investors at a purchase price per share equal to the
Price Per Share against the                issuance by the Company of 2,857,143 Ordinary
Shares. Notwithstanding the above,                in the event that within twelve (12)
months of the date hereof the Company                consummates a private placement at a
per share price lower than the Price Per                Share (the &#147;<B>Lower Price</B>&#148;),
then the Investors will be issued                promptly such number of additional
Ordinary Shares as may be required to reflect                the investment by the
Investors of the Escrow Amount at such Lower Price.  </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the event that an Investor shall fail to pay its portion of the                2<SUP>nd</SUP> Installment
or the 3<SUP>rd </SUP> Installment when due in                accordance with this
Section 2, as applicable, then, without derogating from any                other remedy
which may be available to the other parties to this Agreement,                under this
Agreement or under applicable law, all the then remaining Escrow
               Securities issued to such Investor at the Closing under this Agreement
shall be                cancelled by the Company in accordance with applicable law. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>TERMS
OF ACQUIRED SHARES AND WARRANT SHARES</U></B></FONT></TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Acquired Shares and Warrant Shares shall, when issued to the Investors and the Escrow
Agent, have such rights, preferences and obligations as are set forth in the Company&#146;s
Articles of Association from time to time. For avoidance of doubt, the Acquired Shares
and any Warrant Shares exercised by the Investors and held by the Escrow Agent, shall,
while held by the Escrow Agent, be deemed to be fully paid up for the purpose of voting
rights. Such shares shall be voted in accordance with the provision of Section 2 above
and the provisions of the Escrow Agreement.  </FONT></TD>
</TR>
</TABLE>
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<p align=center>
<font size=2>3</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>CLOSING</U></B></FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
transactions contemplated hereby, other than the payment by the Investors of
               the 2<SUP>nd</SUP> Installment and the 3<SUP>rd</SUP> Installment, shall
take                place at a closing (the &#147;<B>Closing</B>&#148;) to be held at the
offices of                Amit, Pollak, Matalon &amp; Ben Naftali, Erez &amp; Co., NYP
Tower                19<SUP>th</SUP> Floor 17 Yitzhak Sade Street, Tel Aviv, Israel,
within: (i)                seventy (70) days from the date of this Agreement or at such
other date, time                and place as the Company and the Lead Investor shall have
mutually agreed to. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At
the Closing, the following transactions shall occur simultaneously: </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
following documents shall have been provided to the Lead Investor:  </FONT></TD>
</TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
resolution of the Board in the form attached hereto as <B><U>Schedule
               4.2.1(a)</U></B><U></U>: (i) authorizing the execution, performance and
delivery                of this Agreement and all related documents thereunder, (ii)
approving the Debt                Restructuring Agreement, (iii) approving the Management
Agreement, and (vi)                approving the issuance of all the Acquired Shares and
the Warrants on the date                of Closing, conditional upon payment of the 1<SUP>st
</SUP> Installment of the                Purchase Price and the reservation of the
Warrant Shares;  </FONT></TD>
</TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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
               4.2.1(b)</U></B><U></U>: (i) approving the terms of this Agreement and the
               transactions contemplated hereunder, including but not limited to the
               Registration Rights Agreement, and (ii) approving the terms of the
Management                Agreement; (iii) approving any necessary amendments to the
Company&#146;s                Articles of Association; and (iv) approving the procurement
of the Policy (as                defined in Section 11.3 below);  </FONT></TD>
</TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Warrants in the form attached hereto as <B><U>Schedule                4.2.1(c)</U></B><U></U> duly
executed by the Company and issued to each Investor                and to the Escrow
Agent, in the amounts set forth in <B><U>Schedule                A</U></B><U></U>;  </FONT></TD>
</TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>executed
rearrangement and rescheduling 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
               4.2.1(d)</U></B><U></U> (the &#147;<B>Debt Restructuring Agreement</B>&#148;);  </FONT></TD>
</TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>irrevocable
instructions to the Company&#146;s transfer agent in the form of <B><U>Schedule 4.2.1(e)</U></B><U></U> to
issue as soon as is reasonably                practicable to the Investors and the Escrow
Agent share certificates for the                Acquired Shares; together with signed
notices to the Registrar of Companies                regarding the shares to be issued in
the names of the Investors and the Escrow                Agent pursuant to this
Agreement.  </FONT></TD>
</TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f) </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
compliance certificate, in the form attached hereto as <B><U>Schedule
               4.2.1(f)</U></B><U></U> duly executed by the Chief Executive Officer of
the                Company, dated as of the date of the Closing, confirming and
certifying that the                representations and warranties set forth in Section 7
of this Agreement are true                and correct as of and through the date of
Closing, that the Company has                performed and complied with all its
covenants, agreements, and undertakings as                set forth herein and that no
Adverse Event, as defined in Section 10.6 below,                has occurred after
signing and prior to Closing.  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>4</font></p>
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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company and the Investors shall execute and deliver the Registration Rights
               Agreement attached hereto as <B><U>Schedule 9</U></B><U></U>.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2.3. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company and the Lead Investor shall execute and deliver the Management
               Agreement attached hereto as <B><U>Schedule 10.3</U></B><U></U>.  </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2.4. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each
of the Investors shall pay to the Company its proportional share of the 1<SUP>st</SUP> Installment
of the Purchase Price as set next to its name on <B><U>Schedule A</U></B><U></U>, 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 the Closing.  </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the event that the Company fails to effect the Closing, the Lead Investor
               will have, as a sole remedy in such event, a right of first refusal with
respect                to any offer to make an investment in the Company made by a third
party within                one hundred and eighty (180) days from the date of
termination of this Agreement                (the &#147;<B>Third Party Offer</B>&#148;),
to make such investment under the                same terms of the Third Party Offer. The
provisions of this Section 4.3 shall                not apply if the Company&#146;s
failure is due to: (i) the Company&#146;s                inability to enter into the Debt
Restructuring Agreement under Section 10.1; or                (ii) the lack of
shareholders&#146; approval to this Agreement. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>CLOSING
CONDITIONS</U></B></FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Closing of the transactions contemplated hereunder and the obligations of
               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 Lead Investor: </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>receipt
by the Company of the approval of any required regulatory or                governmental
authority, if any;  </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
execution of the Debt Restructuring Agreement, a copy of which will be
               attached to this Agreement <B><U>as Schedule 4.2.1(d)</U></B><U></U>;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1.3. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1.4. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Banks&#146; approval of this Agreement and the transactions contemplated
               hereunder; and  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1.5. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>written
confirmation from the Company that it views the Voting Agreement by and
               among the Company and Dan Purjes, dated January 23, 2005 is in full force
and                effect as of the date of the Closing, and that the Company has not
waived and/or                amended any term thereunder.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>5</font></p>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
payment by the Investors of the 1<SUP>st</SUP> Installment of the Purchase
               Price at the Closing; and  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Approval
of this Agreement and the transactions contemplated thereunder by any
               required corporate action by the Investors.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>CAPITALIZATION</U></B></FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></TD>
</TR>
</TABLE>
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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Company agrees and undertakes that until the Closing it will not sell issue,
               allot, grant or transfer in any other way any shares, options, warrants or any
               other securities which are convertible or exchangeable into shares of the
               Company (collectively, the &#147;<B>Securities</B>&#148;) to any person or
               entity, except for (a) issuances of Ordinary Shares to holders of Securities
               which are outstanding on the date hereof pursuant to the respective terms and
               conditions of those Securities, (b) grants of options to purchase Ordinary
               Shares to employees, officers and directors under the Company&#146;s approved
               plans and obligations, provided, however, that on the aggregate, the Company
               will not grant more that 500,000 options, or (c) as approved in advance and in
               writing by the Lead Investor. </FONT></TD>
               </TR>
               </TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>REPRESENTATIONS
AND WARRANTIES OF THE COMPANY</U></B></FONT></TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Organization</U>.&nbsp;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, and registered by the Registrar of Companies as a public                company,
number 52-003986-8. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><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. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Public
Listing</U>. Between October 1995 and May 2005 the Ordinary Shares of                the
Company were registered for trading on the Nasdaq. On May 17, 2005, the
               Company&#146;s Ordinary Shares have been de-listed from trade on Nasdaq.
If and                when the Company is able to relist on Nasdaq or any other exchange
or stock                market, the Acquired Shares and the Warrant Shares underlying the
Warrants, when                issued, will qualify for listing on Nasdaq or such other
exchange or stock                market subject to applicable law. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Share
Capital</U>. The registered share capital of the Company is NIS
               120,000,000 divided into 120,000,000 Ordinary Shares, of which no more
than                26,205,681 Ordinary Shares are issued and outstanding as of July 31,
2005. In                addition, as of July 31, 2005 the Company had issued and
outstanding options,                warrants and other securities exercisable into no
more than 10,492,780 Ordinary                Shares. Since July 31, 2005 there have been
no change in the Company&#146;s                share capital, except for issuances and
grants of Securities in accordance with                Section 6.2 above. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>6</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Full
Disclosure</U>. To the best of the Company&#146;s knowledge, the annual
               report on Form 20-F of the Company for the year ended December 31, 2004
which                was filed with the United States Securities Exchange Commission on
July 15, 2005                (the &#147;<B>20-F Form</B>&#148;) and all subsequent
filings filed by the                Company (copies of which are attached hereto as <B><U>Schedule
               7.5</U></B><U></U>) 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></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Financial
Statements</U></FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>True
and complete copies of: (i) 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
report           of Kost Forer Gabbay &amp; Kasierer (a member of Ernst &amp; Young
Global)           relating thereto (the &#147;<B>2004 Financial </B><B>Statements</B>&#148;),
and           (ii) the Company&#146;s preliminary, unaudited and not reviewed financial
          results for the period ended June 30, 2005 (the &#147;<B>2005 Quarterly
          Results</B>&#148;), are attached hereto as <B><U>Schedule 7.6(a)</U></B><U></U>.  </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
2004 Financial Statements are 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 and to the           Company&#146;s
best knowledge, the 2005 Quarterly Results, 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. The 2004 Financial           Statements were
prepared in accordance with U.S. GAAP, applied on a consistent           basis throughout
the periods covered.  </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Reports</U>.
The Company has timely filed, or caused to be filed, with the                appropriate
authorities or got extension for, all filings, 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></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.8. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Due
Authorization</U>.&nbsp;The Acquired Shares, Warrants, Warrant Shares,
               when issued, at the Closing or upon exercise of the Warrants, as
applicable,                shall all be duly authorized, validly issued, and upon payment
of applicable                Price Per Share and/or the Exercise Price thereof &#151; fully
paid,                non-assessable and clear and free from any lien, encumbrance, or any
other third                party right whatsoever. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.9. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Approvals</U>.&nbsp;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, the grant                and issuance of
the Warrants, the issuance of the Warrant Shares, shall have                been duly
approved by the Board. Shareholder approval under applicable law, will                be
sought by the Company prior to the completion of the Closing. Subject to such
               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></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>7</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.10. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><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></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.11. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Compliance
with Laws</U>. The Company is not aware of a material violation of                any
applicable statute, rule, regulation, order or restriction of any domestic
               Israeli or, to the Company&#146;s knowledge, foreign government or any
               instrumentality or agency thereof in respect of the conduct of its
business or                the ownership of its properties which has had, or could
reasonably be expected                to have, either individually or in the aggregate, a
material adverse effect on                the Company. The Company has all material
franchises, permits, licenses and any                similar authority necessary for the
conduct of its business as now being                conducted by it, the lack of which
could, either individually or in the                aggregate, reasonably be expected to
have a material adverse effect on the                Company. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.12. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>No
Integrated Offering</U>. Neither the Company, nor any person acting on its
               behalf, has directly or indirectly made any offers or sales of any
security or                solicited any offers to buy any security under circumstances
that would cause                the offering of the Acquired Shares, the Warrants and the
Warrant Shares                pursuant to this Agreement to be integrated with prior
offerings by the Company                for purposes of the Securities Act of 1933, as
amended (the &#147;<B>Securities                Act</B>&#148;) such that would subject
the offering, issuance and sale of the                Acquired Shares, the Warrants and
the Warrant Shares hereunder to the                registration requirements of Section 5
of the Securities Act, nor will the                Company take any action or steps that
would cause the offering of the Securities                to be integrated with other
offerings </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.13. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><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 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></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.14. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Brokers&#146; or
Finders&#146; Fees</U>. No agent, finder or broker acting on                behalf of or
under the authority of the Company, is or will be entitled to any                broker&#146;s
or finder&#146;s fee or any other similar commission or fee in                connection
with the transactions contemplated hereby. Notwithstanding anything                herein
to the contrary, in the event of any breach of the provisions of this
               Section, the Company shall fully indemnify and compensate the Investors
for any                damage or loss, which they actually incur due to such breach. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.15. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Effectiveness</U>.&nbsp;Each
representation and warranty herein is deemed to                be made on the date of
this Agreement (unless specifically stated otherwise) and                as of the date
of Closing. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>8</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>REPRESENTATIONS
REGARDING THE INVESTORS AND THE ACQUIRED SHARES</U></B></FONT></TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><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></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><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 5 hereinabove. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><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, except as would                not have a material adverse effect on the
Investor that would prevent in any way                such Investor from performing its
obligations and undertakings under this                Agreement. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><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, 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></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><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></TD>
</TR>
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<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#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 LTD., THAT
REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.&#148;</FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Investment
Purpose</U>. Each Investor represents and agrees that the Acquired                Shares,
the Warrants and the Warrant 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></TD>
</TR>
</TABLE>
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<p align=center>
<font size=2>9</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><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
filings of the Company and it                received such information and has conducted
such independent examinations as it                deemed necessary. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.8. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Brokers&#146; or
Finders&#146; Fees</U>. No agent, finder or broker acting on                behalf of or
under the authority of such Investor, is or will be entitled to any                broker&#146;s
or finder&#146;s fee or any other similar commission or fee in                connection
with the transactions contemplated hereby. Notwithstanding anything                herein
to the contrary, in the event of any breach of the provisions of this
               Section, such Investor shall fully indemnify and compensate the Company
for any                damage or loss, which they actually incur due to such breach. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.9. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Effectiveness</U>.&nbsp;Each
representation and warranty herein is deemed to                be made on the date of
this Agreement (unless specifically stated otherwise) and                as of the date
of Closing. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>REGISTRATION
RIGHTS</U></B></FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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 9</U></B><U></U> (the &#147;<B>Registration Rights</B>&#148;).  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ACTIONS
PRIOR TO CLOSING</U></B></FONT></TD>
</TR>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Debt
Restructuring Agreement</U>. The Board shall have approved and executed
               within twenty-one (21) days of the date hereof, the Debt Restructuring
Agreement                with the Banks, a copy of which will be attached to this
Agreement as <B><U>Schedule 4.2.1(d)</U></B><U></U>. In the event that the Company shall
have                not entered into the Debt Restructuring Agreement within the
aforementioned                period, then the Investors may terminate this Agreement
with no further                liability and receive the Escrow Amount. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>General
Meeting of Shareholders</U>. Subject to the DD Completion under                Section
10.5 and the Company entering into the Debt Restructuring Agreement                under
Section 10.1, the Company will convene a general meeting of its
               shareholders to such a date that will be not later than one business day
before                the date set for Closing, to approve, among other things, the terms
of this                Agreement. The proxy statement materials will be provided to the
Lead Investor                for its review. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Management
Agreement</U>. The Company and the Lead Investor shall enter on or                before
the Closing into a Management Agreement in the form attached hereto as <B><U>Schedule 10.3</U></B><U></U>,
pursuant to which the Lead Investor shall                provide management services to
the Company in consideration for an annual                management fee of US $250,000
and the Management Agreement shall be subject to                the approval of the
Company&#146;s general meeting of the shareholders. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Board
of Directors</U>. The Company undertakes that following the Closing the
               Investors shall be able to elect a majority of the Board, regardless of
the                number of members composing the Board. The Company shall effect such
undertaking                at a meeting of shareholders, held on or prior to the date of
Closing, at which                meeting shall be appointed those nominees proposed by
the Lead Investor to                serve, as members of the Board effective immediately
after the Closing. </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Due
Diligence</U>. The Lead Investor may&nbsp;decide not to proceed with the
               investment hereunder if its findings after completion of its due
diligence,                including financial and legal due diligence are not to its
satisfaction. The                Investors shall have a 21-day period commencing
immediately following the                execution of this Agreement to complete their
due diligence (the completion of                such due diligence shall be referred to
as the &#147;<B>DD                Completion</B>&#148;). If the Investors are not
satisfied with the due diligence                results during said period, then the
Investors will not be obligated to                consummate the transaction contemplated
hereunder. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Adverse
Events</U>. If at any time prior to the Closing, the Lead Investor                becomes
aware of a particular event or circumstances not in the Company&#146;s
               ordinary course of business that are unknown to the Company or are known
to the                Company and not reported to the Investors, which have, in the
aggregate, an                adverse effect on the Company of US$3,000,000 (the &#147;<B>Adverse
               Event</B>&#148;), then, the Lead Investor may&nbsp;decide not to proceed
with                the investment hereunder. It is agrees that &#147;Adverse Event&#148; shall
also                include circumstances that prevent the Company from holding the
general meeting                of shareholders for approval of this Agreement on or
before the date set for                Closing. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Ordinary
Course</U>. As of the date hereof and until the date of closing, the
               Company: (i) shall conduct its business solely in the ordinary course of
               business as is conducted on the date hereof; and (ii) shall not declare or
pay                any dividends or make any other distributions or payments with respect
to its                share capital. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ACTIONS
FOLLOWING THE CLOSING</U></B></FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
the date which is not later than ninety (90) days following the Closing, each
               of the Investors shall pay to the Company its proportional share of the
               2<SUP>nd</SUP> Installment of the Purchase Price as set next to its name
on <B><U>Schedule A</U></B><U></U>, by way of instructing a bank transfer to the
               Company&#146;s account, pursuant to wiring instructions given in writing
by the                Company prior thereto, and the Escrow Agent shall release to the
Investors the                appropriate portion of the Escrow Securities. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
the first anniversary of the Closing, each of the Investors shall pay to the
               Company its proportional share of the 3<SUP>rd</SUP> Installment of the
Purchase                Price as set next to its name on <B><U>Schedule A</U></B><U></U>,
by way of                instructing a bank transfer to the Company&#146;s account,
pursuant to wiring                instructions given in writing by the Company prior
thereto, and the Escrow Agent                shall release to the Investors the
appropriate portion of the Escrow Securities. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subject
to any other provisions in law, the Investors will act and exercise                their
position as controlling shareholders in the Company in any required way so
               that the Company will continue to hold its directors and officers
liability                policy (the &#147;<B>Policy</B>&#148;) in accordance with and in
the amounts                that are in effect as of the date hereof, this being for at
least four (4) years                from the date of Closing so that the Policy will
apply to obligations and                liabilities of the Company&#146;s directors and
officers who serve in office in                the Company and/or in companies controlled
by the Company, before the date of                Closing for any wrongful act, omission,
or event that preceded such date, all                this being subject to the conditions
of the current policy and its exclusions. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>11</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>NON-DISCLOSURE</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the event that the Closing does not occur, the parties&#146; respective
               obligations of confidentiality under this Agreement shall nonetheless
survive. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
provisions of this Section 12 are subject to and do not deem to amend or
               replace that certain letter agreement regarding confidentiality, which was
               entered between the parties on June 22, 2005, a copy of which is attached
hereto                as <B><U>Schedule 12.3</U></B><U></U>. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>NO
SHOP</U></B></FONT></TD>
</TR>
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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
During
a period ending sixty (60) days following the signing of this Agreement 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 Lead
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, as amended.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>INDEMNIFICATION</U></B></FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each
party agrees that to the fullest extent permitted by applicable law, it
               will indemnify and hold the other party harmless against and in respect of
any                and all loss, liability, deficiency or damage, or actions in respect
thereof                (including reasonable legal fees and expenses), occasioned by: (i)
any breach of                this Agreement; (ii) any falsity of any representations or
warranties of such                party or any certificate or other instrument furnished
by that party hereunder;                or (iii) any liability that is derived from an
act or omission that has been                committed prior to the date hereof, but that
becomes known hereafter. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notwithstanding
the foregoing, no claims shall be asserted unless the cumulative                amounts
claimed for is in excess of US$100,000 and under no circumstances shall
               any party be entitled to indemnification hereunder in an amount greater
than the                Purchase Price. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
remedies specified in this Section 14 shall be the sole and exclusive remedy
               to which the parties are entitled with regard to any losses or damages
caused to                them with regard to the breaches described in Section 14.1
above. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>MISCELLANEOUS</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Governing
Law and Jurisdiction</U>. This Agreement and the transactions                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 and resolve any disputes among the
parties                related to this Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>12</font></p>
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<page>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Expenses</U>.
The Company and the Investors will each bear their own legal                and other
expenses with respect to the transaction contemplated herein; except                that,
the Company will pay legal and other fees and actual expenses incurred by
               the Lead Investor in the amount of up to seventy-five thousand United
States                dollars (US$75,000) plus VAT which amount shall be reduced to fifty
thousand                United States dollars (US$50,000) plus VAT in the event that the
transaction is                not consummated, in each case, provided that the Lead
Investor deposited the                Escrow Amount under the terms of Section 2 above. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Preparation
of Financial Statements</U>. 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></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Public
Release</U>. 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></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Notices</U></FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.5.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></TD>
</TR>
</TABLE>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If to the Investors: </FONT></TD>
<TD WIDTH=65%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">to
such address and by facsimile as set forth in <U><B>Schedule A</B></U>. </FONT> </TD>
</TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If to the Company: </FONT></TD>
<TD WIDTH=65%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters Ltd. <BR>
Attn: David Amir, CEO <BR>
P.O. Box 1281 <BR>
12 Abba Hillel Silver Street <BR>
Lod 71111 <BR>
Israel <BR>
Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+972-8-9218918 </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
or
such other address with respect to a party as such party shall notify each other party in
writing as above provided. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.5.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any
notice sent in accordance with this Section 15.5 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 (provided that if transmitted on a day
that is not a                business day, on the next business day).  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Entire
Agreement; Amendment and Waiver</U>. 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></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Survival</U>.
All representations and warranties set forth in this Agreement                as well as
the indemnification provisions shall survive for a period of four (4)
               years following the Closing. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>13</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.8. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Rights;
Severability</U>. In case any provision of this Agreement shall be
               invalid, illegal or unenforceable, the validity, legality and
enforceability of                the remaining provisions shall not in any way be
affected or impaired thereby.                The parties hereto shall be obliged to draw
up an arrangement in accordance with                the meaning and the object of the
invalid provision. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.9. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Titles
and Subtitles</U>. The titles of the sections and subsections of this
               Agreement are for convenience of reference only and are not to be
considered in                construing this Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.10. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Stamp
Duty, Other Duties and Expenses</U>. All stamp duty and other duties                and
expenses incurred in connection with the execution and performance of this
               Agreement shall be borne by the Company, unless specifically stated
otherwise. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.11. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Assignment</U>.
The rights and obligations pursuant to this Agreement, or any                part
thereof, may be assigned or otherwise conveyed by the Investors or any
               subsequent transferee, both prior to and/or after the Closings, provided
that                such transferee agrees in writing to be bound by this Agreement. The
Company may                not assign or otherwise convey any of its rights and/or
obligations pursuant to                this Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.12. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Counterparts</U>.
This Agreement may be executed in one or more counterparts,                each of which
shall be deemed to be a duplicate original, but all of which taken
               together shall constitute one and the same agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[SIGNATURE PAGE TO
FOLLOW] </FONT></H1>

<p align=center>
<font size=2>14</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[SIGNATURE PAGE] </FONT></H1>

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






















<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<B>NUR Macroprinters Ltd. </B><BR>
<BR>
By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Oded Akselrod <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; <BR>
Name: Oded Akselrod <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; <BR>
Title: &nbsp;&nbsp;Director <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; <BR>
<BR>
By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David Seligman<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name: David Seligman<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Title: &nbsp;&nbsp;Chief Financial Officer<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>
</TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Fortissimo Capital Fund GP LP.<BR>
By: Fortissimo Capital (GP)<BR>
Management Fund Ltd, its<BR>
general partner</B><BR>
<BR>
By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Yuval Cohen<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name: Yuval Cohen<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Title: &nbsp;&nbsp;&nbsp;Director<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR> </FONT>

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


<p align=center>
<font size=2>15</font></p>
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<page>

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


<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>List of Investors</FONT></P>






<TABLE WIDTH="100%" BORDER="1" CELLPADDING="3" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ROWSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Name of Investor</B> </FONT></TD>
     <TD ROWSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Address</B> </FONT></TD>
     <TD COLSPAN="3" VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Portion of Purchase Price</B> </FONT></TD>
     <TD COLSPAN="3" VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Number of Acquired Shares</B> </FONT></TD>
     <TD COLSPAN="3" VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Number of Warrants</B> </FONT></TD></TR>
<TR VALIGN="TOP">
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1<SUP>st</SUP> Instal.</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2<SUP>nd</SUP> Instal.</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3<SUP>rd</SUP> Instal.</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1<SUP>st</SUP> Instal.</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2<SUP>nd</SUP> Instal.*</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3<SUP>rd</SUP> Instal.*</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1<SUP>st</SUP> Instal.</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2<SUP>nd</SUP> Instal.*</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3<SUP>rd</SUP> Instal.*</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Fortissimo Capital<BR>Fund, LP</FONT></TD>
     <TD WIDTH="27%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">c/o Marc Lesnick<BR>
Fortissimo Capital<BR>
Management Ltd.<BR>
14 Hamelacha Street<BR>
Park Afek, Rosh Haayin<BR>
48091<BR>
Fax: +972-3-9157411
</FONT></TD>
     <TD WIDTH="7%" VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$4,470,832</FONT></TD>
     <TD WIDTH="7%" VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$4,470,832</FONT></TD>
     <TD WIDTH="7%" VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$1,788,333</FONT></TD>
     <TD WIDTH="7%" VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12,773,806</FONT></TD>
     <TD WIDTH="7%" VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12,773,806</FONT></TD>
     <TD WIDTH="7%" VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5,109,522</FONT></TD>
     <TD WIDTH="7%" VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9,580,354</FONT></TD>
     <TD WIDTH="7%" VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9,580,354</FONT></TD>
     <TD WIDTH="7%" VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,832,142</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Fortissimo Capital Fund<BR>
(Israel), LP
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">c/o Marc Lesnick<BR>
Fortissimo Capital<BR>
Management Ltd.<BR>
14 Hamelacha Street<BR>
Park Afek, Rosh Haayin<BR>
48091<BR>
Fax: +972-3-9157411
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$398,470
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$398,470
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$159,388
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,138,485
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,138,485
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">455,394
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">853,864
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">853,864
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">341,546
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Fortissimo Capital Fund<BR>
(Israel-DP), LP
</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">c/o Marc Lesnick<BR>
Fortissimo Capital<BR>
Management Ltd.<BR>
14 Hamelacha Street<BR>
Park Afek, Rosh Haayin<BR>
48091<BR>
Fax: +972-3-9157411
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$130,698
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$130,698
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$52,279
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">373,423
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">373,423
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">149,369
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">280,067
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">280,067
</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">112,027
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total</B> </FONT>
</TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$5,000,000</B> </FONT>
</TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$5,000,000</B> </FONT>
</TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$2,000,000</B> </FONT>
</TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>14,285,714</B> </FONT>
</TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>14,285,714</B> </FONT>
</TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>5,714,286</B> </FONT>
</TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>10,714,286</B> </FONT>
</TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>10,714,286</B> </FONT>
</TD>
     <TD VALIGN="MIDDLE"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4,285,714</B> </FONT>
</TD></TR>
</TABLE>
<BR>


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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
be issued or granted, as applicable, at the Closing on the name of the Escrow Agent</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">
<page>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>WARRANT</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THIS WARRANT AND THE ORDINARY SHARES
ISSUABLE UPON EXERCISE OF THIS WARRANT (THE &#147;SECURITIES&#148;) HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE &#147;SECURITIES ACT&#148;)
OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAW, AND THE WARRANT MAY NOT BE
EXERCISED AND THE WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE MAY NOT BE SOLD,
TRANSFERRED, PLEDGED, ASSIGNED OR HYPOTHECATED, UNLESS THERE IS AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT COVERING THIS WARRANT AND/OR SUCH SECURITIES. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to purchase </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ordinary Shares </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters Ltd. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at an exercise price of
$0.40 per share </FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VOID
AFTER 17:00 p.m. (prevailing Tel Aviv time) </FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
the Expiration Date (as hereinafter defined) </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>No. W-[&nbsp;&nbsp;&nbsp;&nbsp; ]</B></FONT></TD>
     <TD WIDTH="50%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] , 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters Ltd., an Israeli
company with its principal offices at 12 Abba Hillel Silver Street, Lod, Israel (the
&#147;<B>Company</B>&#148;), hereby grants to [ ] (the &#147;<B>Holder</B>&#148;), the
right to purchase, subject to the terms and conditions hereof, up to [ ( )] ordinary
shares, par value NIS 1.00 per share, of the Company (&#147;<B>Ordinary Shares</B>&#148;),
exercisable at any time from time to time, on or after the date hereof (the
&#147;<B>Effective Date</B>&#148;), and until the fifth anniversary of the Effective Date
(the &#147;<B>Expiration Date</B>&#148;). </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>DEFINITIONS</B></U> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
this Warrant the terms below shall have the following meaning, unless otherwise
specifically provided or required by the context:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Warrant
Shares</B>&#148; means the Ordinary Shares purchasable                hereunder or any
other securities which, in accordance with the provisions                hereof, may be
issued by the Company in substitution therefor. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Exercise
Price</B>&#148; means the price of forty cents ($0.40) payable                hereunder
for each Warrant Share, as adjusted in the manner set forth                hereinafter. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Warrants</B>&#148; means
this Warrant and all warrants hereafter issued                in exchange or substitution
for this Warrant. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>WARRANT
PERIOD; EXERCISE OF WARRANT</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
Warrant may be exercised in whole at any time, or in part from time to
               time, beginning on the Effective Date until the Expiration Date (the
               &#147;<B>Warrant Period</B>&#148;), by the surrender of this Warrant (with
a                duly executed exercise form in the form attached hereto as <B><U>Exhibit
               A</U></B><U></U>), at the principal office of the Company, set forth
above,                together with proper payment of the Exercise Price multiplied by
the number of                Warrant Shares for which the Warrant is being exercised.
Payment for Warrant                Shares shall be made by certified or official bank
check or checks, payable to                the order of the Company or by wire transfer
to an account to be designated in                writing by the Company. Payments shall
be made in United States dollars. </FONT></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">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Holder of the Warrant, by its acceptance hereof, covenants and agrees that
               this Warrant is being acquired as an investment and not with a view to the
               distribution hereof and such Holder further covenants and agrees that it
will                not sell, transfer, pledge, assign, or hypothecate the Warrant or the
Warrant                Shares unless there is an effective registration statement under
the Securities                Act of 1933 covering the Warrant or the Warrant Shares, or
the Holder of the                Warrant and/or the Warrant Shares receives an opinion of
counsel satisfactory to                the Company stating that such sale, transfer,
pledge, assignment, or                hypothecation is exempt from the registration and
prospectus delivery                requirements of the Securities Act of 1933 and the
qualification requirements                under applicable law. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
this Warrant should be exercised in part, the Company shall, upon surrender
               of this Warrant for cancellation, execute and deliver a new Warrant
evidencing                the rights of the Holder to purchase the remainder of the
Warrant Shares                purchasable hereunder. The Company shall pay any and all
expenses, taxes and                other charges that may be payable in connection with
the issuance of the Warrant                Shares and the preparation and delivery of
share certificates pursuant to this                Section 2 in the name of the Holder
(including without limitation the applicable                stamp duty), and to the
extent required, the execution and delivery of a new                Warrant, provided,
however, that the Company shall only be required to pay taxes                which are
due as a direct result of the issuance of the Warrant Shares or other
               securities, properties or rights underlying such Warrants (such as the
               applicable stamp duty), and will not be required to pay any tax which may
be (i)                due as a result of the specific identity of the Holder or (ii)
payable in                respect of any transfer involved in the issuance and delivery
of any such                certificates in a name other than that of the Holder. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No
fractions of Ordinary Shares shall be issued in connection with the exercise
               of this Warrant, and the number of Ordinary Shares issued shall be rounded
up or                down to the nearest whole number. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Upon
the issuance of Ordinary Shares resulting from the exercise in whole or in
               part of this Warrant, the Company shall deliver to the Holder an
irrevocable                letter of instructions to the Company&#146;s transfer agent to
issue as soon as                is reasonably practicable to the Holder share
certificates reflecting the                Warrant Shares exercised thereby, together
with any and all other documents                required for the issuance of such
certificates by the transfer agent. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>RESERVATION
OF SHARES</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company covenants that: (i) at all times during the Warrant Period it shall have in
reserve, and will keep available solely for issuance or delivery upon exercise of the
Warrant, such number of Ordinary Shares as shall be issuable upon the exercise hereof,
and (b) upon exercise of the Warrant and payment of the Exercise Price hereunder, the
Warrant Shares issuable upon such exercise will be validly issued, fully paid, non
assessable, free and clear from any lien, encumbrance, pledge or any other third party
right and not subject to any preemptive rights.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ADJUSTMENTS
TO EXERCISE PRICE AND NUMBER OF SECURITIES</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Subdivision
and Combination</U>. In case the Company shall at any time                subdivide or
combine the outstanding Ordinary Shares, the Exercise Price shall
               forthwith be proportionately decreased in the case of subdivision or
increased                in the case of combination. </FONT></TD>
</TR>
</TABLE>
<BR>

<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">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Stock
Dividends and Distributions</U>. In case the Company shall pay a                dividend
on, or make a distribution of, Ordinary Shares or of the Company&#146;s
               share capital convertible into Ordinary Shares, the Exercise Price shall
               forthwith be proportionately decreased. An adjustment pursuant to this
Section                4.3 shall be made as of the record date for the subject stock
dividend or                distribution. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Adjustment
in Number of Securities</U>. Upon each adjustment of the Exercise                Price
pursuant to the provisions of Sections 4.1 and 4.2, the number of Ordinary
               Shares issuable upon the exercise of each Warrant shall be adjusted to the
               nearest full amount by multiplying a number equal to the Exercise Price in
               effect immediately prior to such adjustment by the number of Ordinary
Shares                issuable upon exercise of the Warrants immediately prior to such
adjustment and                dividing the product so obtained by the adjusted Exercise
Price. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>No
Adjustment of Exercise Price in Certain Cases</U>. No adjustment of the
               Exercise Price shall be made if the amount of said adjustment shall be
less than                2 cents ($0.02) per Ordinary Share, provided, however, that in
such case any                adjustment that would otherwise be required then to be made
shall be carried                forward and shall be made at the time of and together
with the next subsequent                adjustment which, together with any adjustment so
carried forward, shall amount                to at least 2 cents ($0.02) per Ordinary
Share. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Merger
or Consolidation</U>. In case of any consolidation of the Company with                or
merger of the Company with, or merger of the Company into (other than a
               merger which does not result in any reclassification or change of the
               outstanding Ordinary Shares), the Company shall cause the corporation
formed by                such consolidation or merger or surviving such merger to execute
and deliver to                the Holder a supplemental warrant agreement providing that
the Holder of the                Warrant then outstanding or to be outstanding shall have
the right thereafter                (until the expiration of such Warrant) to receive,
upon exercise of such                Warrant, the kind and amount of shares of stock and
other securities and                property receivable upon such consolidation or
merger, by a holder of the number                of Ordinary Shares of the Company for
which such Warrant might have been                exercised immediately prior to such
consolidation or merger. Such supplemental                warrant agreement shall provide
for adjustments, which shall be identical to the                adjustments provided in
this Section 4. The provisions of this Section 4.5 shall                similarly apply
to successive consolidations or mergers. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>NOTICES
TO WARRANT HOLDERS</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Nothing
contained in this Warrant shall be construed as conferring upon the Holder the right to
vote or to consent or to receive notice as a shareholder in respect of any meetings of
shareholders for the election of directors or any other matter, or as having any rights
whatsoever as a shareholder of the Company. If, however, at any time prior to the
Expiration Date, any of the following events shall occur:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Company shall take a record of the holders of its Ordinary Shares for the
               purpose of entitling them to receive a dividend or distribution payable
               otherwise than in cash, or a cash dividend or distribution payable
otherwise                than out of current or retained earnings, as indicated by the
accounting                treatment of such dividend or distribution on the books of the
Company; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Company shall offer to all the holders of its Ordinary Shares any additional
               shares of the share capital of the Company or securities convertible into
or                exchangeable for shares of the share capital of the Company, or any
option,                right or warrant to subscribe therefor; or </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
dissolution, liquidation or winding up of the Company (other than in
               connection with a consolidation or merger) or a sale of all or
substantially all                of its property, assets and business as an entirety
shall be proposed; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
then,
in any one or more of said events, the Company shall give to the Holder written notice of
such event at least fifteen (15) days prior to the date fixed as a record date or the
date of closing the transfer books for the determination of the shareholders entitled to
such dividend, distribution, convertible or exchangeable securities or subscription
rights, or entitled to vote on such proposed dissolution, liquidation, winding up or
sale.  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>3</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>TRANSFERABILITY</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Holder may, subject to applicable securities laws, sell, transfer, assign,
               encumber, pledge or otherwise dispose or undertake to dispose of the
Warrant. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unless
registered, the Warrant Shares issued upon exercise of the Warrants shall
               be subject to a stop transfer order and the certificate or certificates
               evidencing such Warrant Shares shall bear legend substantially similar to
the                following: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#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></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>LOSS,
ETC. OF WARRANT</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Upon
receipt of evidence satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant, and of indemnity reasonably satisfactory to the Company, if
lost, stolen or destroyed, and upon surrender and cancellation of this Warrant, if
mutilated, and upon reimbursement of the Company&#146;s reasonable direct expenses, the
Company shall execute and deliver to the Holder a new Warrant of like date, tenor and
denomination.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>HEADINGS</B></U> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
headings of this Warrant have been inserted as a matter of convenience and shall not
affect the construction hereof.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>NOTICES</B></U> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Unless
otherwise provided, any notice required or permitted under this Warrant shall be given in
writing and shall be deemed effectively given upon personal delivery to the party to be
notified or seven (7) days after deposit with the Post Authority, for dispatch by
registered or certified mail, postage prepaid and addressed to the Holder at the address
set forth in the Company&#146;s books and to the Company at the address of its principal
offices set forth above, or when given by telecopier or other form of rapid written
communication, provided that confirming copies are sent by such airmail.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>GOVERNING
LAW</U></B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
This
Warrant shall be governed by and construed and enforced in accordance with the laws of
the State of Israel (regardless of the laws that might otherwise govern under applicable
Israel principles of conflicts of law). Any dispute arising out of or in connection with
this Warrant is hereby submitted to the sole and exclusive jurisdiction of the competent
courts located in the District of Tel Aviv.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>ENTIRE
AGREEMENT; AMENDMENT AND WAIVER</U></B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
This
Warrant and the Exhibit hereto constitute the full and entire understanding and agreement
between the parties with regard to the subject matters hereof and thereof. Any term of
this Warrant may be amended and the observance of any term hereof may be waived (either
prospectively or retroactively and either generally or in a particular instance) only
with the written consent of both the Holder and the Company.  </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>IN WITNESS WHEREOF</B>, the
Company has caused this Warrant to be executed as of the date first written above. </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters Ltd.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;__________________<BR>
Name:    __________________<BR>
Title:  &nbsp; __________________<BR>
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;__________________<BR>
Name:    __________________<BR>
Title:   &nbsp;__________________
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Agreed and Accepted:</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;__________________<BR>
Name:    __________________<BR>
Title:   &nbsp;__________________
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;__________________<BR>
Name:    __________________<BR>
Title:   &nbsp;__________________
</FONT></P>

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


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

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Warrant Exercise Form </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_________________, 200_ </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">NUR Macroprinters Ltd.<BR>
12 Abba Hillel Silver Street<BR>
P.O. Box 1281<BR>
Lod 71111<BR>
<U>Israel</U> </FONT>
</P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Sirs, </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U><B>Exercise of Warrant</B></U> </FONT> </P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
undersigned hereby irrevocably elects to exercise the attached Warrant No.
                    W-2 to the extent of ___________________ Ordinary Shares of NUR
Macroprinters                     Ltd., all in accordance with Section 2.1 of the
Warrant. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment
to the Company of the total Exercise Price for such shares has been made
                    simultaneously with the delivery of this exercise of the Warrant. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
undersigned requests that certificates for such Ordinary Shares be
                    registered in the name of ____________________ whose address is
                    ____________________ and that such certificates be delivered to whose
address is                     _____________________________. </FONT></TD>
</TR>
</TABLE>
<BR>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<BR><BR>
By:      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;__________________<BR>
Name:    __________________<BR>
Title:   &nbsp;&nbsp;__________________
</FONT></P>


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


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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This Management services Agreement
(this &#147;<B>Agreement</B>&#148;) is entered into as of September 26, 2005, by and among
NUR Macroprinters Ltd., a company registered under the laws of the State of Israel (the
&#147;<B>Company</B>&#148;) and Fortissimo Capital Fund GP, LP on behalf of the several
limited partnerships for which it serves as the general partner (hereinafter
&#147;<B>Fortissimo</B>&#148;). </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>WHEREAS</B>, </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the Company, Fortissimo and certain other investors have entered into a Share Purchase
Agreement dated August 21, 2005 (the &#147;<B>SPA</B>&#148;; all capitalized terms used
and not otherwise defined herein shall have the meanings ascribed to them in the SPA); and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>WHEREAS</B>, </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Fortissimo and the Investors will purchase, subject to the closing of the transactions
contemplated under the SPA (the &#147;<B>Closing</B>&#148;), a substantial shareholding
position in the Company and they intend to actively participate in the management of the
Company, including by way of election of members of the Company&#146;s Board of Directors
(the &#147;<B>Board</B>&#148;); and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>WHEREAS</B>, </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the Company desires to retain management services of Fortissimo pursuant to the terms and
conditions set forth in this Agreement, and Fortissimo agrees to provide such services to
the Company on such terms and conditions. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>NOW, THEREFORE</B>, in
consideration of the covenants and conditions hereinafter set forth, the parties hereby
agree as follows: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>SCOPE
OF SERVICES</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Management
Services</U></FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fortissimo,
through its employees, officers and directors, will conduct regular
               meetings and discussions with members of the Company&#146;s management, to
               assist and advise them on matters concerning the affairs and business of
the                Company and render such other management services and advise as may be
agreed to                from time to time by the Company and Fortissimo (the &#147;<B>Management
               Services</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=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
rendering the Management Services hereunder, Fortissimo shall cooperate with
               the Company and utilize professional skill and diligence to provide the
               expertise required in connection with such services. Fortissimo shall
dedicate                as much time as will be reasonably necessary for the proper
performance of the                Management Services.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Board
Services</U></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fortissimo
and the Investors are entitled, under the terms of the SPA and                subject to
the Closing, to elect a majority of the Board (the                &#147;<B>Fortissimo
Directors</B>&#148;), including Yuval Cohen <B>(&#147;Cohen</B>&#148;) who will serve as
chairman of the Board (the                &#147;<B>Chairman</B>&#148;). The Fortissimo
Directors will be active members of                the Board and will serve in committees
of the Board of which they are appointed                (the services rendered by the
directors and the Chairman will be referred                hereinafter as the &#147;<B>Board
Services</B>&#148;).  </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">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
his capacity as Chairman, Cohen shall (a) preside at meetings of the Board
               and as chairman at the general meetings of the shareholders of the
Company, (b)                participate in any committee thereof to which he is
appointed, (c) carry out all                other duties vested with the Chairman under
law and/or the Company&#146;s                Amended and Restated Articles of
Association, and (d) upon the request of the                Board and/or the Company&#146;s
management, participate in meetings and                discussions with members of the
Company&#146;s management, to assist and advise                them on matters concerning
the affairs and business of the Company. .  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2.3. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fortissimo
hereby agrees and undertakes that the provision of the chairmanship
               services by Cohen to the Company will be under the terms of this
Agreement.                Cohen may delegate his duties and responsibilities hereunder to
another employee                or Fortissimo or such other third party as Cohen deems
appropriate.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2.4. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
the avoidance of doubt, it is clarified that in serving as members of the
               Board, the Fortissimo Directors, including the Chairman, shall not be
employees                of the Company, nor shall the payment of the Management Fee by
the Company                create employee-employer relations between the parties hereto
or entitle the                Fortissimo Directors to any social benefits.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2.5. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
providing the Board Services, the Fortissimo Directors shall be subject to
               any and all fiduciary and other duties applicable under law upon members
of the                board of directors, and with respect to the Chairman, also duties
applicable                upon the person holding position of chairman of the board of
directors. The                Fortissimo Directors, including the Chairman, shall
dedicate as much time as                will be reasonably necessary for the proper
performance of the Board Services.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>COMPENSATION</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
consideration of the performance of the Management Services and the Board
               Services hereunder, the Company shall pay to Fortissimo an aggregate
annual                management services fee in the amount of two hundred fifty thousand
United                States dollars (US$250,000) (the &#147;<B>Management Fee</B>&#148;),
to be paid                in equal quarterly installments of sixty two thousand five
hundred United States                dollars (US$62,500). Each quarterly installment
shall be paid not later than the                seventh (7<SUP>th</SUP>) day of each
calendar quarter for services rendered                during the preceding calendar
quarter. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company will reimburse Fortissimo for reasonable out-of-pocket business
               expenses borne by the Fortissimo Directors, Fortissimo or any of its
employees,                directors or officers in connection with the provision of the
Management                Services and the Board Services against the submittal of the
relevant invoices                and receipts to the Company. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
payments under this Agreement shall be made against the issuance of valid
               invoices furnished by Fortissimo to the Company. Value Added Tax
               (&#147;<B>VAT</B>&#148;) pursuant to applicable law shall be added to all
               payments hereunder. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4.  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Except
for VAT, the Management Fee shall be inclusive of all taxes that may be
               incurred by the Company and/or Fortissimo Directors and/or Fortissimo in
               connection with the payment thereof, and any such taxes shall be borne by
the                Fortissimo Directors and/or Fortissimo. Furthermore, the Management
Fee is the                full and final compensation for the provision of the Management
Services and the                Board Services and shall be in lieu of any and all
payments that are due to the                Fortissimo Directors, including the Chairman,
in their capacity as members of                the Board or any of its committees to
which they are appointed, including the                right to receive the options to
purchase ordinary shares of the Company in                accordance with the Company&#146;s
1998 Share Option Plan for Non-Employee                Directors. Notwithstanding the
above, Fortissimo Directors who are not                employees, directors or officers
of Fortissimo or of any entity, directly or                indirectly, controlling,
controlled by, or under common control with Fortissimo                shall be entitled
to such compensation, payments and options as are provided to                the other
Company Board members. </FONT></TD>
</TR>
</TABLE>
<BR>

<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">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>PROPRIETARY
INFORMATION</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fortissimo
agrees that any and all Proprietary Information (as defined below) of                the
Company, which may be provided to Fortissimo under this Agreement is, and
               shall be, the sole property of the Company, and that Fortissimo will keep
in                confidence all such Proprietary Information, and not use, divulge or
disclose                any Proprietary Information to any third party, except for the
purposes of this                Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
purposes hereof, &#147;<B>Proprietary Information</B>&#148; means
               confidential and proprietary information concerning the business and
financial                activities of the Company, including patents, patent
applications, trademarks,                copyrights and other intellectual property, and
information relating to the                same, technologies and products, know how,
inventions, research and development                activities, trade secrets, and also
confidential commercial information such as                information relating to
customers, suppliers, marketing plans, etc. and shall                also include
information of the same nature, which the Company may obtain or                receive
from third parties. &#147;Proprietary Information&#148; shall not                include
information generally known to the public, information which was known                to
Fortissimo prior to the date hereof, information disclosed to Fortissimo by a
               third party who is not bound by any obligation of confidentiality to the
Company                or information required to be disclosed by court or administrative
order or                other applicable law. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>TERM
AND TERMINATION</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
Agreement shall only come into effect at the Closing, and only following
               receipt of all corporate approval required under applicable laws and the
               Company&#146;s Amended and Restated Articles of Association, including the
               approval of the Company&#146;s shareholders. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the event such approvals are not obtained, this Agreement shall expire and
               become null and void, without giving any right or claim to either party. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
Agreement shall remain in effect for so long as a Fortissimo Director
               occupies (i) the seat of Chairman of the Board of Directors of the Company
and                (ii) one additional seat on the Board of Directors of the Company.
Upon                termination of the same, this Agreement may be re-evaluated by the
Board and, in                the event the Board elects to revise or amend any of the
terms of this the                Agreement, the same shall require the approvals and
corporate actions prescribed                under applicable law and the Company&#146;s
charter documents then in effect. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>INDEPENDENT
CONTRACTOR</U></B><U></U>. Fortissimo is an independent                contractor and is
not an agent or employee of, and has no authority to bind the                Company by
contract or otherwise. Fortissimo will perform the Management                Services
under the general direction of the Company. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>3</font></p>
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<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>MISCELLANEOUS</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Entire
Agreement</U>. This Agreement and the SPA contain the entire agreement                of
the parties with relation to the subject matter hereof, and cancel and
               supersede all prior and contemporaneous negotiations, correspondence,
               understandings and agreements (oral or written) of the parties relating to
such                subject matter. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Amendment</U>.
This Agreement may not be modified or amended except by mutual                written
agreement of the parties. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>No
Waiver</U>. No failure, delay of forbearance of either party in exercising
               any power or right hereunder shall in any way restrict or diminish such
               party&#146;s rights and powers under this Agreement, or operate as a
waiver of                any breach or nonperformance by either party of any terms of
conditions hereof. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Assignment</U>.
Except as provided herein, this Agreement shall not be                assigned by a party
hereof to a third party without the other party&#146;s prior                written
consent and any attempt to effect an assignment of this Agreement or any
               portion thereof without obtaining such consent shall be null and void. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Severability</U>.
In case any one or more of the provisions contained in this                Agreement
shall for any reason be held to be invalid, illegal or unenforceable                in
any respect, such invalidity, illegality or unenforceability shall not affect
               any other provision hereof and this Agreement shall be construed as if
such                invalid, illegal or unenforceable provision had never been contained
herein </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Notices</U>.
Any notice under this Agreement shall be in writing and shall be                deemed to
have been duly given for all purposes (a) seven (7) days after it is
               mailed by registered mail; (b) upon the transmittal thereof by telecopier;
or                (c) upon the manual delivery thereof, to the respective party&#146;s
address set                forth in the SPA or to such other address of which notice as
aforesaid is                actually received. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Specific
Performance</U>. The parties hereto agree that irreparable damage                would
occur in the event that any of the provisions of this Agreement were not
               performed in accordance with their specific terms or were otherwise
breached. It                is accordingly agreed that the parties hereto shall be
entitled to an injunction                or injunctions to prevent breaches of this
Agreement and to enforce specifically                the terms and provisions of this
Agreement, this being in addition to any other                remedy to which they are
entitled at law or in equity. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.8. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Counterparts</U>.
This Agreement may be executed in multiple counterparts,                including,
without limitation, by facsimile signature, which taken together                shall
constitute a single document. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.9. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Governing
Law</U>. This Agreement shall be governed and enforced in                accordance with
the laws of the State of Israel and any dispute arising out of                or in
connection with this Agreement is hereby submitted to the sole and
               exclusive jurisdiction of the competent courts in Tel Aviv, Israel. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[SIGNATURE PAGE TO
FOLLOW] </FONT></H1>

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

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[SIGNATURE PAGE] </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>IN WITNESS WHEREOF</B>, the
parties have signed this Management Services Agreement as of the date first set forth
above. </FONT></P>















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<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR><BR><B>NUR MACROPRINTERS LTD.</B><BR><BR>
<BR>By:      /S/ David Amir<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name:    David Amir<BR>Title:   Director<BR><BR>
<BR>By:      /S/ David Seligman<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name:    David Seligman<BR>Title:   Chief Financial Officer</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><B>
FORTISSIMO CAPITAL FUND GP LP.   <BR>
BY:  FORTISSIMO  CAPITAL (GP) <BR>MANAGEMENT FUND LTD,<BR>
ITS GENERAL PARTNER

</B><BR><BR>
<BR>By:      /S/ Yuval Cohen<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name:    Yuval Cohen<BR>Title:   Director</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I agree to those terms of this
Agreement applicable to me, as Chairman of the Board: </FONT></P>






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<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>/S/ Yuval Cohen <BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
<B>Yuval Cohen</B></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"></FONT></TD>
</TR>
</TABLE>
<BR>

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



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<H1 ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Exhibit B</U> </FONT> </H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>AMENDMENT NUMBER 1 TO <BR>
SHARE PURCHASE AGREEMENT</U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This Amendment (the
&#147;<B>Amendment</B>&#148;), is entered into as of September 11, 2005, by and among NUR
Macroprinters Ltd., a company registered under the laws of the State of Israel (the
&#147;<B>Company</B>&#148;) and Fortissimo Capital Fund GP, LP on behalf of the several
limited partnerships for which it serves as the general partner, as well as on behalf of
any third party investors (the &#147;<B>Lead</B> <B>Investor</B>&#148;) together with any
subsidiary or any other entity controlled, controlling or under common control therewith
listed in <B><U>Schedule A</U></B><U></U> to the SPA, defined hereunder (each, the
<B>&#147;Investor</B>&#148; and collectively, the &#147;<B>Investors</B>&#148;). </FONT></P>

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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>WHEREAS</B>, </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the Company, the Lead Investor and the Investors, entered into a Share Purchase Agreement
on August 21, 2005 (the &#147;<B>SPA</B>&#148;); </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>WHEREAS</B>, </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the parties desire to amend certain terms of the SPA as provided herein.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>NOW, THEREFORE</B>, the parties
agree as follows: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>INTERPRETATION;
DEFINITIONS</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
this Amendment, all capitalized terms shall have the meanings ascribed           thereto
in the SPA. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>INVESTMENT;
ACQUIRED SHARES; GRANT OF WARRANTS</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section
2.7(b) of the SPA is hereby amended and replaced with the following new Section 2.7(b):  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;2.7(b)</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               If the Closing does not take place due to: (i) the election of the Lead
Investor                in accordance with the provisions of Sections 10.5 (Due
Diligence) or 10.6                (Adverse Event), (ii) the Company&#146;s failure to
enter into the Debt                Restructuring Agreement within the twenty-two (22)
days set forth in Section                10.1 below, or (iii) the Company&#146;s failure
to effect the Closing, then the                Escrow Agent shall, upon receipt of
written instructions from the Lead Investor                that the Closing did not take
place for any one of such reason(s), transfer the                Escrow Amount to the
Investors.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>ACTIONS
PRIOR TO CLOSING</U></B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section
10.1 of the SPA is hereby amended and replaced with the following new Section 10.1:</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;10.1</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Debt Restructuring Agreement</U>. The Board shall have approved and executed within
twenty two (22) days of the date hereof, the Debt Restructuring Agreement with the Banks,
a copy of which will be attached to this Agreement as <B><U>Schedule 4.2.1(d)</U></B><U></U>.
In the event that the Company shall have not entered into the Debt Restructuring
Agreement within the aforementioned period, then the Investors may terminate this
Agreement with no further liability and receive the Escrow Amount. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section
10.5 of the SPA is hereby amended and replaced with the following new Section 10.5:</FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2></font></p>
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<page>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;10.5</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Due Diligence</U>. The Lead Investor may&nbsp;decide not to proceed with the
investment hereunder if its findings after completion of its due diligence, including
financial and legal due diligence are not to its satisfaction. The Investors shall have a
22-day period commencing immediately following the execution of this Agreement to
complete their due diligence (the completion of such due diligence shall be referred to
as the &#147;<B>DD Completion</B>&#148;). If the Investors are not satisfied with the due
diligence results during said period, then the Investors will not be obligated to
consummate the transaction contemplated hereunder.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.3 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section
10.6 of the SPA is hereby amended and replaced with the following new Section 10.6:</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;10.6</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adverse Events</U>. If at any time prior to the Closing, the Lead Investor becomes
aware of a particular event or circumstances not in the Company&#146;s ordinary course of
business that are unknown to the Company or are known to the Company and not reported to
the Investors, which have, in the aggregate, an adverse effect on the Company of
US$3,000,000 (the &#147;<B>Adverse Event</B>&#148;), then, the Lead Investor may&nbsp;decide
not to proceed with the investment hereunder. It is agrees that &#147;Adverse Event&#148; shall
include (i) any circumstances that prevent the Company from holding the general meeting
of shareholders for approval of this Agreement on or before the date set for Closing; and
(ii) any imposition of value added tax, irrespective of the amount thereof, in connection
with the transactions contemplated hereby and/or the Debt Restructuring Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></TD>
<TD ALIGN=LEFT WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For
the avoidance of doubt, it is hereby agreed that if an Adverse Event           described
in 10.6(a)(ii) above occurs, then the Company shall be prohibited from
          objecting to an Adverse Event Release Notice (as defined in the Escrow
          Agreement) having been issued by the Lead Investor pursuant to Section 4.3(c)
of           the Escrow Agreement, to the extent that such Adverse Event Release Notice
has           been issued thereby.&#148; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>MISCELLANEOUS</B></U> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Amendment</U>.
This Amendment has been entered into pursuant to Section 15.6                of the SPA
and is in compliance therewith. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Continuation
of SPA</U>. Other than as specifically amended herein, all other                terms and
conditions of the SPA remain in full force and effect. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Counterparts</U>.
This Agreement may be executed in multiple counterparts,                including,
without limitation, by facsimile signature, which taken together                shall
constitute a single document. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Signature Page
Immediately Follows] </FONT></P>

<p align=center>
<font size=2></font></p>
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<page>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Signature Page] </FONT></P>

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




<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<B>NUR Macroprinters Ltd. </B><BR>
<BR>
By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David Amir <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name: David Amir <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Title: &nbsp;&nbsp;President and CEO <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; <BR>
<BR>
By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David Seligman<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name: David Seligman<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Title: &nbsp;&nbsp;Chief Financial Officer<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; </FONT>
</TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Fortissimo Capital Fund GP LP.<BR>
By: Fortissimo Capital (GP)<BR>
Management Fund Ltd, its<BR>
general partner</B><BR>
<BR>
By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Yuval Cohen<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name: Yuval Cohen<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Title: &nbsp;&nbsp;&nbsp;Director<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR> </FONT>

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



<p align=center>
<font size=2></font></p>
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<PAGE>



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<H1 ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit C</B></U> </FONT> </H1>


<P ALIGN="CENTER">
<IMG SRC="banklogo.jpg">
</p>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AGREEMENT FOR
RESTRUCTURING OF DEBT OF NUR <BR>MACROPRINTERS LTD. </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 12, 2005 </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=17%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><I>Current Debt:</I></U> </FONT> </TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>             As of September 12, 2005, NUR
Macroprinters Ltd. (the &#147;<B>Company</B>&#148;) had an outstanding credit facility in
the amount of $23,174,300 to Bank Hapoalim B.M. (&#147;<B>BNHP</B>&#148;), $15,899,500 to
Bank Leumi Le-Israel B.M. (&#147;<B>BLL</B>&#148;) and $4,280,000 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 fourteen million two hundred and five
thousand U.S. Dollars ($14,205,000), which is to be allocated between the above three
Banks&#146; credit facilities in accordance with the numbers set forth in Section 2 below
(the &#147;<B>Converted Amount</B>&#148;), will be converted pursuant to the terms herein
and the Company shall be forever released from the repayment of the Converted Amount. The
Converted Amount will cease to accrue interest as of the date of this agreement. Five
million U.S. Dollars ($5,000,000) (the &#147;<B>Subordinated Debt</B>&#148;) of the
remaining portion of the above credit facilities of the Banks (twenty-nine million U.S.
Dollars ($29,000,000), shall be subject to the assignment of debt as set forth in the Term
Sheet between the Banks and Fortissimo Capital (&#147;<B>Fortissimo</B>&#148;), dated
September 12, 2005. The remaining twenty-four million U.S. Dollars ($24,000,000) shall be
referred to (in the aggregate) as the &#147;<B>Remaining Amount</B>&#148;. The
Subordinated Debt shall be evidenced by an assignable subordinated note (the
&#147;<B>Subordinated Note</B>&#148;) in the form to be attached to this Agreement prior
to the date of Closing, in such form to be agreed to by the parties. </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">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Subordinated Debt shall not bear interest. In the event of either: (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), (any of the above three scenarios hereinafter referred to as a
&#147;<B>Liquidation</B>&#148;), then after the Banks shall have received an amount equal
to fifteen million U.S. Dollars ($15,000,000), the Company shall repay the Subordinated
Debt to the holder of the Subordinated Note. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Subordinated Debt shall expire on the third anniversary of the date of Closing. In other
words, in the event of the occurrence of a Liquidation following the third anniversary of
the date of Closing, the holder of the Subordinated Note shall not be eligible for any
repayment from the Company on account of the Subordinated Debt. A &#147;Liquidation&#148;shall
be deemed to have occurred within the three year period even if the aforementioned ninety
day period set forth in subsections (i) or (ii) expired thereafter.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company hereby consents to the assignment of Subordinated Note from the Banks to
Fortissimo and its transferees under the terms and conditions set forth in the Term Sheet
between the Banks and Fortissimo.</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=17%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><I>Debt Restructuring:</I></U> </FONT> </TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In consideration for each Bank&#146;s
agreement to convert its respective Converted Amount as set forth next to its name in the
below table and enter into the contemplated transactions under this agreement, the
Company, upon the closing of the contemplated transactions (the
&#147;<B>Closing</B>&#148;), will grant to the Banks five-year warrants in the form
attached hereto as <B><U>Exhibit A</U></B><U></U>. Under such warrants, the Banks shall
have the right to purchase an aggregate of eight million (8,000,000) Ordinary Shares, par
value NIS 1.00, of the Company (the &#147;<B>Ordinary Shares</B>&#148;), warrants to be
allocated between the Banks as set forth in the below table, for an exercise price of
thirty-five cents ($0.35) per Ordinary Share (the &#147;<B>Warrants</B>&#148;), provided,
however, that in the event that either the price per share at which Fortissimo purchased
Ordinary Shares in the Company, or the exercise price at which Fortissimo exercises its
warrants in the Company that were granted to Fortissimo under that certain Share Purchase
Agreement entered between the Company and Fortissimo on August 21, 2005 (the
&#147;<B>Private Placement</B>&#148;), is lower than thirty-five cents ($0.35) per
Ordinary Share (the lowest price at which Fortissimo purchased shares or exercised
warrants granted under the Private Placement is hereinafter referred to as the
&#147;<B>Lower Price</B>&#148;), the exercise price of the Warrants shall be reduced so
that it is equal to the Lower Price.</FONT></TD>
</TR>
</TABLE>
<BR>


<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">
<page>




<TABLE CELLPADDING="3" CELLSPACING="0" BORDER="1" WIDTH="600" 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>Principal Amount<BR>
being Converted</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Number of Warrants to<BR>
be Granted</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Principal Amount<BR>
being Converted to<BR>
Subordinated Debt</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="22%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BNHP</FONT></TD>
     <TD WIDTH="28%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;7,593,993&nbsp;</FONT></TD>
     <TD WIDTH="28%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,263,396&nbsp;</FONT></TD>
     <TD WIDTH="22%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,673,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BLL</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;5,208,974&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,916,329&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,833,500&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Discount</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;1,402,034&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>820,275&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;493,500&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>$14,205,000&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>8,000,000&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$5,000,000&nbsp;</B> </FONT></TD></TR>
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<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Each
Bank 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, 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 be granted the Warrants hereunder.</FONT></TD>
</TR>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=17%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><I>Sale of the Banks'</I></U><BR> <U><I>Shares:</I></U> </FONT> </TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   <BR>                                     The Banks shall not be
 restricted  in their  ability to sell their Warrant or
                                       Ordinary Shares. </FONT></TD>
</TR>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD WIDTH=17%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><I>Registration Rights:</I></U> </FONT> </TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 and
pursuant to the Registration Rights Agreement attached hereto as <B><U>Exhibit
B</U></B><U></U>. The Company hereby represents that at the request of the Banks, it shall
file a registration statement (the &#147;<B>Post Closing Registration</B>&#148;) for the
registration of all of the Ordinary Shares underlying the Warrants and all other Ordinary
Shares subject to registration rights agreements with the Company, including shares
acquired by Fortissimo in connection with the transactions contemplated under this
Agreement, within forty-five (45) days of the Closing. A failure of the Company to file
the Post Closing Registration within forty five days following the date of Closing shall
be deemed to be a material breach of this Agreement unless such delay results from legal
or regulatory restrictions prohibiting or preventing the filing of this Post Closing
Registration, which in all events this Post Closing Registration shall be filed once such
restrictions are removed. </FONT></TD>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.  </FONT></TD>
<TD WIDTH=17%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><I>Confidentiality:</I></U> </FONT> </TD>
<TD WIDTH=80%><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 agreement 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
Fortissimo. </FONT></TD>
</TR>
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<p align=center>
<font size=2>3</font></p>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.  </FONT></TD>
<TD WIDTH=17%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><I>Rescheduling of the </I></U><BR><U><I>Remaining Amount:</I></U> </FONT> </TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>For avoidance of any doubt, the
Remaining Amount of $24,000,000 shall be rescheduled under this Section 6, the undertaking
letter attached hereto as <B><U>Exhibit C</U></B><U></U> (the &#147;<B>Undertaking
Letter</B>&#148;) and definitive agreements to be entered into between the Banks and the
Company, in the form of standard agreements of such type at each of the respective Banks
(the &#147;<B>New Agreements</B>&#148;), which will supersede and replace the respective
agreements currently governing such debt. </FONT></TD>
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<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Under
the New Agreements, the following credit facilities will be extended to the Company:</FONT></TD>
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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
short term loan in an amount equal to one million nine hundred thousand U.S.
          dollars ($1,900,000), which shall bear a fixed rate of interest of one hundred
          thousand U.S. dollars ($100,000) (the <B>&#147;Interest Amount</B>&#148;). This
          short term loan, together with the interest thereon shall be repaid within
seven           business (7) days of the expiration of the first anniversary of the
Closing. The           Company hereby acknowledges that of the $12,000,000 to be invested
in the           Company by Fortissimo, $2,000,000 will be deposited in the Company&#146;s
          account at the Banks within ninety days of Closing (the &#147;<B>Deposited </B><B>Amount</B>&#148;),
pro rata to each Banks portion of the Converted Amount,           which shall be released
directly to the Banks as repayment of this short term           loan. From the date of
the deposit of the Deposited Amount in the Company&#146;s           accounts at the
Banks, the Deposited Amount shall be pledged to the Banks for           the purpose of
the repayment of the short term loan under this Section (a). This           shall not
derogate from any other right of the Bank, including the below set-off           right.
Notwithstanding Section 8.9 of the Undertaking Letter, in the event that           an
attachment of any kind is imposed against the Company, and was not lifted
          within 48 hours, the Banks shall be entitled to accelerate all amounts owed to
          them by the Company under this Section 6(a) and be paid the Interest Amount,
and           set off the Deposited Amount for such repayment and payment of the Interest
          Amount. This shall not derogate from the Banks&#146; right to accelerate the
          loan in any of the events set forth in Section 8 of the Undertaking Letter;  </FONT></TD>
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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
credit facility (including for guarantees other than those under subsection           (d)
below) in an amount of nine million, eight hundred and fifty thousand U.S.
          Dollars ($9,850,000), which shall be in effect until the first anniversary of
          the date of Closing. This credit facility shall bear interest at a rate of
LIBOR           + 0.75%, and the Company will pay interest on a quarterly basis. This
credit           facility shall be renewable, at the request of the Company, on a yearly
basis           until the sixth anniversary of the date of Closing (the &#147;<B>Initial
          Term</B>&#148;), unless a default under any of the loan agreements set forth in
          Section 6(a), (b) or (c), a breach of any material obligation of the Company
          under this Agreement or any other agreement between the Company and the Banks
          entitle the Banks to require the immediate repayment of the outstanding loans
          and/or credit facility, in which case any of the Banks may decide to
immediately           call the amounts owed to such Bank under the credit facility or not
to renew the           credit facility, as applicable. In the event that the Company
requests that the           credit facility be extended beyond the Initial term, the
terms of the credit           facility beyond the Initial Term, including time of
repayment, will be           negotiated between the Company and the Banks prior to the
expiration of the           Initial Term;  </FONT></TD>
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<p align=center>
<font size=2>4</font></p>
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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
long term loan in the amount of eleven million U.S. Dollars ($11,000,000),           the
final maturity date of which will be the sixth anniversary of the date of
          Closing. This long-term loan shall bear interest at the rate of LIBOR + 2.5%.
          The Company shall repay this long-term loan in quarterly installments as set
          forth below, whereby each payment shall be comprised of principal, and interest
          thereon. The Company shall be granted a 28-month grace period on the quarterly
          payments on account of principal (but not on the quarterly payments on account
          of interest). As of January 2008 the Company shall repay portions of the
          principal of the long term loan in quarterly installments, so that the
following           amounts on account of principal are repaid in each of the following
years: (i)           five hundred thousand U.S. Dollars ($500,000) in each of the years
2008 and           2009, (ii) one million U.S. dollars ($1,000,000) in each of the years
2010 and           2011, (iii) one million five hundred thousand U.S. dollars
($1,500,000) in each           of the years 2012 and 2013, and (iv) two million five
hundred thousand U.S.           dollars ($2,500,000) in each of the years 2014 and 2015.
The Company may, at its           discretion, elect to repay the remaining balance of the
long term loan at the           end of the sixth year form the date of its disbursement.
In addition, the           Company may, subject to the consent of the Banks, replace the
variable interest           rate accrued on the long term loan with a fixed interest
rate. In the event that           the Banks consent to the Company&#146;s request, the
fixed interest rate shall           be equal to the actual margin charged by the Banks in
respect of the current           variable interest rate of LIBOR +2.5%;  </FONT></TD>
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<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company may accelerate the repayment of the above credit facilities, provided that such
acceleration of the above credit facilities shall be subject to the payment of any actual
costs incurred by the Banks in connection therewith.</FONT></TD>
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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank
guarantees in the amount of $1,150,000, including any documentation signed           by
the Company in connection with such bank guarantees. In the event that any           such
existing bank guarantee expires, or is returned prior to the date as set           forth
in the applicable bank guarantee, the Company shall be entitled to an
          additional bank guarantee up to such amount;  </FONT></TD>
</TR>
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<p align=center>
<font size=2>5</font></p>
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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payments
made by the Company to the Banks (on account of both principal and           interest, as
applicable) under this Section 6 shall be made on the first           business day of the
month immediately following the termination of the previous           calendar quarter.  </FONT></TD>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.  </FONT></TD>
<TD WIDTH=17%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><I>Banks' Consent:</I></U> </FONT> </TD>
<TD WIDTH=80%><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) thirty four
 million  two  hundred  eighty  five  thousand  seven  hundred
                                    fourteen  (34,285,714)  Ordinary  Shares to
 Fortissimo  and the Syndicate (as                                     defined in the
Term Sheet) at a purchase  price of  thirty-five  cent  ($0.35)
                                    per share,  (ii)  warrants to  Fortissimo  and the
Syndicate to purchase up to                                     twenty five million seven
 hundred  fourteen  thousand two hundred  eighty-six
                                    (25,714,286)  Ordinary  Shares at an exercise price
of forty cents ($0.40) per                                     share,  and (iii) the
number of  Warrants  issuable  to the other  Banks under
                                    this agreement. </FONT></TD>
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<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Banks further agree and acknowledge the grant of a warrant made by the Company on April
17, 2005 to Dan Purjes to purchase three million (3,000,000) Ordinary Shares at an
exercise price of seventy-five cents ($0.75) per Ordinary Share.</FONT></TD>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.  </FONT></TD>
<TD WIDTH=17%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><I>Offerings:</I></U> </FONT> </TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                The Company  shall be entitled,  without the prior  approval of the
Banks,  to                                     issue shares of the Company's issued and
outstanding  share capital,  provided                                     that(i) due to
such issuance:  (i) Fortissimo  shall not hold less than 51% of
                                    the voting rights of the  Syndicate,  (ii) the
 Syndicate  shall not hold less                                     than 35% of the
 issued  and  outstanding  shares  of the  Company  (excluding
                                    options approved pursuant to the following
paragraph),  and (ii) the price per                                     share in such
 offering  shall  reflect a discount  of no more than 25% of the
                                    average  closing price of the shares of the Company
over the thirty day period                                     prior to such offering (an
&#147;<B>Approved Offering</B>&#148;). </FONT></TD>
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<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company shall be entitled to increase the number of shares reserved for options to be
granted pursuant to the Company&#146;s share option plans in an amount equal to fifteen
million shares (the &#147;<B>Increased Pool</B>&#148;). The Company shall not grant any
options pursuant to the Increased Pool prior to the Closing without the prior written
consent of the Banks.</FONT></TD>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.  </FONT></TD>
<TD WIDTH=17%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><I>Previous Warrants
</I></U><BR>
<U><I>and Previous

</I></U><BR><U><I>Guarantees:</I></U> </FONT>
</TD>
<TD WIDTH=80%> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR>The Company hereby
agrees that the period in which the warrants (the
&#147;<B>Previous Warrants</B>&#148;) currently held by each of the
Banks (set forth in the table below) shall hereby be
extended so that the exercise period for each of the
below listed warrants shall be extended by a period equal to one-and-a
half years. </FONT> </TD>
</TR>
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<p align=center>
<font size=2>6</font></p>
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<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 Share<BR>
Purchasable by Exercise of<BR>
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="33%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BNHP</FONT></TD>
     <TD WIDTH="34%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>140,000&nbsp;</FONT></TD>
     <TD WIDTH="33%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.34&nbsp;</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>$0.62&nbsp;</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>70,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$5.00&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>100,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.34&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>350,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.62&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>50,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$5.00&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>98,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.62&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>27,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.72&nbsp;</FONT></TD></TR>
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<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company hereby acknowledges that this agreement shall have no bearing on any guarantee or
security of the Company vis-&agrave;-vis any of the Banks and all such guarantees and/or
securities shall remain in full force, and shall not be affected by the execution and
implementation of this agreement.</FONT></TD>
</TR>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.  </FONT></TD>
<TD WIDTH=17%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><I>Conditions to</I></U><BR> <U><I>Closing:</I></U> </FONT> </TD>
<TD WIDTH=80%> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Closing of the transactions contemplated
hereunder shall occur on a mutually agreeable date
(the &#147;<B>Closing Date</B>&#148;) and is subject to: (i) the consummation
of an agreement between Fortissimo and the
Company with respect to a $12,000,000 investment
by in the Company and the confirmation of the Company
that $5,000,000 has been deposited with the
Company, (ii) approval of the transactions
contemplated hereunder by the Company's board of directors and
shareholders, including the extension of the
exercise period of the warrants and the replacement
of the New Agreements, and (iv) the completion of all
corporate resolutions required under the
organizational documents of the Company in order
to extend the exercise period of the Previous Warrants as
set forth in Section 8 above. In the event that
all of the above closing conditions are not
completed within seventy (80) days from the date of this
agreement, then this agreement and the obligations
contemplated hereunder shall be null and void,
except for the provisions of Section 5 and the Banks'
agreement to the grant of the warrant by the Company
to Dan Purjes. </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.  </FONT></TD>
<TD WIDTH=17%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><I>Expenses:</I></U> </FONT> </TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                 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 $10,000 plus VAT thereon. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Signature Page
Immediately Follows] </FONT></H1>

<p align=center>
<font size=2>7</font></p>
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<page>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Signature Page] </FONT></H1>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TH>
     <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:  &nbsp;&nbsp; David Amir       <BR>
Title: &nbsp;&nbsp;&nbsp;&nbsp; President and CEO<BR>
<BR>
Name:  &nbsp;&nbsp; David Seligman   <BR>
Title: &nbsp;&nbsp;&nbsp;&nbsp; CFO              <BR>
<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>
________________________<BR>
Israel Discount Bank Ltd.<BR>
<BR>
Name:  _______________<BR>
Title: ________________<BR>
<BR>
Name:  _______________<BR>
Title: ________________
</FONT></TD></TR>
</TABLE>
<BR>

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


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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THIS WARRANT AND THE ORDINARY SHARES
ISSUABLE UPON EXERCISE OF THIS WARRANT (THE &#147;SECURITIES&#148;) HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE &#147;SECURITIES ACT&#148;)
OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAW, AND THE WARRANT AND THE ORDINARY
SHARES ISSUABLE UPON EXERCISE MAY NOT BE SOLD, TRANSFERRED, PLEDGED, ASSIGNED OR
HYPOTHECATED, UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
COVERING THIS WARRANT AND/OR SUCH SECURITIES, OR THE HOLDER RECEIVES AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, PLEDGE, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE
SECURITIES ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE LAW. </FONT></P>

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

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

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

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters Ltd. </FONT></H1>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VOID
AFTER 17:00 p.m. (prevailing Tel Aviv time) </FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
the Expiration Date (as hereinafter defined) </FONT></P>


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<TR VALIGN="BOTTOM">
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<TR VALIGN="TOP">
     <TD WIDTH="50%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>No. W-___</B></FONT></TD>
     <TD WIDTH="50%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date: ______, 2005</FONT></TD></TR>
</TABLE>
<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters Ltd., an Israeli
company with its principal offices at 12 Abba Hillel Silver Street, Lod, Israel (the
&#147;<B>Company</B>&#148;), hereby grants to ______________________ (the
&#147;<B>Holder</B>&#148;), a right to purchase, subject to the terms and conditions
hereof, up to ____________________ (__________) ordinary shares, par value NIS 1.00 per
share, of the Company (the &#147;<B>Ordinary Shares</B>&#148;), exercisable at any time
from time to time, on or after the date hereof (the &#147;<B>Effective Date</B>&#148;),
and until the fifth anniversary of the Effective Date (the &#147;<B>Expiration
Date</B>&#148;). </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>DEFINITIONS</U></B><U></U>.
In this Warrant the terms below shall have the                following meaning, unless
otherwise specifically provided or required by the                context: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Exercise
Price</B>&#148; means the price of thirty-five cents ($0.35)                payable
hereunder for each Warrant Share, as adjusted in the manner set forth
               hereinafter. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Warrant
Shares</B>&#148; means the Ordinary Shares purchasable                hereunder or any
other securities which, in accordance with the provisions                hereof, may be
issued by the Company in substitution therefor. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Warrant</B>&#148; means
this Warrant and all warrants hereafter issued                in exchange or substitution
for this Warrant. </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">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>WARRANT
PERIOD; EXERCISE OF WARRANT</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
Warrant may be exercised in whole at any time, or in part from time to
               time, beginning on the Effective Date until the Expiration Date (the
               &#147;<B>Warrant Period</B>&#148;), by the surrender of this Warrant (with
a                duly executed exercise form in the form attached hereto as <B><U>Exhibit
               A</U></B><U></U>), at the principal office of the Company, set forth above
               together with proper payment of the Exercise Price multiplied by the
number of                Warrant Shares for which the Warrant is being exercised. Payment
for Warrant                Shares shall be made by certified or official bank check or
checks, payable to                the order of the Company or by wire transfer to an
account to be designated in                writing by the Company. Payments shall be made
in United States Dollars or in                New Israeli Shekels. If the Banks choose to
pay in New Israeli Shekels, such                payments shall be in accordance with the
representative exchange rate published                by the Bank of Israel or any
substitute exchange rate as known at the time of                such exercise. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Holder of the Warrant, by its acceptance hereof, covenants and agrees that
               this Warrant is being acquired as an investment and not with a view to the
               distribution hereof and such Holder further covenants and agrees that it
will                not sell, transfer, pledge, assign, or hypothecate the Warrant or the
Warrant                Shares unless there is an effective registration statement under
the Securities                Act of 1933 covering the Warrant or the Warrant Shares, or
the Holder of the                Warrant and/or the Warrant Shares receives an opinion of
counsel satisfactory to                the Company stating that such sale, transfer,
pledge, assignment, or                hypothecation is exempt from the registration and
prospectus delivery                requirements of the Securities Act of 1933 and the
qualification requirements                under applicable law. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
this Warrant should be exercised in whole or in part, the Company shall pay
               any and all expenses, taxes and other charges that may be payable in
connection                with the issuance of the Warrant Shares and the preparation and
delivery of                share certificates pursuant to this Section 2 in the name of
the Holder                (including without limitation the applicable stamp duty), and
to the extent                required, the execution and delivery of a new Warrant,
provided, however, that                the Company shall only be required to pay taxes
which are due as a direct result                of the issuance of the Warrant Shares or
other securities, properties or rights                underlying such Warrants (such as
the applicable stamp duty), and will not be                required to pay any tax which
may be (i) due as a result of the specific                identity of the Holder or (ii)
payable in respect of any transfer involved in                the issuance and delivery
of any such certificates in a name other than that of                the Holder. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No
fractions of Ordinary Shares shall be issued in connection with the exercise
               of this Warrant, and the number of Ordinary Shares issued shall be rounded
up or                down to the nearest whole number. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Upon
the issuance of Ordinary Shares resulting from the exercise of this
               Warrant, the Company shall deliver to the Holder an irrevocable letter of
               instructions to the Company&#146;s transfer agent to issue as soon as is
               reasonably practicable to the Holder share certificates reflecting the
Warrant                Shares exercised thereby, together with any and all other
documents required for                the issuance of such certificates by the transfer
agent. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>RESERVATION
OF SHARES</U></B><U></U>. The Company covenants that (i) at                all times
during the Warrant Period it shall have in reserve, and will keep
               available solely for issuance or delivery upon exercise of the Warrant,
such                number of Ordinary Shares as shall be issuable upon the exercise
hereof, and                (ii) upon exercise of the Warrant and the payment of the
Exercise Price                hereunder, the Warrant Shares issuable upon such exercise
will be validly                issued, fully paid, non assessable, free and clear from
any lien, encumbrance,                pledge or any other third party right and not
subject to any preemptive rights. </FONT></TD>
</TR>
</TABLE>
<BR>

<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">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ADJUSTMENTS
TO NUMBER OF SECURITIES</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Subdivision
and Combination</U>. In case the Company shall at any time                subdivide or
combine the outstanding Ordinary Shares, the number of Ordinary                Shares
issuable upon exercise of this Warrant shall forthwith be proportionately
               increased in the case of subdivision or decreased in the case of
combination. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Stock
Dividends and Distributions</U>. In case the Company shall pay a                dividend
on, or make a distribution of, Ordinary Shares or of the Company&#146;s
               share capital convertible into Ordinary Shares, the Exercise Price shall
               forthwith be proportionately decreased. An adjustment pursuant to this
Section                4.2 shall be made as of the record date for the subject stock
dividend or                distribution. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Adjustment
in Number of Securities</U>. Upon each adjustment of the Exercise                Price
pursuant to the provisions of Sections 4.1 and 4.2, the number of Ordinary
               Shares issuable upon the exercise of this Warrant shall be adjusted to the
               nearest full amount by multiplying a number equal to the Exercise Price in
               effect immediately prior to such adjustment by the number of Ordinary
Shares                issuable upon exercise of the Warrant immediately prior to such
adjustment and                dividing the product so obtained by the adjusted Exercise
Price. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>No
Adjustment of Exercise Price in Certain Cases</U>. No adjustment of the
               Exercise Price shall be made if the amount of said adjustment shall be
less than                2 cents ($0.02) per Ordinary Share, provided, however, that in
such case any                adjustment that would otherwise be required then to be made
shall be carried                forward and shall be made at the time of and together
with the next subsequent                adjustment which, together with any adjustment so
carried forward, shall amount                to at least 2 cents ($0.02) per Ordinary
Share. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Merger
or Consolidation</U>. In case of: (i) any consolidation of the Company
               with, or (ii) merger of the Company with, or (iii) merger of the Company
into                (other than a merger which does not result in any reclassification or
change of                the outstanding Ordinary Shares), or (iv) any acquisition of all
(or                substantially all) of the shares of the Company, the Company shall
cause the                corporation formed by such consolidation or merger or surviving
such merger, or                acquiring the Company, to execute and deliver to the
Holder a supplemental                warrant agreement providing that the Holder of the
Warrant then outstanding or                to be outstanding shall have the right
thereafter (until the expiration of such                Warrant) to receive, upon
exercise of such Warrant, the kind and amount of                shares of stock and other
securities and property receivable upon such                consolidation or merger, by a
holder of the number of Ordinary Shares of the                Company for which such
Warrant might have been exercised immediately prior to                such consolidation
or merger. Such supplemental warrant agreement shall provide                for
adjustments, which shall be identical to the adjustments provided in this
               Section 4. The provisions of this Section 4.5 shall similarly apply to
               successive consolidations or mergers. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>NOTICES
TO WARRANT HOLDERS</U></B><U></U>. Nothing contained in this                Warrant shall
be construed as conferring upon the Holder the right to vote or to                consent
or to receive notice as a shareholder in respect of any meetings of
               shareholders for the election of directors or any other matter, or as
having any                rights whatsoever as a shareholder of the Company. If, however,
at any time                prior to the Expiration Date, any of the following events
shall occur: </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>3</font></p>
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<page>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Company shall take a record of the holders of its Ordinary Shares for the
               purpose of entitling them to receive a dividend or distribution payable
               otherwise than in cash, or a cash dividend or distribution payable
otherwise                than out of current or retained earnings, as indicated by the
accounting                treatment of such dividend or distribution on the books of the
Company; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Company shall offer to all the holders of its Ordinary Shares any additional
               shares of the share capital of the Company or securities convertible into
or                exchangeable for shares of the share capital of the Company, or any
option,                right or warrant to subscribe therefor; or </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
dissolution, liquidation or winding up of the Company (other than in
               connection with a consolidation or merger) or a sale of all or
substantially all                of its property, assets and business as an entirety
shall be proposed; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
then,
in any one or more of said events, the Company shall give to the Holder written notice of
such event at least fifteen (15) days prior to the date fixed as a record date or the
date of closing the transfer books for the determination of the shareholders entitled to
such dividend, distribution, convertible or exchangeable securities or subscription
rights, or entitled to vote on such proposed dissolution, liquidation, winding up or
sale.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>TRANSFERABILITY</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Holder may, subject to applicable securities laws, sell, transfer, assign,
               encumber, pledge or otherwise dispose or undertake to dispose of the
Warrant. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unless
registered, the Warrant Shares issued upon exercise of the Warrant shall
               be subject to a stop transfer order and the certificate or certificates
               evidencing such Warrant Shares shall bear legend substantially similar to
the                following: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#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></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Holder represents that it is an &#147;accredited investor&#148;, as that
                    term is defined in Rule 501 of Regulation D under Securities Act and
has such                     business and financial experience as is required to protect
its own interests in                     connection with its decision to purchase this
Warrant and the underlying Warrant                     Shares. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>LOSS,
ETC. OF WARRANT</U></B><U></U>. Upon receipt of evidence                     satisfactory
to the Company of the loss, theft, destruction or mutilation of                     this
Warrant, and of indemnity reasonably satisfactory to the Company, if lost,
                    stolen or destroyed, and upon surrender and cancellation of this
Warrant, if                     mutilated, and upon reimbursement of the Company&#146;s
reasonable direct                     expenses, the Company shall execute and deliver to
the Holder a new Warrant of                     like date, tenor and denomination. </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>HEADINGS</U></B><U></U>.
The headings of this Warrant have been inserted                     as a matter of
convenience and shall not affect the construction hereof. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>NOTICES</U></B><U></U>.
Unless otherwise provided, any notice required or                     permitted under
this Warrant shall be given in writing and shall be deemed
                    effectively given upon personal delivery to the party to be notified
or seven                     (7) days after deposit with the Post Authority, for dispatch
by registered or                     certified mail, postage prepaid and addressed to the
Holder at the address set                     forth in the Company&#146;s books and to
the Company at the address of its                     principal offices set forth above,
or when given by telecopier or other form of                     rapid written
communication, provided that confirming copies are sent by such
                    airmail. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>GOVERNING
LAW</U></B><U></U>. This Warrant shall be governed by and                     construed
and enforced in accordance with the laws of the State of Israel
                    (regardless of the laws that might otherwise govern under applicable
Israel                     principles of conflicts of law). Any dispute arising out of or
in connection                     with this Warrant is hereby submitted to the sole and
exclusive jurisdiction of                     the competent courts located in the
District of Tel Aviv. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ENTIRE
AGREEMENT; AMENDMENT AND WAIVER</U></B><U></U>. This Warrant and                     the
<B><U>Exhibit A</U></B><U></U> hereto constitute the full and entire
                    understanding and agreement between the parties with regard to the
subject                     matters hereof and thereof. Any term of this Warrant may be
amended and the                     observance of any term hereof may be waived (either
prospectively or                     retroactively and either generally or in a
particular instance) only with the                     written consent of both the Holder
and the Company. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>IN WITNESS WHEREOF</B>, the
Company has caused this Warrant to be executed as of the date first written above. </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters Ltd.<BR>
<BR>
By:  &nbsp;&nbsp;&nbsp;&nbsp;    __________________<BR>
Name:    __________________<BR>
Title: &nbsp;  __________________
<BR><BR>
By:  &nbsp;&nbsp;&nbsp;&nbsp;    __________________<BR>
Name:    __________________<BR>
Title: &nbsp;  __________________
<BR><BR>
Agreed and Accepted:<BR>
<BR>
[Name of Holder]<BR>
<BR>
By:  &nbsp;&nbsp;&nbsp;&nbsp;    __________________<BR>
Name:    __________________<BR>
Title: &nbsp;  __________________
</FONT></P>


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

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

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Warrant Exercise Form </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_________________, 200_ </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">NUR Macroprinters Ltd.<BR>
12 Abba Hillel Silver Street<BR>
P.O. Box 1281<BR>
Lod 71111<BR>
<U>Israel</U> </FONT>
</P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Sirs, </FONT></P>

<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Re: &nbsp;&nbsp;&nbsp;&nbsp;<U><B>Exercise of Warrant</B></U> </FONT> </P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
undersigned hereby irrevocably elects to exercise the attached Warrant No.
                    W-2 to the extent of ___________________ Ordinary Shares of NUR
Macroprinters                     Ltd., all in accordance with Section 2.1 of the
Warrant. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment
to the Company of the total Exercise Price for such shares has been made
                    simultaneously with the delivery of this exercise of the Warrant. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
undersigned requests that certificates for such Ordinary Shares be
                    registered in the name of ____________________ whose address is
                    ____________________ and that such certificates be delivered to whose
address is                     _____________________________. </FONT></TD>
</TR>
</TABLE>
<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:  &nbsp;&nbsp;&nbsp;&nbsp;    __________________<BR>
Name:    __________________<BR>
Title: &nbsp;  __________________
</FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This Registration Rights Agreement
(this &#147;<B>Agreement</B>&#148;) is made as of September 12, 2005 by and among NUR
Macroprinters Ltd., a company organized under the laws of the State of Israel, registered
under number 52-003986-8, with its offices at 12 Abba Hillel Silver Street, Lod, Israel
(the &#147;<B>Company</B>&#148;) and each of the persons and entities whose names and
addresses are set forth on <B><U>Schedule A</U></B><U></U> attached hereto and who are
signatories hereto (each of them, an &#147;<B>Holder</B>&#148;, and, collectively the
&#147;<B>Holders</B>&#148;). </FONT></P>

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<TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>WHEREAS</B> </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>,
the Holders and the Company entered into agreements with the Company pursuant to which
they were issued shares of the Company (the &#147;<B>Ordinary Shares</B>&#148;) and/or
warrants (the &#147;<B>Warrants</B>&#148;) to purchase Ordinary Shares (the &#147;<B>Warrant
Shares</B>&#148;); and  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>WHEREAS</B> </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>,
the Company hereby undertakes to register the Ordinary Shares and the Warrant Shares
underlying the Warrants, on the terms described in this Agreement.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>NOW, THEREFORE</B>, in
consideration of the foregoing, the parties agree as follows: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>DEFINITIONS</B></U> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Unless
otherwise defined herein, all capitalized terms shall have the meanings ascribed thereto
in the Warrants. As used herein, the following terms have the following meanings, unless
the context specifically requires otherwise:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Banks</B>&#148; means
any of Bank Hapoalim B.M., Bank Leumi Le-Israel                B.M. and Israel Discount
Bank. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Commission</B>&#148; means
the United States Securities and Exchange                Commission. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Effective
Date</B>&#148; means the date of upon which this Agreement                becomes
effective under Section 22 hereof. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Form
F-3</B>&#148; means such form under the Securities Act as in                effect on the
date hereof or substantially similar thereto and available to the                Company
or any registration form under the Securities Act subsequently adopted                by
the Commission, which permits inclusion or incorporation of substantial
               information by reference to other documents filed by the Company with the
               Commission. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Fortissimo</B>&#148; shall
mean Fortissimo Capital G.P., L.P., on                behalf of several limited
partnerships for which it serves as general partner. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Person</B>&#148; means
a corporation, an association, a trust, a                partnership, a limited liability
company, a joint venture, an organization, a                business, or an individual. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Register</B>&#148;,
&#147;<B>registered</B>&#148;, and                &#147;<B>registration</B>&#148; means a
registration effected by filing a                registration statement in compliance
with the Securities Act and the declaration                or ordering by the Commission
of effectiveness of such registration statement,                or the equivalent actions
under the laws of another jurisdiction. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.8. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Registrable
Shares</B>&#148; means the (i) Ordinary Shares issued to a                Holder, or any
Warrant Shares issuable upon exercise of the Warrants, and (ii)                any other
security which is issued as a dividend or other distribution with                respect
to, or in exchange for or in replacement of any of said securities. </FONT></TD>
</TR>
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<p align=center>
<font size=2>1</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.9. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Securities
Act</B>&#148; means the United States Securities Act of                1933, as amended,
or any similar federal statute, and the rules and regulations                of the
Commission thereunder, all as the same shall be in effect at the time. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>INCIDENTAL
REGISTRATION</U></B></FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
the Company proposes, at any time after the Effective Date, to register any
               of its securities (other than a registration statement on Form S-8 or any
               equivalent or successor form), for its own account or for the account of
any                other person, it shall give prompt notice to the Holders of such
intention. Upon                the written request of a Holder, given within twenty (20)
days after receipt of                any such notice, the Company shall include in such
registration all of the                Registrable Shares indicated in such request, so
as to permit the disposition of                the shares so registered in the manner
requested by the Holders. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notwithstanding
any other provision of this Section 2, with respect to an                underwritten
public offering by the Company, if the managing underwriter advises                the
Company in writing that marketing or other factors require a limitation of
               the number of shares to be underwritten, then there shall be excluded from
such                registration and underwriting to the extent necessary to satisfy such
               limitation, first, shares held by the Holders and by other shareholders of
the                Company who are entitled to have their shares included in such
registration pro                rata among them to the extent necessary to satisfy such
limitation, and second,                the securities the Company proposes to sell. In
the event that the Holders are                limited in the amount that may be included
in a Registration, such limitation                shall apply pro-rata among them. All
Holders proposing to distribute their                Registrable Shares through
underwritten public offering by the company under                this Section 2, shall
enter into an underwriting agreement in customary form                with the
underwriter(s) designated for such purpose that may also include a                lock-up
requirement. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>DEMAND
REGISTRATION</U></B></FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Following
the Effective Date, each Holder may request in writing that all or                part of
the Registrable Shares (the &#147;<B>Initiating</B> <B>Holders</B>&#148;), be registered
under the Securities Act (a                &#147;<B>Demand</B>&#148;). Such Demand must
request the registration of at                least one million (1,000,000) Registrable
Shares. The Company shall give written                notice of such request to all other
Holders. If Holders, other than the                Initiating Holders (the &#147;<B>Joining
Holders</B>&#148;), intend to                participate in the registration under this
Section 3, they shall notify the                Company in writing (the &#147;<B>Reply</B>&#148;)
within twenty (20) days                following receipt of the Company&#146;s notice and
shall include in their Reply                the number of Registrable Shares they desire
to register. The Company shall                effect, as soon as practicable, the
registration, on Form F-1 or on Form F-3 (or                any successor form for
securities to be offered in a transaction of the type                referred to in Rule
415 under the Securities Act, and any related qualification                or
compliance), of all Registrable Shares as to which it has received such
               request for registration as promptly as practicable. The Company will use
its                best efforts to keep the registration statement effective under the
Securities                Act for a period of five (5) years, provided that if the
Company is not F-3                eligible, then the Company shall only be required to
keep such prospectus                effective for two years following the date the
Company ceased to be F-3                eligible. Each of Fortissimo and the Banks (as a
group) shall be entitled to two                (2) such demand registrations. </FONT></TD>
</TR>
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<p align=center>
<font size=2>2</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company represents as at the date hereof that it satisfies the Registrant
               Requirements (as defined in the general instructions for Form F-3) for the
use                of Form F-3 for the registration of the resale of securities under the
               Securities Act. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
the Initiating Holders intend to distribute Registrable Shares covered by
               their request by means of an underwriting, they shall so advise the
Company as                part of their request made pursuant to this Section 3, and the
Company shall                include such information in its notice to the Joining
Holders as described                above. The underwriter shall be designated in
accordance with the provisions of                Section 6.1 below. In such event, the
right of any Joining Holder to include its                Registrable Shares in such
registration shall be conditioned upon such Joining                Holder&#146;s
participation in the underwriting and the inclusion of the Joining                Holder&#146;s
Registrable Shares in the underwriting to the extent provided                herein. All
Holders proposing to distribute their Registrable Shares through the
               underwriter shall enter into an underwriting agreement in customary form
with                the underwriter(s) designated for such purpose. If any Holder
disapproves of the                terms of the underwriting, such Holder may elect to
withdraw from the proposed                registration by written notice to the Company,
the underwriter and the                Initiating Holders. The Registrable Shares so
withdrawn from the underwriting                shall also be withdrawn from the
registration; provided that, if by the                withdrawal of such Registrable
Shares, a greater number of Registrable Shares                held by other Holders may
be in included in the registration (up to the maximum                limitations imposed
by the underwriters), then the Company shall offer to all                Holders who have
included Registrable Shares in the registration, the right to                include
additional Registrable Shares on a pro rata basis based on the number of
               Registrable Shares held by all such Holders (including the Initiating
Holders). </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>DELAY
OF REGISTRATION</U></B></FONT></TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company may delay the filing or effectiveness of any registration statement prepared
pursuant to Section 3 for a period of up to one hundred and eighty (180) days after the
date of a request for registration pursuant to Section 3, if the Company determines, in
good faith, that (a) it is in possession of material, non-public information concerning
an acquisition, merger, recapitalization, consolidation, reorganization, or other
material transaction by or of the Company, and (b) disclosure of such information would
jeopardize any such transaction or otherwise materially harm the Company; provided,
however, that the Company may exercise such right to delay the filing of a registration
statement only once.  </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>DESIGNATION
OF UNDERWRITER</U></B></FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the event of any registration effected pursuant to Section 3, the Initiating
               Holder, at its sole discretion shall choose the managing underwriter(s) in
any                underwritten offering, provided, however, that if the Initiating
Holder is the                Banks, then the Initiating Holder and Fortissimo shall
jointly choose the                managing underwriter. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the case of any registration initiated by the Company, the Company shall have
               the right to designate the managing underwriter. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>EXPENSES</U></B></FONT></TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
All
expenses incurred in connection with any registration under Section 2 or Section 3 shall
be borne by the Company, other than the Holders&#146; pro rata portion of the underwriters&#146; fees
and discounts payable to any underwriter. The Company shall also pay its internal
expenses, the expense of any annual audit and the fees and expenses of any Person
retained by the Company. The Company shall pay reasonable fees and disbursements of one
counsel to the Holders.  </FONT></TD>
</TR>
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<p align=center>
<font size=2>3</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>INDEMNITIES</B></U> </FONT> </TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
any Registrable Shares are included in a registration statement pursuant to this
Agreement:  </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company will indemnify and hold harmless, to the fullest extent permitted by
               law, each Holder, any underwriter (as defined in the Securities Act) for
such                Holder, and each person, if any, who controls such Holder or such
underwriter or                serves as an officer thereof (collectively and individually
referred to as the                &#147;<B>Indemnified Party</B>&#148;), from and against
any and all losses,                damages, claims, liabilities, joint or several, costs,
and expenses (including                any amounts paid in any settlement effected with
the Company&#146;s consent,                which consent will not be unreasonably
withheld) to which such Indemnified Party                may become subject under
applicable law or otherwise, insofar as such losses,                damages, claims,
liabilities (or actions or proceedings in respect thereof),                costs, or
expenses arise out of are based upon (i) any untrue statement or                alleged
untrue statement of any material fact contained in the registration
               statement or included in the prospectus, as amended or supplemented
(including,                in each case, all documents incorporated by reference therein,
as such documents                may have been updated by later dated documents), (ii)
the omission or alleged                omission to state therein a material fact required
to be stated therein or                necessary to make the statements therein, in light
of the circumstances in which                they are made, not misleading, or (iii) any
violation or alleged violation by                the Company of the Securities Act or the
Securities Exchange Act of 1934, as                amended (the &#147;<B>Exchange Act</B>&#148;),
or any rules or regulations                promulgated thereunder, and the Company will
reimburse each Indemnified Party,                promptly upon demand, for any reasonable
legal or any other expenses incurred by                them in connection with
investigating, preparing to defend, or defending                against, or appearing as
a third-party witness in connection with such loss,                claim, damage,
liability, action, or proceeding; provided, however, that the                Company will
not be liable in any such case to the extent that any such loss,                damage,
liability, cost, or expense arises out of or is based upon an untrue
               statement or alleged untrue statement, or omission or alleged omission, so
made                in conformity with information furnished to the Company by the
Indemnified                Party, in writing, specifically for inclusion therein;
provided, further, that                this indemnity shall not be deemed to relieve any
underwriter of any of its due                diligence obligations; and provided,
further, that the indemnity agreement                contained in this Section 7.1 shall
not apply to amounts paid in settlement of                any such claim, loss, damage,
liability, or action if such settlement is                effected without the Company&#146;s
consent, which consent will not be                unreasonably withheld. Such indemnity
shall remain in full force and effect                regardless of any investigation made
by or on behalf of the Indemnified Party,                and regardless of any sale in
connection with such offering by such Holder. Such                indemnity shall survive
the transfer of securities by a Holder. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each
Holder participating in a registration hereunder will indemnify and hold
               harmless, to the fullest extent permitted by law, the Company, its
officers,                directors, any underwriter for the Company, and each person, if
any, who                controls the Company or such underwriter or serves as an officer
thereof                (collectively and individually, the &#147;<B>Indemnifiable Parties</B>&#148;),
               from and against any and all losses, damages, claims, liabilities, costs,
or                expenses (including any amount paid in any settlement effected with
such                Holder&#146;s consent, which consent will not be unreasonably
withheld) to any                Indemnifiable Party may become subject under applicable
law or otherwise,                insofar as such losses, damages, claims, liabilities or
actions or proceedings                in respect thereof, costs, or expense arise out of
or are based on (i) any                untrue statement or alleged untrue statement of
any material fact contained in                the registration statement or included in
the prospectus, as amended or                supplemented, including, in each case, all
documents incorporated by reference                therein, as such documents may have
been updated by later dated documents, or                (ii) the omission or alleged
omission to state therein a material fact required                to be stated therein or
necessary to make the statements therein, in light of                the circumstances in
which they are made, not misleading, and such Holder will                reimburse each
Indemnifiable Party, promptly upon demand, for any reasonable                legal or
other expenses incurred by such Indemnifiable Party in connection with
               investigating, preparing to defend, or defending against, or appearing as
a                third-party witness in connection with such loss, claim, damage, action,
or                proceeding; in each case to the extent, but only to the extent, that
such untrue                statement or alleged untrue statement or omission or alleged
omission was so                made in conformity with written information furnished by
such Holder                specifically for inclusion therein. The foregoing indemnity
agreement is subject                to the condition that, insofar as it relates to any
such untrue statement (or                alleged untrue statement), or omission (or
alleged omission) made in the                preliminary prospectus but eliminated or
remedied in the amended prospectus at                the time the registration statement
becomes effective in the final prospectus,                such indemnity agreement shall
not inure to the benefit of (a) the Company, and                (b) any underwriter, if a
copy of the final prospectus was not furnished to the                person or entity
asserting the loss, liability, claim, or damage at or prior to                the time
such furnishing is required by the Security Act; provided, further,                that
this indemnity shall not be deemed to relieve any underwriter of any of its
               due diligence obligations; provided, further, that the indemnity agreement
               contained in this Section 7.2 shall not apply to amounts paid in
settlement of                any such claim loss, damage, liability, or action if such
settlement is effected                without the consent of such Holder, as the case may
be, which consent shall not                be unreasonably withheld; and provided,
further, that the maximum amount of                liability in respect of such
indemnification shall be limited, in the case of                each Holder, to an amount
equal to the net proceeds actually received by such                Holder from the sale
of Registrable Shares sold pursuant to such registration. </FONT></TD>
</TR>
</TABLE>
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<p align=center>
<font size=2>4</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Promptly
after receipt by an Indemnified and/or Indemnifiable Party pursuant to                the
provisions of Section 7.1 or 7.2 of notice of the commencement of any action
               involving the subject matter of the foregoing indemnity provisions, such
               Indemnified and/or Indemnifiable Party will, if a claim thereof is to be
made                against the indemnifying party pursuant to the provisions of said
Section 7.1 or                7.2, promptly notify the indemnifying party of the
commencement thereof; but the                omission to notify the indemnifying party
shall only relieve it from any                liability which it may have to any
Indemnified and/or Indemnifiable Party to the                extent that such
indemnifying party has been damaged by such omission to notify                hereunder.
In case such action is brought against any Indemnified and/or
               Indemnifiable party and it notifies the indemnifying party of the
commencement                thereof, the indemnifying party shall have the right to
participate in, and, to                the extent that it may wish, jointly with any
other indemnifying party similarly                notified, to assume the defense thereof
with counsel reasonably satisfactory to                such Indemnified or Indemnifiable
Party; provided, however, that if the                defendants in any action include
both the Indemnified or Indemnifiable Party and                the indemnifying party and
if in the reasonable judgment of the Indemnified or                Indemnifiable party
there are separate defenses that are available to the                Indemnified or
Indemnifiable party or there is a conflict of interest which                would prevent
counsel for the indemnifying party from also representing the                Indemnified
or Indemnifiable party, the Indemnified or Indemnifiable Party(ies)                shall
have the right to select, at the expense of the indemnifying party,
               separate counsel to participate in the defense of such action; provided,
               further, however, that if the Holders are the Indemnified Party, the
Holders                shall be entitled to one (1) separate counsel at the expense of
the Company and                if underwriters are also Indemnified parties who are
entitled to counsel                separate from the indemnifying party, then all
underwriters as a group shall be                entitled to one (1) separate counsel at
the expense of the Company. After notice                from the indemnifying party of
its election so to assume the defense thereof,                the indemnifying party will
not be liable to such Indemnified or Indemnifiable                Party pursuant to the
provisions of said Section 7.1 or 7.2 above for any legal                or other expense
subsequently incurred by such Indemnified or Indemnifiable                Party in
connection with the defense thereof, unless (i) the Indemnified or
               Indemnifiable Party shall have employed counsel in accordance with the
provision                of the preceding sentence, (ii) the indemnifying party shall not
have employed                counsel reasonably satisfactory to the Indemnified or
Indemnifiable Party to                represent the same within a reasonable time after
the notice of the commencement                of the action and within fifteen (15) days
after written notice of the                Indemnified or Indemnifiable Party&#146;s
intention to employ separate counsel                pursuant to the previous sentence,
(iii) the indemnifying party has authorized                the employment of counsel for
the Indemnified or Indemnifiable Party at the                expense of the indemnifying
party, or (iv) the indemnifying party has authorized                the employment of
counsel but such party or counsel fails to vigorously defend                the action.
No indemnifying party will consent to entry of any judgment or enter                into
any settlement, which does not include as an unconditional term thereof the
               giving by the claimant or plaintiff to such Indemnified or Indemnifiable
Party                of a release from all liability in respect to such claim or
litigation. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>5</font></p>
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<page>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
recovery is not available under the foregoing indemnification provisions, for
               any reason other than as specified therein, the parties entitled to
               indemnification by the terms thereof shall be entitled to contribution to
               liabilities and expenses. In determining the amount of contribution to
which the                respective parties are entitled, there shall be considered the
parties&#146;               relative knowledge and access to information concerning the
matter with respect                to which the right to indemnification was asserted,
the opportunity to correct                and prevent any statement or omission, and any
other equitable consideration                appropriate under the circumstances. In no
event shall any party that is found                liable for fraudulent
misrepresentation within the meaning of Section 1(f) of                the Securities Act
be entitled to contribution hereunder from any party not                found so liable. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>COOPERATION
OF THE HOLDERS</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Holders shall execute the documentation that is customary to effect a registration
statement for such Holder&#146;s securities.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>OBLIGATIONS
OF THE COMPANY</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Whenever
required under this Agreement to effect the registration of any Registrable Shares, the
Company shall use it best efforts, as expeditiously as possible:  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Prepare
and file with the Commission a registration statement with respect to                such
Registrable Shares and use its best efforts to cause such registration
               statement to become effective with the Commission or pursuant to the blue
sky                laws of such jurisdictions as shall be reasonably requested by the
Holders, and,                upon the request of the Holder of the majority of the
Registrable Shares                registered thereunder, keep such registration statement
effective for a period                of up to two (2) years for any registration under
Form F-3 (which shall be kept                effective subject to the provisions of Rule
415), or for nine (9) months for any                registration under F-1, or if sooner
until the distribution contemplated in the                registration statement has been
completed. </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Prepare
and file with the Commission such amendments and supplements to such
               registration statement and the prospectus used in connection with such
               registration statement as may be necessary to comply with the provisions
of the                Securities Act with respect to the disposition of all Registrable
Shares covered                by such registration statement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Furnish
to the Holders and each duly authorized underwriter such numbers of                copies
of a prospectus, including a preliminary prospectus, in conformity with
               the requirement of the Securities Act, and such other documents as they
may                reasonably request in order to facilitate the disposition of
Registrable Shares                owned by the Holders. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the event of any underwritten public offering, enter into and perform its
               obligations under an underwriting agreement, in usual and customary form,
with                the managing underwriter of such offering. Each Holder participating
in such                underwriting shall also enter into and perform its obligations
under such                agreement. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notify
each Holder of Registrable Shares covered by such registration statement
               at any time when a prospectus relating thereto is required to be delivered
under                the Securities Act of the happening of any event as a result of
which the                prospectus included in such registration statement, as then in
effect, includes                an untrue statement of a material fact or omits to state
a material fact                required to be stated therein or necessary to make the
statements therein not                misleading in light of the circumstances then
existing, and promptly amend such                prospectus by filing a post effective
supplement so that such prospectus does                not contain an untrue statement of
material fact or omit to state a material                fact required to be stated
therein or necessary to make the statements therein                not misleading in
light of the circumstances then existing, and deliver copies                thereof to
the Holder. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cause
all Registrable Shares registered pursuant hereunder to be listed on each
               securities exchange on which similar securities issued by the Company are
then                listed. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provide
a transfer agent and registrar for all Registrable Shares registered
               pursuant to this Agreement and a CUSIP number for all such Registrable
Shares,                in each case not later than the effective date of such
registration. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.8. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Furnish,
at the request of any Holder, on the date that such Registrable Shares                are
delivered to the underwriters for sale in connection with a registration
               pursuant to this Agreement, if such securities are being sold through
               underwriters, or, if such securities are not being sold through
underwriters, on                the date that the registration statement with respect to
such securities becomes                effective (i) an opinion, dated such date, of the
counsel representing the                Company for the purposes of such registration, in
form and substance as is                customarily given to underwriters in an
underwritten public offering, addressed                to the underwriters, if any, and
to such Holder, and (ii) a letter dated such                date, from the independent
certified public accountants of the Company, in form                and substance as is
customarily given by independent certified public                accountants to
underwriters in an underwritten public offering addressed to the
               underwriters, if any, and to such Holder. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.9. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Promptly
notify each Holder, if the Holder is selling Registrable Shares covered                by
a registration statement, of the issuance by the Commission of any stop order
               suspending the effectiveness of the registration statement or the
initiation of                any proceedings for that purpose. The Company shall use its
reasonable best                efforts to obtain the withdrawal of any order suspending
the effectiveness of                the registration statement. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>7</font></p>
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<page>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>FURNISH
INFORMATION</U></B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
It
shall be a condition precedent to the obligations of the Company to take any action
pursuant to Sections 2 or 3 that the Holders participating in such registrations shall
furnish to the Company such information regarding themselves, the Registrable Shares held
by them, and the intended method of disposition of such securities as shall be required
to timely effect the registration of their Registrable Shares.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>PUBLIC
INFORMATION</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company shall undertake to make publicly available and available to the Holders adequate
current public information within the meaning of, and as required pursuant to, Rule 144
and shall use its reasonable best efforts to satisfy the Registrant Requirements for the
use of Form F-3 during the term of this Agreement.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>NON-UNITED
STATES OFFERING</B></U> </FONT> </TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
the event of a public offering of securities of the Company outside of the United States,
the Company will afford the Holders registration rights in accordance with applicable law
and comparable in substance to the foregoing registration rights.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>ASSIGNMENT
OF REGISTRATION RIGHTS</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
rights to cause the Company to register Registrable Shares pursuant to this Agreement may
only be assigned by an Holder (the &#147;<B>Assignment</B>&#148;), provided that (a) the
Assignment shall be concurrent with the sale or transfer of Registrable Shares and only
with respect to the transferred Registrable Shares, (b) the Company, is upon such
transfer, furnished with written notice of the name and address of such transferee or
assignee and the securities with respect to which such registration rights are being
assigned, and (b) such transferee or assignee agrees in writing to be bound by and
subject to the terms and conditions of this Agreement.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>CHANGES
IN REGISTRABLE SHARES</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
there are any changes in the Registrable Shares by way of stock split, stock dividend,
combination or reclassification, or through merger, consolidation, reorganization or
recapitalization, or by any other means, appropriate adjustment shall be made in the
provisions of this Agreement, as may be required, so that the rights and privileges
granted hereby shall continue with respect to the Registrable Shares as so changed.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>ENTIRE
AGREEMENT</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
This
Agreement constitutes the full and entire understanding and agreement among the parties
hereto with respect to the subject matter hereof and supersedes all prior agreements and
any and all registration rights that the Company had previously granted to any party
hereto in any capacity whatsoever. Nothing in this Agreement, express or implied, is
intended to confer upon any person, other than the parties hereto and their respective
successors and assigns, any rights, remedies, obligations, or liabilities under or by
reason of this Agreement, except as expressly provided herein.  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>8</font></p>
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<page>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>GOVERNING
LAW; JURISDICTION</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
This
Agreement shall be governed and construed according to the laws of the State of Israel,
without regard to the conflict of laws provisions thereof, except for the clauses
regarding registration rights, which will be interpreted in accordance with U.S. Federal
Law. Any dispute arising under or in relation to this Agreement shall be resolved in the
competent court for Tel Aviv-Jaffa District, and each of the parties hereby submits
irrevocably to the jurisdiction of such court.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>SUCCESSORS
AND ASSIGNS</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Subject
to the provisions of Section 14 above, the provisions hereof shall inure to the benefit
of, and be binding upon, the successors, assigns, heirs, executors and administrators of
the parties hereto.  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>NOTICES</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></TD>
</TR>
</TABLE>
<BR>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If to the Holders:</FONT></TD>
     <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">to such address and by facsimile as set forth in <U><B>Schedule A</B></U>. </FONT> </TD>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD> &nbsp;</TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If to the Company:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters Ltd.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attn: David Amir, CEO</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>P.O. Box 1281</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12 Abba Hillel Silver Street</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lod 71111</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Israel</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Facsimile: &nbsp;&nbsp;&nbsp;&nbsp;+972-8-9218918</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
</TABLE>
<BR>

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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
or
such other address with respect to a party as such party shall notify each other party in
writing as above provided. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any
notice sent in accordance with this Section 19 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></TD>
</TR>
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<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>SEVERABILITY</B></U> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Any
invalidity, illegality or limitation on the enforceability of this Agreement or any part
thereof, by any party whether arising by reason of the law of the respective party&#146;s
domicile or otherwise, shall in no way affect or impair the validity, legality or
enforceability of this Agreement with respect to other parties. If any provision of this
Agreement shall be judicially determined to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>TITLES
AND SUBTITLES</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
titles of the Sections of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement.  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>9</font></p>
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<page>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>COUNTERPARTS</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
This
Agreement may be executed in any number of counterparts, each of which shall be an
original, but all of which together shall constitute one instrument. This Agreement may
be executed by exchange of signatures via facsimile.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>EFFECTIVE
DATE</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
This
Agreement shall become effective concurrently with the Closing of the Agreement for the
Restructuring of Debt executed between the Company and the Banks on September 12, 2005.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH="100%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>
[SIGNATURE
PAGE TO FOLLOW]</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>10</font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>IN WITNESS WHEREOF</B>, the
parties have signed this Agreement, as of the date first appearing above. </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TH>
     <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"><B>NUR MACROPRINTERS LTD. </B><BR>
<BR>
By: _________________ <BR>
Name: David Amir <BR>
Title: President and Chief Executive Officer
 <BR>
<BR>
By: _________________ <BR>
Name: David Seligman <BR>
Title: Chief Financial Officer <BR>
<BR>
<BR>
<BR>
<BR>
<BR>
___________________ <BR>
Fortissimo Capital Fund GP, LP. on behalf of the<BR>
several partnerships for which it serves as the <BR>
General Partner <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;&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>
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;&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: ________________. </FONT>
</TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>BANK HAPOALIM B.M.</B><BR>
<BR>
By:      ________________<BR>
Name:    ________________<BR>
Title:   ________________<BR>
<BR>
By:      ________________<BR>
Name:    ________________<BR>
Title:   ________________<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<B>BANK LEUMI LE-ISRAEL B.M.</B><BR>
<BR>
By:      ________________<BR>
Name:    ________________<BR>
Title:   ________________<BR>
<BR>
By:      ________________<BR>
Name:    ________________<BR>
Title:   ________________<BR>
<BR>
<BR>
<BR>
<BR>
<B>ISRAEL DISCOUNT BANK LTD.</B><BR>
<BR>
By:      ________________<BR>
Name:    ________________<BR>
Title:   ________________<BR>
<BR>
By:      ________________<BR>
Name:    ________________<BR>
Title:   ________________
</FONT></TD></TR>
</TABLE>
<BR>

<p align=center>
<font size=2>11</font></p>
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<page>



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

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>List Of Holders </FONT></P>



<TABLE WIDTH="600" BORDER="1" CELLPADDING="3" CELLSPACING="0" ALIGN="CENTER">
<TR VALIGN="BOTTOM">
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Name of Holder</FONT></TH>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Address</FONT></TH>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Facsimile</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="34%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bank Hapoalim B.M.</FONT></TD>
     <TD WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">50 Rothschild Blvd.<BR>Tel Aviv<BR>Israel<BR>Attn: Mr. Abraham Aroch</FONT></TD>
     <TD WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">972-3-5674112</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bank Leumi le-Israel B.M.</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24-32 Yehuda Halevi Street <BR>Tel Aviv 65546 <BR>Israel <BR>Attn:  Mr. Giora Matityahu</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">972-3-5149161</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Israel Discount Bank Ltd.</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">27/31 Yehuda Halevi Street<BR> Tel Aviv 65136<BR> Israel <BR>Attn: Mr. Yitzchak Keinan</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">972-3-5666490</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Fortissimo Capital Fund</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14 Hamelacha  Street, <BR>Park Afek, Rosh Ha'ayin <BR>Israel <BR>Attn: Mr. Yuval Cohen</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">972-3-915-7411</FONT></TD></TR>
</TABLE>
<BR>

<p align=center>
<font size=2>12</font></p>
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<page>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 12, 2005 </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To:<BR>
Bank Hapoalim B.M.<BR>
Bank Leumi Le'Israel B.M.<BR>
Israel Discount Bank Ltd.
</FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Madam / Sir, </FONT></P>

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<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Re: &nbsp;&nbsp;<U><B>Letter of
undertaking</B></U> </FONT> </p>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Definitions</B></U> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
this Letter of Undertaking the terms detailed below will have the meanings appearing at
their side &#150;  </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Discount</B>&#148; &#150; Israel
Discount Bank Ltd. </FONT></TD>
</TR>
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<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  1.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;<B>Lending
Banks</B>&#148; - Poalim, Leumi and Discount. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;<B>Company</B>&#148; &#150; NUR
Macroprinters Ltd. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Credits</B>&#148; and/or
&#147; <B>Credit</B>&#148; &#150; within the meaning of Section 6 to the Debt Arrangements
Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Debt
Arrangements Agreement</B>&#148; &#150; Agreement for Restructuring of Debt of NUR
Macroprinters Ltd., signed between the Company and the lending banks on September 12,
2005. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Subsidiaries</B>&#148;&#150; NUR
Asia Pacific Ltd., NUR America Inc., NUR Europe S.A. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.7.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>     &#147;<B>Leumi</B>&#148; &#150; Bank
Leumi le-Israel B.M. </FONT></TD>
</TR>
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<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.8. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>Poalim</B>&#148; &#150; Bank
Hapoalim B.M. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.9. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>EBITDA</B>&#148;&#150; the
accumulative amount for the four consecutive quarters of the operating income from
current operations before financing expenses (interest, linkage differences, rate of
exchange and currency differences, and commissions) and taxes plus depreciation expenses
on fixed assets and amortization expenses on intangible assets and non-recurring expenses
on account of previous years which will be charged to the cost of sales and/or operating
expenses, and less non-recurring revenues included as revenues before operating income
(should there be any), provided that the aforesaid regarding the non-recurring amounts
for previous years taken into account as mentioned will not exceed US$1,000,000 for the
financial statements of 2007. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Collateral</B></U> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
All
the collateral and/or security that the Company provided and/or will provide to each of
the lending banks and/or which was delivered and/or which will be delivered to each of
the lending banks by a third party for the Company will also serve to secure the credits.  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>1</font></p>
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<page>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Subsidiary
credits</B></U> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company undertakes that up to the date of the first measurement of the financial
covenants in accordance with Section 4.2.2 (hereinafter: the &#147;<B>Date of the First
Measurement</B>&#148;) it will not increase the balance of credit utilized of the
subsidiaries from banks in Israel and/or abroad over an amount of &#128;2.035 million (it
should be mentioned, that the intended meaning of &#147;balance of utilized credit&#148;is:
credits and/or loans of various types, including discounting transactions of notes and/or
invoices of various types). The parties hereby confirm, that apart from the Letter of
Undertaking and guarantees given to the lending banks by the subsidiaries, copies of
which are attached as <B><U>Appendix A</U></B><U></U> to this Letter of Undertaking, the
subsidiaries, correct as of the present date, do not have any undertakings or other
obligations to the lending banks. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
an event in that after the first date of measurement the Company will increase the
utilization of the credit through subsidiaries over the amount of &#128;2.035 million
(hereinafter: the &#147;<B>Surplus </B><B>Amount</B>&#148;) &#150; the surplus amount
will be added to the balance of the liabilities (as defined below) for the purpose of
calculating the financial covenants required from the Company in accordance with Section
4 below. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Financial
covenants</B></U> </FONT> </TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Providing
any credit on account of credits not yet provided and the continued management of the
credits provided or which will be provided to the Company will be subject to the Company&#146;s
meeting, on the measurement dates, the financial covenants detailed in this Section 4
below. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
ratio between the Company&#146;s total debts and liabilities to the lending banks plus
the unutilized balance of the short-term credit framework allotted company plus the
surplus amount (whatever it will be) (hereinafter: the &#147;<B>Balance of the Liabilities</B>&#148;),
and EBITDA as defined above (hereinafter: the &#147;<B>Financial Ratio</B>&#148;), will
not exceed on the measurement dates: </FONT></TD>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4.2.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
the period ended December 31, 2007 &#150; there are no financial covenants.  </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4.2.2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
2008 &#150; 13 (the measurement will be done according to the Company&#146;s annual
statements for 2008).  </FONT></TD>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4.2.3. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
2009 &#150; 10.  </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2.4. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
2010 &#150; 8.  </FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4.2.5. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
2011 and thereafter &#150; 6.  </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subject
to the aforesaid, the examination of the above ratio will be done according to the data
obtained from the consolidated quarterly and annual financial statements of the Company
and the unutilized balance of the short-term framework plus the surplus amount from the
lending banks, and the Company will report on the examination of the ratio to each of the
lending banks according to the provisions of Section 6.2 below and this will be done each
calendar quarter starting from the results of the third quarter of 2008 (i.e., in order
to avoid any doubt, the first measurement will be made for the first three quarters of
2008), and as of that date and thereafter, a measurement will be made at the end of every
quarter for the past 4 quarters. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>2</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.4.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notwithstanding
the aforesaid, in the event that the Company will not meet the financial covenants
mentioned above, should the Company pay the lending banks in cash an amount equal to the
total amount of principal that the Company is expected to pay to the bank during the 12
consecutive calendar months following that date and thereafter, for the credits (and this
in accordance with the credit payments schedule), where these amounts will serve to repay
the credit in accordance with the rules set forth in Section 7 below, this will be
considered as if the Company had met the financial covenants for the four quarter after
the date of the said payment. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subject
to the aforesaid in Section 4.4 above, in every case where the Company violates one of
the conditions of its financial covenants to the lending bank, each of the lending banks
will have the right to demand immediate payment of all the credit and take any means that
it deems appropriate for their collection in particular to realize all the collateral
provided to it that the law permits at the Company&#146;s expense and this without
derogating from the lending bank&#146;s right under the provisions of Section 8 below. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Additional
undertakings and declarations of the Company</B></U> </FONT> </TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company undertakes that up to the final and full repayment date of the credits, and if it
does not obtain the prior written agreement of each of the lending banks to act
otherwise, then:  </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company will not take any resolutions regarding voluntary liquidation or a decision
regarding a compromise or an agreement within the meaning of the Companies law &#150; 1999
or any other law that will be an addition and/or instead and/or an application for a Stay
of Proceedings Order in accordance with the Companies Law &#150; 1999 or any other law
that will come in addition to it and/or replace it. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
total debts and liabilities of the Company to the lending banks stand at US$24 million
where the internal division, correct as of the date of signing this Letter of Undertaking
as detailed in <B><U>Appendix B</U></B><U></U> to this Letter of Undertaking. The total
debts and liabilities of the Company to each of the lending banks will not exceed, at any
time, the rate in percentages of total debts and liabilities to the Company as lending
banks as detailed in <B><U>Appendix B</U></B><U></U> (the &#147;<B>Bank Ratio of </B><B>the
debts</B>&#148;). Without derogating from the aforesaid, a deviation of up to 10% will
not be considered as a deviation in the ratio of each of the lending banks of the debts.
In any case of a deviation higher than 10% of the ratio of any of the lending banks of
the debts, whichever relevant, the Company will be obligated to amend the said deviations
within 7 business days from the date on which the said deviation occurred. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Reporting</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
this clause the term &#147;<B>financial statements</B>&#148; will have the following
meaning: </FONT></TD>
</TR>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
annual and quarterly financial statements presented in accordance with generally accepted
accounting principles; where the annual financial statements are audited and include the
notes to the financial statements and management reports and quarterly reports in the
form of a notice to the public. </FONT></TD>
</TR>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
annual statements will be submitted to each of the lending banks within 7 days from the
date of their publication, and in any case not later than 6 months from the end of each
calendar year. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>3</font></p>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
quarterly statements will be submitted to each of the lending banks within 7 days from
the date of their publication, and in any case not later than 60 days from the end of
every quarter. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company will submit to each of the lending banks its annual financial statements starting
from the date of signing this Letter of Undertaking. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
addition, the Company will submit to each of the lending banks within 7 days from the
date of publication and/or the submission of the financial statements to the lending
banks as from the statement of the third quarter of 2008, details of all the data in
connection with the financial covenants and signed by the Company&#146;s CEO or CFO. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company will report to each of the lending banks within 7 business days from the end of
every calendar quarter detailed of the balances of the other lending banks correct as of
the date of the end of the said calendar quarter. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company is obligated to submit all the reports detailed in this clause as long as the
credits have not been fully repaid. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Early
repayment</B></U> </FONT> </TD>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company will be entitled to repay the credit or any part thereof early, without any fine
or early repayment commission, subject to the following accumulated terms:  </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Early
repayment will be done only on the date of repayment of the interest as detailed in the
documents relating to the provision of the credit signed or which will be signed by the
Company. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 7.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
banks will be given prior notice of 7 business days before the date of the expected
repayment. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the event that only part of the principal of the long term loan of the credits is repaid,
then the balance of the long-term loan will be repaid over the original period set forth
in the credit document provided that should the rate of interest for the long-term loan
in accordance with the terms of the agreement for arranging the debts be fixed, the
lending banks will be entitled only to a payment for the cost caused to them in
connection with such early repayment. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.4.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
the date of early repayment, the Company will pay the lending banks the principal of the
amount of early repayment plus interest on it up to the exact date. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.5.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Every
early repayment of a long-term loan will be paid according to the pro-rata share of each
of the lending banks to the total long-term loans provided to the Company by them. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Demand
for immediate repayment</B></U> </FONT> </TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Each
of the banks will be entitled to demand the immediate repayment of the credit, if one or
more of the events set forth in this clause occur, and in this case, the Company
undertakes to pay each of the lending banks all the amounts due and/or which should be in
connection to each of them with the credit correct as of that date and each of them will
be entitled to debit the Company with all the above amounts and take all the steps that
it deems appropriate to collect them, and in particularly to realize the collateral in
any way that the law permits, at the expense of the Company:  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>4</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Should
the Company violate any of its obligations under its Letter of Undertaking and/or under
any debenture and/or credit document and/or loans of various types and/or which will be
signed by it in favor of each of the lending banks, including all the amendments to the
debenture, should there be any and to the above document. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Should
any of the subsidiaries and/or any of the other subsidiaries of the Company in which it
owns over 50% create any lien in favor of any third party excluding (a) a lien on an
asset purchased by subsidiaries up to completion of payment for that asset, (b) liens on
the assets of the said subsidiaries provided that the value of the assets pledged will
not exceed $50,000) and/or violate any of its significant obligations under the Letter of
Undertaking signed by it in favor of the lending bank provided that the lending violation
is not corrected within 21 days from the date on which the Company knows of such
violation. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Should
a temporary, permanent or other liquidator be appointed to the Company, a receiver,
special manager or if a order of such proceedings pursuant to Section 60 of the Companies
Law 1999 or according to any additional or other law which will replace it, or if a
permanent liquidator is appointed to any of the subsidiaries. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
the Company will not pay any of the lending banks any amount due to that bank from the
Company under the document signed and/or which will be signed in connection with the
credit within 14 days from the days stipulated for its payment. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
the Company is deleted or is about to be deleted from the Register of Companies kept
pursuant to the Companies Law &#150; 1999 by the Registrar of Companies. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Should
the Company take a decision regarding voluntary liquidation or a decision regarding a
compromise or arrangement within the meaning of the Companies Law &#150; 1999 without
receiving the prior written agreement of all the lending banks. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Should
all business activities, production work or commercial activities of the Company be
discontinued or not renewed within 60 days of their being discontinued. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.8. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Should
the control of the Company change without the Company obtaining the prior written
agreement of the bank for this. In connection with this subsection, the term &#147;control&#148; &#150; as
defined in the Securities Law &#150; 1968. It is hereby clarified that each of the
lending banks gave and is giving its agreement to a change and control in the Company as
a result of the investment of Fortissimo Capital (hereinafter: &#147;<B>Fortissimo</B>&#148;),
according to which Fortissimo will become a controlling shareholder in the Company in
accordance with this agreement and (b) the change of control according to which
Fortissimo will stop being a controlling shareholder in the Company provided that this
will change in accordance with that set forth in the Term Sheet between the lending banks
and Fortissimo dated September 12, 2005. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.9. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
an attachment is imposed or a execution order issued on the Company&#146;s property or
against any of the collateral delivered to each of the lending banks by the Company
provided that the following two conditions exist: (a) the attachment and/or execution
order will not be removed within 30 days from the date of its imposition and (b) the
total attachments and/or execution orders that will be in effect at that time,
accumulatively, exceeds the total of four hundred thousand United States dollars
(US$400,000). It is hereby clarified that the provisions of Section 6(a) of the Debt
Arrangements Agreement will supersede the provisions of this sub-clause. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.10. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Should
the Company not meet the provisions of this Section 8 vis-a-vis any of the lending bank
and that bank did not waive its rights to demand the immediate repayment of the credits
it provided to the Company, each of the other lending banks will have right to make the
credits they provided the Company immediately payable according to the debt arrangement
agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>5</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Subordination</B></U></FONT></TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company hereby declares and undertakes that as long as the Company will owe any of the
lending banks any amounts on account of the credits, the Company will act as follows:  </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company will not pay in any way or means whether directly or indirectly to its
shareholders and/or to a member of the family of any of them, and/or to corporations
controlled by any of them and/or to any third party who will replace them or act on their
behalf, any amount on account of the capital notes that the Company issues or will issue
in their favor and/or on account of the loan that was provided or will be provided to us
by any of the aforesaid, or in connection with them, including, and without derogating
from the generality of the aforesaid, the payments of principal, interest, commission and
expenses (all the above expenses will hereinafter be called the &#147;<B>Loans</B>&#148;and
all this without obtaining the prior written agreement of all of the lending banks. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unless
the agreement of all the lending banks is received, the Company will not pay and not
undertake to pay in any way or form, whether directly or indirectly, to its shareholders
or to its controlling shareholders and/or to a member of the family of any of them and/or
to companies and corporations in which any of the shareholders are an interested party in
them and/or to any third party who will replace any of the above or act on their behalf: </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.2.1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dividends,
unless the repayment of the principal of the long-term loan for a period of at least 12
months on accumulative basis and the financial ratio will be less than 3; should the
financial ratio be higher than 3 and not exceed 4.5 then the amount of dividend to be
distributed on the measurement date will be limited to 50% of the accumulated net income
for the prior 4 quarters on the date of such measurement in Section 4.3 above, unless the
dividend is distributed during that period &#150; in such a case, the limitation of 50%
will apply to the period from the end of the period for which the dividend was
distributed; or  </FONT></TD>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.2.2 </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
management or consulting fees or amounts of money or money equivalents.  </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company will not give and not undertake to give to its shareholders, existing or in the
future and/or to any relation of any of them and/or companies or corporation in which its
shareholders fully or party are interested parties in them, and or to any third party who
will replace any of them or act on their behalf, directly or indirectly in any form or
manner whatsoever, any loans or credits from the Company and/or any assistance from the
Company to obtain loans and credits and/or guarantees from the company in favor of the
factors mentioned above (hereinafter: &#147;<B>Loans and Guarantees from the Company</B>&#148;)
and all this without obtaining the prior written agreement of the lending banks. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
provisions of Section 9 above will not apply to a payment of up to three hundred thousand
dollars ($300,000) on an accumulative basis to a controlling shareholder in the Company
and/or to related companies including payments to Fortissimo in accordance with the
management agreement between it and the Company, and will not apply to any shareholder
who is not a controlling shareholder, compensation to directors, employees, officers of
the Company and/or service providers given to the Company and/or fulfilling functions
including the payment consulting fees and/or fees and/or payments to directors and/or an
issue of options in accordance with a program to compensate employees and officers of the
Company. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>6</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Waiver
of previous violations</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each
of the lending banks hereby waives, finally and irrevocably any of the rights it had for
any violation whatsoever of terms of the credit by the Company including non compliance
with financial covenants prior to signing this Letter of Undertaking and their
realization and hereby confirms that it does and will not have any contention and/or
demand excluding the event of an appointment of a permanent liquidator for the Company or
a general receiver for the Company&#146;s assets against the Company its subsidiaries and
other subsidiaries, their shareholders, officers and/or anyone on their behalf in
connection with non compliance with the terms of such credit. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company hereby declares and undertakes that it does not have and it waives any contention
and/or demand of any type whatsoever against each of the lending banks or subsidiaries
and/or related companies and/or against any of their employees for the relationships
between the Company and between any of those mentioned in this clause prior to signing
this Letter of Undertaking, including, but without derogating from the generality of the
aforesaid, in connection with transactions carried in the Company&#146;s accounts, the
calculation of interest, commissions and expenses, or the Company making investments in
any of the lending banks, or in anything connected with the saving deposits or securities
or conditioning a service by a service. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Validity</B></U></FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
This
Letter of Undertaking will come into force on compliance with all the conditions as
detailed below (hereinafter: the &#147;<B>Closing</B>&#148;):  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 11.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Section
5 to the share purchase agreement between the Company and Fortissimo dated August
21, 2005 (hereinafter: the &#147;<B>Investment Agreement</B>&#148;) and </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section
10 to the Debt Arrangement Agreement. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Miscellaneous</B></U> </FONT> </TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.1.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
waiver of any of the lending banks on a previous or non compliance of one or more of the
Company&#146;s undertakings of that bank and/or non compliance with any of the terms
according to this Letter of Undertaking will not be considered as agreement to additional
non compliance with any of such terms or undertakings; the avoidance by that bank using
any right under a letter of guarantee or under any law should not be interpreted as a
waiver of that right. No alleviation of any of the terms by the lending banks will
obligate them and should not be considered as agreement to non compliance with any of the
terms and this done in writing by each of the lending banks. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.2.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company&#146;s rights under this Letter of Undertaking and/or the documents mentioned in
it or connected with it cannot be assigned or transferred in any form whatsoever. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.3.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Every
notice that the Company must deliver to the lending banks mentioned in this Letter of
Undertaking will be delivered by the Company to a factor in each of the lending banks as
detailed in <B><U>Appendix C</U></B><U></U> or any other factor about which prior written
notice of it will be delivered to the Company. Such notice will be delivered by personal
delivery or by registered mail or by facsimile, provided that delivery by facsimile will
be considered as delivered only if the Company has confirmation of the proper sending of
the fax notice and telephone confirmation of the person who receives the facsimile in the
bank. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>7</font></p>
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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Every
notice that the lending bank must deliver to the Company in writing as mentioned in this
Letter of Undertaking and/or any other document signed by the Company in favor of the
lending bank and/or in accordance with any law, will be delivered by the lending banks to
the Company&#146;s CEO or CFO. Such notice will be delivered in a personal delivery or by
registered mail or by facsimile provided that delivery by facsimile will be considered as
delivered only if the bank has confirmation of the proper sending of the fax notice and
telephone confirmation of the person who receives the facsimile in the Company. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.4.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
stamp fax applying, should any apply, on this Letter of Undertaking and on the other
documents to be signed in connection with it or in accordance therewith, will apply to
the Company and paid by it in due time. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.5.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
every case where there will be a contradiction between the provisions of this Letter of
Undertaking and any other document signed by the Company prior to this document or that
will be signed in the future will supersede the provisions of this undertaking will
prevail unless specifically stipulated otherwise in a future document while mentioning
this Letter of Undertaking including the provisions of clauses 2 to 6 (inclusive) to the
letter of waiver and financial covenants dated June 29, 2005. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In witness whereof we hereby sign: </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters Ltd.</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signature:</FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>___________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David Amir</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Position:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President and CEO</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Signature:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>___________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David Seligman</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Position:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CFO</FONT></TD></TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lawyer&#146;s certificate </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I, the undersigned, Doron Faibish,
Adv., hereby confirm that according to the documents of incorporation of the Company and a
resolution on the Company&#146;s Board of Directors dated September 12, 2005, the joint
signature of David Amir and David Seligman together with the Company&#146;s stamp or its
name printed on this Letter of Undertaking binds the Company for all intents and purposes. </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_______________________<BR>
Doron Faibish, Adv.<BR>
September 12, 2005<BR>
<BR>
The aforesaid is agreed by us.<BR>
_____________________________<BR>
Bank Hapoalim B.M.
</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signature:</FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_______________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_______________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Signature:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_______________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_______________________</FONT></TD></TR>
</TABLE>
<BR>

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

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_____________________________<BR>
Bank Leumi Le'Israel B.M.
</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signature:</FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_______________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_______________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Signature:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_______________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_______________________</FONT></TD></TR>
</TABLE>
<BR>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_____________________________<BR>
Israel Discount Bank Ltd.
</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signature:</FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_______________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_______________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Signature:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_______________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_______________________</FONT></TD></TR>
</TABLE>
<BR>

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

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signature:</FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>___________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Yuval Cohen</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Position:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Partner</FONT></TD></TR>
</TABLE>
<BR>

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

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Appendix A &#150;
Liabilities and guarantees of the subsidiaries</U> </FONT> </H1>

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

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

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Appendix B &#150; Debts
and liabilities to the lending banks </FONT></H1>


<TABLE CELLPADDING=3 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Bank</FONT><HR WIDTH=30% SIZE=1 COLOR=#000000 NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>The amount of debt in<BR>
US$ thousands known on<BR>
the date of the Letter<BR>
of Undertaking</FONT><HR WIDTH=95% SIZE=1 COLOR=#000000 NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Amount of debt in $<BR>
subject to the debt<BR>
arrangement</FONT><HR WIDTH=95% SIZE=1 COLOR=#000000 NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Rate of total<BR>
debt to the<BR>
lending banks</FONT><HR WIDTH=95% SIZE=1 COLOR=#000000 NOSHADE></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD WIDTH="53%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank Hapoalim B.M</FONT></TD>
     <TD WIDTH="20%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,174.3&nbsp;</FONT></TD>
     <TD WIDTH="16%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,908&nbsp;</FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.45%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank Leumi Le'Israel B.M</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,899.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,856&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.67%</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Israel Discount Bank Ltd.</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,280&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,384&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.87%</FONT></TD></TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Appendix C &#150;
Addresses</U> </FONT> </H1>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Bank</U></B> </FONT> </TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Address</U></B> </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;   </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank Hapoalim B.M</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Head Office</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Avraham Aroch</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Special Credits Division</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41-45 Rothchild Avenue, "Zion House"</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tel-Aviv</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank Leumi Leisrael B.M</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Head Office</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Giora Matityahu</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Special Credits Division</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35 Yehuda Halevi St.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tel-Aviv</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Israel Discount Bank Ltd.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Advocate Itzhak Keinan</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Special Credits Division</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20 Yehuda Halvi St.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tel-Aviv</FONT></TD></TR>
</TABLE>
<BR>

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


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<H1 ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit D</B></U> </FONT> </H1>

<P ALIGN="CENTER">
<IMG SRC="banklogo.jpg">
</p>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Term Sheet </FONT></H1>

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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"><U><I>Current Debt of NUR </I></U><BR><U><I>Macroprinters Ltd:</I></U> </FONT> </TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of September 12, 2005, the outstanding credit
facilities of NUR Macroprinters, Ltd. (the &#147;<B>Company</B>&#148;) to each of Bank
Hapoalim B.M. <B>(&#147;BNHP</B>&#148;), Bank Leumi Le-Israel B.M. (&#147;<B>BLL</B>&#148;)
and Israel Discount Bank Ltd. (&#147;<B>Discount</B>&#148;) are as set forth in the
Agreement for the Restructuring of the Debt of the Company entered into between the
Company and the Banks (the &#147;<B>Company Agreement</B>&#148;), a copy of which is
attached to this Term Sheet. All terms not otherwise defined herein shall bear the
meaning ascribed to such term in the Company Agreement.  </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"><U><I>Debt Restructuring:</I></U> </FONT> </TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 converting the Converted Amount, receiving warrants to purchase
Ordinary Shares of the Company and rescheduling the Remaining Amount, all as defined and
set forth in the Company Agreement. </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>Fortissimo&#146;s Investment:</U></I></FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 As part of the debt restructuring as set forth above,
Fortissimo Capital (&#147;<B>Fortissimo</B>&#148;), together with Co-Investors, shall
invest $12,000,000 in the Company as follows: (i) $5,000,000 of which shall be invested at
the Closing as a condition to the Closing, (ii) $5,000,000 shall be invested in the
Company within 90 days of the Closing, of which $2,000,000 will be deposited with the
Banks, pro rata to each Banks portion of the Converted Amount and which shall be released
directly to the Banks as repayment of the short term loan as set forth in Section 6(a) of
the Company Agreement, and (iii) $2,000,000 shall be invested on or prior to the first
anniversary of the Closing. </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">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
A
Co-Investor shall mean an entity that has entered into an agreement with Fortissimo
pursuant to which Fortissimo shall have the right to either vote on behalf of such entity
or direct such entity&#146;s vote.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Fortissimo,
together with all of the Co-Investors shall collectively be referred to as the &#147;<B>Syndicate</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>Sale of Shares by Fortissimo:</U></I>  </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A transfer of Ordinary Shares and/or Warrants
issued to Fortissimo by the Company under the Share Purchase Agreement entered into by
Fortissimo and the Company on August 21, 2005 (the &#147;<B>SPA</B>&#148;), shall be
subject to the following: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(i)
           unless otherwise approved in writing by the Banks, during the period
commencing           on the Closing and ending on twenty-four months from the Closing,
(a) the           Syndicate shall not hold less than 35% of the issued and outstanding
shares of           the Company, and (b) Fortissimo shall not, at any time, hold less
than 51% of           the voting rights of the Syndicate; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(ii)
           following the twenty-fourth month from the Closing, the Syndicate and
          Fortissimo shall be allowed to transfer their Ordinary Shares and/or warrants
          with no restrictions, provided, however, that if pursuant to a transfer the
          Syndicate shall hold less than 35% of the issued and outstanding shares of the
          Company, or Fortissimo shall hold less than a number of Ordinary Shares that
          represents 51% of the voting rights of the Syndicate, then such transfer shall
          be contingent on the Company repaying the Banks no less than one-third of the
          then outstanding long term debt (pursuant to Section 6(c) of the Company
          Agreement) to the Banks. Any attempted transfer that is not in accordance with
          this provision shall be null and void. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
For
the avoidance of doubt, the restrictions and provisions in subsections (i) and (ii)
above, shall apply to reductions in the holdings of the Syndicate and/or Fortissimo due
to Approved Offerings (other than options issued pursuant to the Company&#146;s stock
option plans).</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Co-Sale:</U></I> </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In the event Fortissimo proposes to sell more than 50% of the Ordinary Shares held by it
at the time of such proposed sale, it shall provide each of the Banks an opportunity to
participate in such sale on a basis proportionate to the number of Ordinary Shares held by
Fortissimo and those held by the Banks exercising their right of Co-Sale hereunder. For
the avoidance of doubt, Fortissimo shall provide each of the Banks with prior notice of
any such sale and shall allow the Banks a period of at least four (4) business days in
order to determine whether to exercise its Warrants in order to exercise the Co-Sale right
under this Section. </FONT></TD>
</TR>
</TABLE>
<BR>

<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">
<page>

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<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
the event that at the time of Fortissimo&#146;s sale of its then issued and outstanding
shares of the Company, the Banks hold less than four percent (4%) of the issued and
outstanding share capital of the Company (assuming the conversion of all of the Banks
Warrants into Ordinary Shares of the Company), the Banks shall not have the above
described Co-Sale right with respect to such sale of shares by Fortissimo.</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>Bring along:</U></I></FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Following twenty-four months from the Closing, in the event that
Fortissimo wishes to sell to a third party Ordinary Shares constituting more than 50% of
the Ordinary Shares issued to it by the Company under the SPA, and at a price per Ordinary
Share of $1.00 or greater, Fortissimo 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
Fortissimo, each of the Banks will sell Ordinary Shares to such third party on a basis
proportionate to the number of Ordinary Shares held by Fortissimo and those held by the
Banks participating in such sale. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><I>Assignment, Sale and/or </I></U><BR>
<U><I>Transfer of the Banks&#146; </I></U><BR><U><I>Warrant:</I></U> </FONT> </TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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
Fortissimo as set forth below, assign, sell or transfer, the Warrant (or any portion
thereof) and the Ordinary Shares of the Company issuable pursuant to such Warrant (the
&#147;<B>Warrant Shares</B>&#148;) in a private transaction to any third party, provided
that such third party assumes the undertakings and obligations of the Banks with respect
to the Warrant and/or the Warrant Shares as set forth under this Term Sheet and under the
Company Agreement. The Banks undertakings hereunder and under the Company Agreement with
respect to the Ordinary Shares, Warrant and Warrant Shares not so assigned, sold or
transferred, shall remain valid and in full force. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>3</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Prior
to any assignment, sale or transfer of all or any portion of the Warrant or Warrant
Shares (other than a sale of Ordinary Shares on Nasdaq) by any of the Banks to a third
party (the &#147;<B>Warrant/Share </B><B>Transfer</B>&#148;), such Bank shall provide
Fortissimo with a notice detailing the proposed Warrant/Share Transfer and the terms of
the Warrant/Share Transfer (the &#147;<B>Warrant/Share Transfer Notice</B>&#148;). Within
fourteen (14) days of the provision of the Warrant/Share Transfer Notice by the Bank,
Fortissimo shall notify such Bank in writing of its intention to purchase such Warrants
and/or Warrant Shares (or portion thereof) on terms that are identical to the terms of
the proposed Warrant/Share Transfer as detailed in the Warrant/Share Transfer Notice (the
&#147;<B>Fortissimo Notification</B>&#148;). In the event that in the Fortissimo
Notification, Fortissimo stated that it intends to exercise its right to purchase the
Warrant and/or Warrant Shares, Fortissimo shall provide to such Bank all of the funds for
the abovementioned purchase within fourteen (14) days of the delivery of the Fortissimo
Notification. In the event that Fortissimo did not: (i) deliver the Fortissimo
Notification to the Bank within fourteen (14) days from the provision of the
Warrant/Share Transfer Notice specifically stating its intention to purchase the Warrant
and/or Warrant Shares from the Bank, or (ii) transfer the required funds for the purchase
of the Warrant and/or Warrant Shares within fourteen (14) days of the delivery of the
Fortissimo Notification, then the Bank shall immediately have the right to consummate the
assignment, sale or transfer of the Warrant and/or Warrant Shares to the third party on
the same terms and conditions as were provided for in the Warrant/Share Transfer Notice,
within 120 days from such Notice.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Fortissimo
shall not have such a right of first refusal if the Syndicate holds less than 4% of the
issued and outstanding shares of the Company.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Assignment of Debt:</U></I></FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 In consideration of the commitment of Fortissimo to invest in the
Company, the Banks shall assign the Subordinated Debt, evidenced by the Subordinated Note
to Fortissimo. The Subordinated Debt shall be subordinate to $15 million of the debt of
the Company to the Banks. The Subordinated Debt shall not bear interest. In the event of
either: (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), (any of the above three scenarios hereinafter
referred to as a &#147;<B>Liquidation</B>&#148;), then after the Banks shall have received
an amount equal to fifteen million U.S. Dollars ($15,000,000), the Company shall repay the
Subordinated Debt to the holder of the Subordinated Note. </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Subordinated Note shall not be secured by any of the securities and/or guarantees that
the Company has granted, or will grant the Banks. In order to secure the Subordinated
Note, Fortissimo shall register a floating charge over the assets of the Company, and
such floating charge shall be subordinate to all of the securities and guarantees of the
Banks in the Company and shall be released three years following the date of Closing. For
the avoidance of doubt, the holders of the Subordinate Note shall not be entitled to
enforce any security against the Company without the prior written consent of the Banks,
but the Banks shall be allowed to enforce any of their securities and/or guarantees
without the consent of the holder of the Subordinated Note.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Notwithstanding
the above, the right to receive the repayment on account of the Subordinated Note shall
expire on the third anniversary of the date of Closing. In other words, in the event of
the occurrence of a Liquidation following the third anniversary of the date hereof, the
holder of the Subordinated Note shall not be eligible for any repayment from the Company
(or, for the avoidance of doubt, from the Banks) on account of the Subordinated Debt.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Confidentiality:</U></I> </FONT></TD>
<TD WIDTH=80%><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, Fortissimo or a potential Co-Investor. </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=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Closing of the transactions contemplated hereunder shall be
subject to the completion of all of the closing conditions as set forth in the Company
Agreement and to the closing of the transactions and agreements contemplated thereby. In
the event that all of the closing conditions set forth in the Company Agreement and the
closing of all of the transactions and agreements contemplated thereby are not completed,
to the satisfaction of the Banks, within 80 days of the date hereof, this Term Sheet and
the obligations contemplated hereunder shall be null and void. </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>No Shop:</U></I></FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 For a period commencing on the date hereof, and terminating on the
earlier of: (i) the date of Closing, and (ii) 80 days from the date hereof, the Banks
shall not solicit, negotiate and/or accept any debt restructuring agreements or offers
with respect to the Company&#146;s debt, nor shall the Banks transfer the Company&#146;s
debt to any third party. </FONT></TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TH>
     <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>
Fortissimo Capital Fund GP, LP. on behalf of the several<BR>
partnerships for which it serves as the General Partner <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;&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>
Name: _______________.                                  <BR>
<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;&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>
____________________________                            <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>
________________________<BR>
Israel Discount Bank Ltd.<BR>
<BR>
Name:_______________<BR>
Title:________________<BR>
<BR>
Name:_______________<BR>
Title: ________________
</FONT></TD></TR>
</TABLE>
<BR>

<p align=center>
<font size=2>6</font></p>
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<page>


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<H1 ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit E</B></U> </FONT> </H1>

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


<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Date]</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">To<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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
<BR>[<U>&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;</U>] </FONT>
</P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Re: </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Letter
of Indemnification</U> </FONT></TD>
</TR>
</TABLE>
<BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]:</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration of your agreement to continue to serve as a director of NUR Macroprinters
Ltd., we hereby agree to indemnify you for certain potential liabilities for damages and
expenses, which may result from a breach of certain of your duties to the Company. By
signing this letter agreement, you thereby indicate your acceptance to the terms of this
letter agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this letter agreement, references to the &#147;<B>Company</B>&#148;,
&#147;<B>us</B>&#148; or &#147;<B>we</B>&#148; refer to NUR Macroprinters Ltd. and
references to &#147;<B>Office Holder</B>&#148; or &#147;<B>you</B>&#148; shall refer to
you in your capacity as an officer or director of the Company. </FONT></P>

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

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          In this letter agreement the following capitalized terms shall have meaning as
          set forth below: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Action</B>&#148; or
any derivative of thereof shall include a decision           or a failure to act, and
including your Actions before the date of this letter           agreement that were made
during the term you served as an Office Holder in the           Company.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp; 1.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Companies
Law</B>&#148; means the Companies Law, 5759 &#150; 1999, as           amended from time
to time.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp; 1.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Litigation
Expenses</B>&#148; means reasonable litigation expenses,           including attorney&#146;s
fees, incurred by you or imposed upon you by a court,           in a claim brought
against you by the Company or on its behalf or by another           person, or in a
criminal claim in which you were acquitted, or in a criminal           claim in which you
were convicted of a crime that does not require proof of           criminal intent  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp; 1.4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Office
Holder</B>&#148; as defined in the Companies Law.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Obligation to Indemnify</B></U> </FONT> </H1>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Without limiting the Company&#146;s right to indemnify you in accordance with
          the Company&#146;s Amended and Restated Articles of Association, the Company
          hereby undertakes, with no right to renege: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp; 2.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
indemnify you for future obligations or expenses, as specified below, imposed
          on you in consequence of an act done in your capacity as an Office Holder of
the           Company or in consequence of being an Office Holder (in either cases
whether           arising after or prior to the date hereof), pursuant to the Company&#146;s
          request, in another company in which the Company holds shares or has interests,
          as specified in this Section below:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp; 2.1.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
monetary obligation imposed on you or incurred by you in favor of another
          person pursuant to a judgment, including a judgment given in settlement or a
          court approved settlement of an arbitrator&#146;s award, provided that such
          obligation is related to one or more of the events specified in <B><U>Exhibit A
</U></B><U></U>of this letter agreement and that the total indemnification
          amount will not exceed the amount specified in Section 2.2 below;  </FONT></P></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">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp; 2.1.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reasonable
legal fees, including attorney&#146;s fees, incurred by you in           consequence of
an investigation or proceeding filed against you by an authority           that is
authorize to conduct such investigation or proceeding, and that resulted
          without filing an indictment against you and without imposing on you financial
          obligation in lieu of a criminal proceeding, or that resulted without filing an
          indictment against you but with imposing on you a financial obligation as an
          alternative to a criminal proceeding in respect of an offense that does not
          require the proof of criminal intent.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 2-TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes hereof:  (i) a proceeding that ended without an indictment in a matter in
respect of a which an investigation was conducts, means &#150; closing the case pursuant
to Section 62 of the Criminal Procedure Act [Combined Version] 5742 &#150; 1982 (the
&#147;<B>Criminal Procedure Act</B>&#148;) or a stay of proceedings by the Administrator
General pursuant to Section 231 of the Criminal Procedure Act; and (ii) &#147;Financial
obligation in lieu of a criminal proceeding,&#148; means &#150; a financial obligation
imposed by law as an alternative to a criminal proceeding, including an administrative
fine pursuant to the Administrative Offenses Act 5746 &#150; 1985, a fine with respect to
an offense which was defined as a &#147;finable offense&#148; under the Criminal
Procedure Act, a fine or a forfeit.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp; 2.1.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reasonable
litigation costs, including attorney&#146;s fees, incurred by you or           which you
are ordered to pay by a court, in a proceedings filed against you by           the
Company or on its behalf or by another person, or in a criminal charge of           which
he is acquitted, or in a criminal charge of which you are convicted of an
          offence that does not require proof of criminal intent.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate indemnification amount that the Company shall pay to its Office
          Holders (in addition to sums that may be received from insurance companies in
          connection with insurance policies that the Company has purchased) pursuant to
          all the letters of indemnification that shall be issued by the Company, shall
          not exceed an amount equal to equal to the higher of fifty percent (50%) of the
          Company&#146;s net equity or to the Company&#146;s one time annual revenue in
          the year prior to the date of the claim with regard to a final judgment by a
          competent court, and three million United States dollars (US$3,000,000) with
          regard to Litigation Expenses (the &#147;<B>The Maximum Indemnification
          Amount</B>&#148;).  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the indemnification amount the Company is required to pay to its
          Office Holders, as set forth in Section 2.1 above, exceeds the Maximum
          Indemnification Amount (as existing at that time), the Maximum Indemnification
          Amount or its remaining balance will be divided pro rata between the Office
          Holders entitled to indemnification, in the manner that the amount of
          indemnification that each of the Office Holders will actually receive will be
          calculated in accordance with the ratio between the amount each individual
          Office Holder may be indemnified for, and the aggregate amount that all Office
          Holders may be indemnified for at the time of the indemnification.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of an event by virtue of which you are likely to be entitled           to
indemnification, the Company shall advance to you, from time to time, the           funds
required to cover the expenditures and payments related to handling the           legal
proceeding related to such event, in a manner that you shall not be           required to
pay for or personally finance your legal expenses, subject to the           conditions
and instructions in this letter agreement.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
will not be indemnified for any of the following:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.5.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
breach of a fiduciary duty by the Beneficiary, except for a breach of a
          fiduciary duty while acting in good faith and having reasonable grounds to
          assume that such act would be in the best interests of the Company;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.5.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
willful breach of the duty of care or reckless disregard for the circumstances
          or to the consequences of a breach of the duty of care towards the Company,
          unless only done in negligence;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.5.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
act done with intent to make unlawful personal profit; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.5.4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
fine or monetary penalty imposed upon you.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Conditions to
Indemnification</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The obligation to indemnify in accordance with this letter agreement is subject
          to the conditions set forth in this Section 3: </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">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
shall notify the Company in writing of every legal proceeding that may be
          brought against you in connection with any event that may entitle you to
          indemnification, and of every warning made to you in writing pertaining to
legal           proceedings that may be commenced against you. This notice shall be made
in a           timely manner, immediately after you shall first be aware of such
proceedings or           warning, and you shall provide the Company or, the person
designated by the           Company, all documents in connection with such proceedings.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of an event that may entitle you to indemnification, you may
          appoint counsel of your choice, unless such counsel is reasonably deemed
          unacceptable by the Company, and provided that you inform the Company
          immediately of the identity of the counsel. If you do not inform the Company of
          your choice of counsel immediately after the need to retain arises, the Company
          may (but is not obligated to) appoint counsel on your behalf, within forty-five
          (45) days from the time of receiving the notice described in Section 3.1 above
          (or within a shorter period of time if the matter requires filing a response in
          any proceeding). The Company will not appoint counsel on your behalf in
criminal           cases. The Company and/or the aforementioned counsel shall be entitled
to act           with their exclusive discretion and to bring the proceeding to a close.
The           appointed counsel shall act and shall owe its duty of loyalty to the
Company and           to you. In the event that a conflict of interest shall arise
between you and the           Company, you shall inform the Company of such conflict of
interest and shall be           entitled to appoint counsel on your behalf, and the
provisions of this letter           agreement shall apply to expenses you may incur as a
result of such appointment.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may decide to settle a monetary obligation or to arbitrate a           monetary
obligation, provided that as a result of such settlement or           arbitration, the
lawsuit or the threat of a lawsuit against you shall be fully           withdrawn.
Following the Company&#146;s request, you shall sign any document           that shall
empower the Company and/or the abovementioned counsel to act on your           behalf
with regard to your defense in the above-mentioned proceedings and to           represent
you in all matters pertaining to these proceedings.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
shall cooperate with the Company and with any counsel as set forth above in
          every manner that shall reasonably be required from you by any of them in
          connection with the handling of such legal proceedings, provided, that the
          Company shall cover all of your reasonable out-of-pocket expenses, subject to
          Section 3.2 above.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
will not be indemnified for amounts you shall be required to pay as a result           of
a settlement or arbitration, unless the Company agrees, in writing, to the
          settlement or to the arbitration.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not be required to pay, according to this letter agreement,
          monies that were actually paid to you, or on your behalf or in your stead,
          through an insurance policy that the Company procured or through an obligation
          to any indemnification that was made by any other person other than the
Company.           For avoidance of doubt, it shall be clarified that the indemnification
amount           according to this letter agreement shall be independent of, and in
addition to,           the amount that shall be paid (if paid) pursuant to an insurance
policy and/or           any other indemnification.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
your request for an execution of a payment in connection to any event           according
to this letter agreement, the Company shall take all commercially           reasonable
steps according to applicable law to pay such payment and will do all           that is
required to obtain any approval that is required. If any required           approval is
not given for any reason, a payment, or any part of it, that will           not be
approved, as said above, shall be subject to the approval of a court and           the
Company shall take all commercially reasonable steps to attain the           court&#146;s
approval.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Term</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Company&#146;s obligations according to this letter agreement shall remain
          valid even if you have ceased to be an Office Holder of the Company, provided
          that acts for which you are given a commitment of indemnification were performed
          during the time you served as an Office Holder of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Reimbursement of the
Company</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          In the event that the Company shall pay to you or in your place any amount
          pertaining to this letter agreement in connection with a legal proceeding, and
          afterwards it shall be determined that you are not entitled to any
          indemnification from the Company, you shall be required to repay such amounts,
          plus (i) linkage differentials linked to the Israeli Consumer Price Index; and
          (ii) interest as determined in accordance with the Income Tax Regulations
          (Determination of the Interest Rate), 1985, as amended from time to time. You
          will be required to repay these sums to the Company when requested to do so in
          writing by the Company and in accordance with a payment schedule that the
          Company shall determine. </FONT></P>

<p align=center>
<font size=2>3</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Miscellaneous</U>  </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          This letter agreement and <B><U>Exhibit A</U></B><U></U> constitute the entire
          understanding and agreement between the Company and you regarding your
          indemnification by the Company for certain potential liabilities for damages and
          expenses, and it supersedes any and all prior discussions, representations,
          agreements and correspondence with regard to the subject matter hereof,
          including that certain Indemnification Agreement among the Company and you dated
          as of [&nbsp;], and may not be amended, modified or supplemented in any respect,
          except by a subsequent writing executed by both parties hereto. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The headings of the paragraphs of this letter agreement are inserted for
          convenience only and shall not be deemed to constitute part of this agreement or
          to affect the construction thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Company&#146;s obligations according to this letter agreement shall be
          interpreted broadly and in a manner that shall facilitate its execution, to the
          extent permitted by law, and for the purposes for which it was intended. In the
          event of a conflict between any provision of this letter agreement and any
          provision of law that cannot be superseded, changed or amended, such provision
          of law shall supersede the specific provision in this letter agreement, but
          shall not limit or diminish the validity of the remaining provisions of this
          letter agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Neither this letter agreement nor any part thereof may be assigned or
          transferred to any third party and may not be relied upon by any third party,
          including, but not limited to, any insurance company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          This letter agreement may be executed in any number of counterparts, each of
          which shall be deemed an original and enforceable against the parties actually
          executing such counterpart, and all of which together shall constitute one and
          the same instrument. This letter may be executed by facsimile transmission. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          This letter agreement shall be governed by, interpreted and construed in
          accordance with the laws of the State of Israel. The competent courts in Tel
          Aviv, Israel shall have sole and exclusive jurisdiction regarding any dispute or
          claim arising hereunder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
indicate your acceptance to the terms of this letter agreement by signing and dating them
and returning a counterpart hereof to us. </FONT></P>

<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Workstation" -->
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sincerely,<BR><BR>NUR Macroprinters Ltd.<BR>
<BR>BY: <BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name:<BR>Title:</FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I agree to all terms of this letter
agreement: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signature:</FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE><BR>

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

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Exhibit A &#150;
Indemnifiable Events</U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subject to any provision of the law,
the events are as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The issuance of securities including, but not limited to, the offering of
          securities to the public according to a prospectus, a private offering, the
          issuance of bonus shares or any other manner of security offering. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A &#147;<B>Transaction</B>&#148; as defined in Section 1 of the Companies Law,
          including the negotiation for, the signing and the performance of a transaction,
          transfer, sale, purchase or pledge of assets or liabilities (including
          securities), or the receiving of any right in any one of the above, receiving
          credit, granting securities and any Action connected directly or indirectly with
          such a Transaction. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any filing or announcement required by Companies Laws and/or applicable
          securities laws and/or according to rules and/or regulations adopted by any
          Stock Exchange the Company&#146;s securities are traded in. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any decision regarding distribution, as defined in the Companies Law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A change in the structure of the Company or the reorganization of the Company or
          any decision pertaining to these issues including, but not limited to, a merger,
          a split, a settlement between the Company and its shareholders and/or creditors,
          a change in the Company&#146;s capital, the establishment of subsidiaries and
          their liquidation or sale, an allotment or distribution. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          An announcement, a statement, including a position taken, or an opinion made in
          good faith by an officer in the course of his duties and in conjunction with his
          duties, including during a meeting of the Company&#146;s board of directors or
          one of its committees. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          An Action made in contradiction to the Company&#146;s Memorandum of Association
          or Amended and Restated Articles of Association. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any action or decision in relation to employer-employee relations, including the
          negotiation for, signing and performance of individual or collective employment
          agreements and other employees benefits (including allocation of securities to
          employees). </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any action or decision in relation to work safety and/or working conditions. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Negotiation for, signing and performance of insurance policy. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any of the above events, pursuant to the Office Holder&#146;s position in an
          affiliated corporation or in a corporation controlled by the Company. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any claim or demand made by a customer, suppliers, contractors or other third
          parties transacting any form of business with the Company, its subsidiaries or
          affiliates, in the ordinary course of their business, relating to the
          negotiations or performance of such transactions, representations or inducements
          provided in connection thereto or otherwise. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Participation and/or non participation at the Company&#146;s meetings of the
          board of directors, bona fide expression of opinion and/or voting and/or
          abstention from voting at the Company&#146;s meetings of the board of directors. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any claim or demand made under any securities laws or by reference thereto, or
          related to the failure to disclose any information in the manner or time such
          information is required to be disclosed pursuant to such laws, or related to
          inadequate or improper disclosure of information to shareholders, or prospective
          shareholders, or related to the purchasing, holding or disposition of securities
          of the Company or any other investment activity involving or affected by such
          securities, including any actions relating to an offer or issuance of securities
          of the Company or of its subsidiaries and/or affiliates to the public by
          prospectus or privately by private placement, in Israel or abroad, including the
          details that shall be set forth in the documents in connection with execution
          thereof. </FONT></P>

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

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any claim or demand made for actual or alleged infringement, misappropriation or
          misuse of any third party&#146;s intellectual property rights including, but not
          limited to confidential information, patents, copyrights, design rights, service
          marks, trade secrets, copyrights, misappropriation of ideas by the Company, its
          subsidiaries or affiliates. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any claim or demand made by any third party suffering any personal injury and/or
          bodily injury and/or property damage to business or personal property through
          any act or omission attributed to the Company, its subsidiaries or affiliates,
          or their respective employees, agents or other persons acting or allegedly
          acting on their behalf. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any claim or demand made directly or indirectly in connection with complete or
          partial failure, by the Company or any subsidiary or affiliate thereof, or their
          respective directors, officers and employees, to pay, report, keep applicable
          records or otherwise, of any foreign, federal, state, country, local, municipal
          or city taxes or other compulsory payments of any nature whatsoever, including
          without limitation, income, sales, use, transfer, excise, value added,
          registration, severance, stamp, occupation, customs, duties, real property,
          personal property, capital stock, social security, unemployment, disability,
          payroll or employee withholding or other withholding, including any interest,
          penalty or addition thereto, whether disputed or not. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any administrative, regulatory or judicial actions, orders, decrees, suits,
          demands, demand letters, directives, claims, liens, investigations proceedings
          or notices of noncompliance or violation by any governmental entity or other
          person alleging potential responsibility or liability (including potential
          responsibility or liability for costs of enforcement, investigation, cleanup,
          governmental response, removal or remediation, for natural resources damages,
          property damage, personal injuries, or penalties or contribution,
          indemnification, cost recovery, compensation, or injunctive relief) arising out
          of, based on or related to (a) the presence of, release spill, emission,
          leaking, dumping, pouring, deposit, disposal , discharge, leaching or migration
          into the environment (each a &#147;<B>Release</B>&#148;) or threatened Release
          of, or exposure to, any hazardous, toxic, explosive or radioactive substance,
          wastes or other substances or wastes of any nature regulated pursuant to any
          environmental law, at any location, whether or not owned, operated, leased or
          managed by the Company or any of its subsidiaries, or (b) circumstances forming
          the basis of any violation of any environmental law, environmental permit,
          license, registration or other authorization required under applicable
          environmental and/or public health law. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any administrative, regulatory or judicial actions, orders, decrees, suits,
          demands, demand letters, directives, claims, liens, investigations, proceedings
          or notices of noncompliance or violation by any governmental entity or other
          person alleging the failure to comply with any statute, law, ordinance, rule,
          regulation, order or decree of any of its subsidiaries and/or affiliates, or any
          of their respective business operations. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Actions in connection with the Company&#146;s testing of products and/or in
          connection with the sale, distribution, license or use of such products. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Act or omissions resulting in the failure to maintain appropriate insurance
          and/or inadequate safety measures and/or a malpractice of risk management. </FONT></P>

<p align=center>
<font size=2>6</font></p>
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<H1 ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit F</B></U> </FONT> </H1>

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


<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Date]</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">To<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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
<BR>[<U>&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;</U>] </FONT>
</P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],</FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Re: &nbsp;&nbsp;&nbsp;&nbsp;<U>Exemption from
Certain Breaches of Duty of Care</U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In consideration of your agreement to
serve as a director of NUR Macroprinters Ltd., we hereby agree to exculpate you from
certain potential liabilities for damages which may result from a breach of certain of
your duties to the Company. By signing this letter agreement, you thereby indicate your
acceptance to the terms of this letter agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For purposes of this letter
agreement, references to the &#147;<B>Company</B>&#148;, &#147;<B>us</B>&#148; or
&#147;<B>we</B>&#148; refer to NUR Macroprinters Ltd. and references to &#147;<B>Office
Holder</B>&#148; or &#147;<B>you</B>&#148; shall refer to you in your capacity as an
officer or director of the Company. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Duty of Care; Obligation
to Exculpate</U> </FONT> </H1>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under
the provisions of the Companies Law, 5759-1999 (the &#147;<B>Companies</B> <B>Law</B>&#148;),
you owe a duty of care to the Company in your capacity, and                     as a
result of your position as Office Holder. This duty of care requires you to
                    avoid negligent acts and act with the same skill, prudence and acumen
that a                     reasonably prudent officer and/or director would act under
similar                     circumstances. This includes, among others, the duty to
utilize reasonable means                     to seek out, obtain and review appropriate
information regarding (a) actions                     which you undertake in the name of
the Company or in your position as an officer                     and/or director of the
Company, and (b) corporate action for which your approval                     is sought
or which is performed by you by virtue of your position as an officer
                    and/or director of the Company. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subject
to the restrictions imposed by the Companies Law, the Company&#146;s
                    Amended and Restated Articles of Association, and the limitations set
forth                     herein and subject to your good faith attempt to comply with
such duty, the                     Company hereby undertakes to exculpate you from your
liability for any and all                     damages sustained by the Company as a
result of a breach of your duty of care                     towards the Company,
including damages sought through a derivative action filed                     by a
director or shareholder on the Company&#146;s behalf, except for derivative
                    actions filed by you in your capacity as a director. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
To
the extent you hold or will hold office as an Office Holder of any of its wholly owned
subsidiaries (the &#147;<B>Subsidiaries</B>&#148;) and subject to the applicable laws of
the Subsidiaries, the Company further undertakes to use its best efforts to cause the
Subsidiaries to exculpate you from breaches of your duty of care towards them under the
terms of this letter agreement or similar terms permitted under applicable law.  </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>Page 1 of 3</font></p>
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<BR>

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

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>      No
exculpation under this letter agreement will be valid or available in the           event
that: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>you
are entitled to receive payment under an insurance policy with respect to
               the breach of duty of care giving rise to such liability, other than
amounts                which are in excess of such insurance coverage; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
breach of your duty of care towards the Company was committed intentionally
               or recklessly; or </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>you
acted with intent to make unlawful personal profit. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company&#146;s obligations hereunder shall commence on the latter of (a) the
                    date on which the amendment of the Company&#146;s Amended and
Restated Articles                     of Association permitting the exculpation hereunder
was approved, (b) the date                     on which you commenced your office or
employment as an Office Holder (the <B>&#147;Effective Date</B>&#148;) and will continue
after termination of your                     office or employment by the Company, only
with respect to actions or omissions                     giving rise to liability covered
by the terms of this letter agreement and which                     occur on or after the
Effective Date and prior to the termination of your office                     or
employment, , provided, however, that any such cause of action giving rise to
                    the breach of your duty of care is predicated on your being or having
been an                     Office Holder of the Company. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
addition, as an Office Holder of the Company you will have access to the
                    Company&#146;s Proprietary Information (as defined below). The
confidentiality                     of the Proprietary Information is necessary and
essential to protect the                     Company&#146;s business. Therefore, no
exculpation will be available under this                     letter agreement with
respect to any unauthorized disclosure by you of the                     Proprietary
Information committed in negligence actions or omissions or willful
                    misconduct. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
For
the purpose of this letter agreement &#147;<B>Proprietary Information</B>&#148; means
confidential information concerning the business and financial activities of the Company,
including information relating to technologies and products (actual or planned), research
and development activities, trade secrets and industrial secrets, and also confidential
commercial information such as investments, investors, employees, customers, suppliers,
marketing plans, etc.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Proprietary
Information shall not be deemed to include any and all information disclosed by the
Company that (a) was known to you prior to your association with the Company, (b) is or
shall become part of the public knowledge, except as a result of the breach of your
confidentiality obligations to the Company, (c) reflects information and data generally
known in the industries or trades in which the Company operates, or (d) shall be required
to be disclosed by law, governmental rule or regulation, or judicial or administrative
process, provided, however, that you will notify the Company immediately upon receipt of
such requirement.  </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
letter agreement constitutes the entire understanding and agreement between
                    the Company and you, and it supersedes any and all prior discussions,
                    representations, agreements and correspondence with regard to the
subject matter                     hereof, and may not be amended, modified or
supplemented in any respect, except                     by a subsequent writing executed
by both parties hereto. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
letter agreement will not derogate from nor will it be deemed an amendment
                    of any indemnification commitment previously made by the Company to
you, subject                     to the compliance of any such commitment with the
restrictions imposed by the                     Companies Law and the Company&#146;s
Amended and Restated Articles of                     Association. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>Page 2 of 3</font></p>
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<page>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
headings of the paragraphs of this letter agreement are inserted for
                    convenience only and shall not be deemed to constitute part of this
agreement or                     to affect the construction thereof. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
the event of any change in any applicable law, statute or rule which narrows
                    the right of an Israeli company to exculpate an Office Holder, such
changes, to                     the extent not otherwise required by such law, statute or
rule to be applied to                     this letter agreement shall have no effect on
the terms hereof or the                     parties&#146; rights and obligations
hereunder. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
all or any part of the terms hereof is held invalid or unenforceable by local
                    law and/or a court of competent jurisdiction, such invalidity or
                    unenforceability will not affect any of the other provisions hereof
that are                     valid and enforceable all of which shall remain in full
force and effect, as                     applicable. Furthermore, if such invalid or
unenforceable provision may be                     modified or amended so as to be valid
and enforceable as a matter of law and to                     give effect to an outcome
which is consistent with that what was intended by the                     parties
hereto, such provisions will be deemed to have been automatically
                    modified or amended accordingly. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
terms of this letter agreement are personal and therefore you may not
                    assign, delegate or transfer any of its rights hereunder, and any
attempt to do                     so shall be null and void. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
letter agreement may be executed in any number of counterparts, each of
                    which shall be deemed an original and enforceable against the parties
actually                     executing such counterpart, and all of which together shall
constitute one and                     the same instrument. This letter may be executed
by facsimile transmission. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
letter agreement shall be governed by and construed and enforced in
                    accordance with the laws of the State of Israel, without application
of the                     conflict of laws principles thereof. The parties hereby submit
any dispute                     arising out of or in connection with this letter
agreement to the sole and                     exclusive jurisdiction of the competent
courts in the District of Tel Aviv and                     irrevocably waive any claim of
inconvenient forum. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Please indicate your acceptance to
the terms of this letter agreement by signing and dating them and returning a counterpart
hereof to us. </FONT></P>


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<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sincerely yours,<BR><BR>
<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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
<BR>NUR Macroprinters Ltd.</FONT></TD>
</TR>
</TABLE>
<BR>




<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I agree to all terms of this letter:</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signature:</FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>________________</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE>
<BR>

<p align=center>
<font size=2>Page 3 of 3</font></p>
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<H1 ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit G</B></U> </FONT> </H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Description of the
2000 Stock Option Plan</U> </FONT> </H1>

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

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

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

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

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

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Description of the
1998 Share Option Plan for Non-Employee Directors</U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
1998, NUR adopted the 1998 Share Option Plan for Non-Employee Directors (the &#147;<B>1998
Option Plan</B>&#148;) to provide for grants of options to purchase ordinary shares to
NUR&#146;s non-employee directors. The 1998 Option Plan, as amended, is administered by
the Non-Employee Director Share Option Committee subject to Board approval. An aggregate
amount of not more than 250,000 ordinary shares is reserved for grants under the 1998
Option Plan. The 1998 Option Plan will expire on December 8, 2008 (10 years after
adoption), unless earlier terminated by the Board. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the 1998 Option Plan, each non-employee director that served on the 1998 &#147;Grant
Date,&#148; as defined below, automatically received an option to purchase 10,000 ordinary
shares on such Grant Date and will receive an option to purchase an additional 10,000
ordinary shares on each subsequent Grant Date thereafter, provided that he or she is a
non-employee director on the Grant Date and has served as such for the entire period since
the last Grant Date. The &#147;Grant Date&#148; means, with respect to 1998, October 26,
1998, and with respect to each subsequent year, August 1. Directors first elected or
appointed after the 1998 Grant Date, will automatically receive on such director&#146;s
first day as a director an option to purchase up to 10,000 ordinary shares prorated based
on the number of full months of service between the prior Grant Date and the next Grant
Date. Each such non-employee director would also automatically receive, as of each
subsequent Grant Date, an option to purchase 10,000 ordinary shares provided he or she is
a non-employee director on the Grant Date and has served for the entire period since the
last Grant Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exercise price of the option shares under the 1998 Option Plan is 100% of the fair market
of such ordinary shares at the date of grant of such options. The fair market value means,
as of any date, the average closing bid and sale prices of the ordinary 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 ordinary shares are then traded, or if not
then traded, as determined in good faith (using customary valuation methods) by resolution
of the members of NUR&#146;s Board of Directors, based on the best information available
to it. The exercise price is required to be paid in cash. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term of each option granted under the 1998 Option Plan is ten (10) years from the
applicable date of grant. All options granted vest immediately upon the date of grant. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
options granted would be subject to restrictions on transfer, sale or hypothecation. All
options and ordinary shares issuable upon the exercise of options granted to the
non-employee directors of NUR could be withheld until the payment of taxes due with
respect to the grant and exercise (if any) of such options. </FONT></P>


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