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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001178913-07-001681.txt : 20070807
<SEC-HEADER>0001178913-07-001681.hdr.sgml : 20070807
<ACCEPTANCE-DATETIME>20070807074335
ACCESSION NUMBER:		0001178913-07-001681
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20070807
DATE AS OF CHANGE:		20070807

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:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-144171
		FILM NUMBER:		071029916

	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>424B3
<SEQUENCE>1
<FILENAME>zk74089.htm
<TEXT>
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     <!-- Control Number: 74089                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Nur Macroprinters Ltd                                            -->
     <!-- Project Name:   424B3                                                            -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>424B3</TITLE>
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<P ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Filed Pursuant to Rule 424(b)(3)<BR>
Registration No. 333-144171</B> </FONT>
</P>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROSPECTUS </FONT></H1>

<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><IMG SRC="nur.jpg"></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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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90,165,265 ORDINARY
SHARES </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 registering 90,165,265 ordinary shares for resale by certain existing security holders
identified in the &#147;Selling Security Holders&#148; section of this prospectus. The
ordinary shares registered pursuant to this prospectus include 40,234,771 shares issuable
upon exercise of warrants at exercise prices ranging between $0.35 and $0.75. </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
ordinary shares  registered  pursuant to this
prospectus  were  acquired  by  the  selling  security  holders  in  private  placement  transactions,  in
consideration  for services  rendered,  in  connection  with a debt  restructuring  agreement,  in private
transactions and in connection with a voting agreement (see &#147;Selling Security Holders&#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
selling security holders may from time to time sell any or all of their ordinary shares in
any one of the manners described under &#147;Plan of Distribution,&#148; at market prices
prevailing at the time of sale or at negotiated prices. </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
ordinary shares are currently quoted on the over-the-counter market in the &#147;Pink
Sheets&#148; under the symbol &#147;NURMF.PK.&#148; The last reported sale price for our
ordinary shares on the Pink Sheets on June 25, 2007 was $0.50 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;We
are not offering any ordinary shares for sale under this prospectus and we will not
receive any proceeds from the sale of ordinary shares by the selling security holders.
However, we will receive proceeds from the exercise of the warrants, if exercised. </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
should read both this prospectus and any prospectus supplement, together with the
additional information described under the heading &#147;Incorporation of Certain
Documents by Reference&#148; before you decide to invest in our 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;<B>INVESTING
IN OUR ORDINARY SHARES INVOLVES A HIGH DEGREE OF RISK. SEE &#147;RISK FACTORS&#148;
BEGINNING ON PAGE 7 OF THIS PROSPECTUS TO READ ABOUT FACTORS YOU SHOULD CONSIDER BEFORE
PURCHASING OUR ORDINARY SHARES.</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;<B>Neither
the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or determined whether this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.</B> </FONT></P>

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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The date of this prospectus is August 3, 2007</FONT></P>


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


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













<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1>PAGE</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=1>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk101">About this Prospectus</a></FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>2</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk102">About NUR</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk103">Information About The Offering</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk104">Special Note Regarding Forward-Looking Statements</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk105">Risk Factors</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk106">Material Changes</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>14</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk107">Offer Statistics and Expected Timetable</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>14</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk108">Capitalization and Indebtedness</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>15</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk109">Use of Proceeds</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>15</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk110">Plan of Distribution</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>16</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk111">Interests of Experts and Counsel</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>18</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk112">Selling Security Holders</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>18</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk113">Expenses</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>27</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk114">Description of Share Capital</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>28</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk115">Dividend Policy</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>29</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk116">Legal Matters</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>30</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk117">Experts</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>30</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk118">Where You Can Find More Information</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>30</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk119">Incorporation of Certain Documents by Reference</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk120">Enforcement of Civil Liabilities</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>31</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><a href="#zk121">SEC Position on Indemnification for Securities Act Liabilities</a></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>32</FONT></TD></TR>
</TABLE>
<BR>

<p align=center>
<font size=2></font></p>
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<a name=zk101></a>



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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus does not contain all of the information set forth in the registration
statement, certain parts of which are omitted in accordance with the rules and regulations
of the SEC. Accordingly, you should refer to the registration statement and its exhibits
for further information about us and our ordinary shares. Copies of the registration
statement and its exhibits are on file with the SEC. Statements contained in this
prospectus concerning the documents we have filed with the SEC are not intended to be
comprehensive, and in each instance we refer you to copy of the actual document filed as
an exhibit to the registration statement or otherwise filed with the SEC. </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
should rely only on the information incorporated by reference or provided in this
prospectus or any prospectus supplement. We and the selling security holders have
authorized no one to provide you with different information. The selling security holders
are offering to sell, and seeking offers to buy, our ordinary shares only in jurisdictions
where offers and sales are permitted. The information contained in this prospectus is
accurate only as of the date of this prospectus, regardless of the time of delivery of
this prospectus or of any sale of 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;This
prospectus contains our trademarks and trademarks of our affiliates, and may contain
trademarks, tradenames and service marks of other parties. Unless the context otherwise
requires, all references in this prospectus to &#147;NUR,&#148; &#147;we,&#148;
&#147;our,&#148; &#147;our company,&#148; &#147;us&#148; and the &#147;Company&#148; refer
to NUR Macroprinters Ltd. and its consolidated subsidiaries. </FONT></P>

<p align=center>
<font size=2>2</font></p>
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<a name=zk102></a>



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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NUR
is a leading supplier of wide format and super wide format digital printing systems
worldwide. We develop, manufacture, sell and service digital color printers for the
printing of large images such as billboards, posters and banners, point of purchase
displays, exhibition and trade show displays as well as decorations and backdrops for
construction scaffolding covers, showrooms, television and film studios, museums and
exhibits. We also supply our customers with ink products for use with wide format and
super wide format digital printers. </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
conducts the research and development activities related to printing equipment and ink at
its facility in Lod, Israel. We have worldwide marketing, sales and service subsidiaries
or divisions in Europe, North America, South America, Asia Pacific and the Middle East and
Africa regions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
offer several lines of printers to the wide and super wide format market. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We sell
our printers and related products primarily to commercial digital printers, design and
service firms, screen printers, commercial photo labs, outdoor media companies and trade
shops. Our printers are installed in more than 800 sites throughout Europe, North and
South America, Africa and Asia. </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
ordinary shares are currently quoted on the over-the-counter market in the &#147;Pink
Sheets&#148; under the symbol &#147;NURMF.PK.&#148; There is no non-United States trading
market for our 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;We  believe  that  the  productivity  of  the  NUR
printers makes them an attractive  choice for screen  printers that wish to go digital and for high volume
digital  printers.  The NUR Tempo was  designed as a digital  alternative  to screen  printing  presses to
handle  diverse  applications,  especially  short  to  medium,  on-demand  print  runs  that  are not cost
effective using traditional screen printing methods.  In operation,  it is designed to eliminate the extra
steps and costs of finishing &#150; laminating  and  cutting/trimming  processes &#150; common to other  traditional
methods of printing  graphics  on rigid  surfaces.  The NUR Expedio  series is the first of its kind &#150; the
first roll-fed  wide-format inkjet production  printers equipped with UV-curable inks. The UV-curable inks
used by the NUR Expedio  printers  allow them to print on wide variety of media,  including  standard less
expensive  uncoated  substrates  that  ensure low  operating  costs and higher  profit  margins.  With NUR
Expedio  printers users can also explore new premium priced printing  applications on specialty media. The
NUR Expedio  Revolution  offers  billboard  printers  higher  productivity  and lower  operating  cost per
printed  square  feet  than  competitive  digital  printers.  We believe
that the NUR printers  have been  designed and  engineered  to fit the overall needs of the wide and super
wide format printing market.
</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
strategy is to: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>strengthen  our  position as a world  leader
                in the  wide  format  and  super  wide  format  digital  printing  market  by
                supplying   productive  and  cost-effective   digital  printers  and  totally
                digitally-based printing solutions for the out-of-home advertising market;

 </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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>enable
print service providers to digitally produce a large portion of the graphics currently
produced with screen printing processes; </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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>be
our customers' vendor of choice for their ink needs;</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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>enable
our customers to develop new ways to profit from our printing systems; and</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><FONT FACE="Wingdings" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>provide
our customers with highly responsive and capable support, service and supplies.</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;For  additional  information,  we refer you to the
documents  incorporated  by  reference  in this  prospectus  as  described  under &#147;Where You Can Find More
Information&#148; and  &#147;Incorporation of Certain Documents by Reference&#148;  below. Our principal  address,  phone
number and web site are as follows: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="2"><U>Mailing Address</U> </FONT></TD>
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="2"><U>Executive Office</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>12 Abba Hillel Silver Street</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>12 Abba Hillel Silver Street</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>P.O. Box 1281, Lod 71111</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>P.O. Box 1281, Lod 71111</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>Israel</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>Israel</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>Telephone: +972-8-914-5555</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="2">Website: <U>http://www.nur.com</U> </FONT></TD></TR>
</TABLE>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
information on our web site is not intended to be a part of this prospectus. </FONT></P>

<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>


<a name=zk103></a>



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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus relates to the resale by the selling security holders of NUR listed herein, of
up to 90,165,265 of our ordinary shares, nominal value NIS 1.00 per share. These shares
consist 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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,285,714   ordinary   shares   and  up  to
              25,714,286  ordinary  shares  issuable  upon  exercise  of  warrants  that were
              issued in a private  placement in October  2005.  The warrants are  exercisable
              for five years from their date of issuance  at an  exercise  price of $0.40 per
              ordinary share (subject to adjustment in certain circumstances).
</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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Up
to 8,000,000 ordinary shares issuable upon the exercise of warrants that were issued by
NUR in December 2005 in connection with a debt restructuring agreement. The warrants are
exercisable for five years from their date of issuance at an exercise price of $0.35 per
ordinary share (subject to adjustment in certain circumstances). </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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,909,830   ordinary   shares   owned  by  a
              former  chairman of the board of directors and former  controlling  shareholder
              that  were,  during  the  years  1997-2004,  purchased  from  us or in  private
              transactions and issued in connection with services rendered to us.
 </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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Up to  3,000,000  ordinary  shares  issuable
              upon the exercise of warrants  issued by NUR in April 2005 in  connection  with
              a voting  agreement.  The  warrants are  exercisable  for five years from their
              date of issuance at an exercise  price of $0.75 per ordinary  share (subject to
              adjustment in certain circumstances).
 </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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,734,950   ordinary   shares   and  up  to
              3,520,485  ordinary  shares issuable upon exercise of warrants that were issued
              in a  private  placement  in  January  and  February  2007.  The  warrants  are
              exercisable  for five years from their date of issuance  at an  exercise  price
              of $0.65 per ordinary share (subject to adjustment in certain circumstances).
 </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;Fortissimo
Capital Fund (Israel),  LP, Fortissimo
Capital Fund  (Israel-DP),  LP and  Fortissimo  Capital Fund,  LP, which we refer to  collectively  as the
Fortissimo  Entities,  beneficially  own 49.12% of our ordinary  shares;  Kanir Joint  Investments  (2005)
Limited  Partnership  beneficially  owns 19.05% of our ordinary  shares;  Bank Hapoalim B.M.  beneficially
owns 6.44% of our ordinary  shares;  Bank Leumi  le-Israel  B.M.  beneficially  owns 4.51% of our ordinary
shares;  Israel  Discount  Bank Ltd.  beneficially  owns 1.29% of our ordinary  shares,  Dan &amp; Edna Purjes
beneficially  own 12.51% of our ordinary shares and the investors in the private  placement in January and
February 2007 beneficially own 20.11% of our 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;Other
than in the event the expected adjustment will be minor, the exercise price of the
warrants referenced in this registration statement will be subject to adjustment upon the
occurrence of the following events: (i) subdivision or combination of our ordinary shares
and (ii) the payment of dividends or the distribution of stock dividends. Upon each
adjustment of exercise price, the number of ordinary shares issuable upon exercise of each
warrant will be adjusted accordingly. </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  further  information  regarding  the  selling
security  holders relating to, among other things, certain
restrictions on the disposition of ordinary shares,  the  transactions  in which they purchased our ordinary shares and the agreements that
apply to the selling security holders, see the &#147;Selling Security Holders&#148; section of this prospectus. </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;&nbsp;&nbsp;&nbsp;&nbsp;NUR   is  filing  the  registration  statement  of
which this  prospectus is a part  primarily in order to fulfill its  contractual  obligations to do so and
will use its best efforts to keep the registration  statement  effective under the Securities Act of 1933,
or the  Securities  Act, in accordance  with its  contractual  obligations.  Registration  of the ordinary
shares  does not  necessarily  mean that all or any portion of these  ordinary  shares will be offered for
sale by the selling security holders.  </FONT></P>

<a name=zk104></a>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus contains forward-looking statements that are intended to be, and are hereby
identified as, forward looking statements for the purposes of the safe harbor provisions
of the Private Securities Reform Act of 1995. These statements address, among other
things: our strategy; the anticipated development of our products; our anticipated use of
proceeds; our projected capital expenditures and liquidity; our development of additional
revenue sources; our development and expansion of relationships; the market acceptance of
our products; and our technological advancement. Forward-looking statements relate to
future events or other future financial performance, and are identified by terminology
such as &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;expect,&#148;
&#147;scheduled,&#148; &#147;plan,&#148; &#147;intend,&#148; &#147;anticipate,&#148;
&#147;believe,&#148; &#147;estimate,&#148; &#147;aim,&#148; &#147;potential,&#148; or
&#147;continue&#148; or the negative of those terms or other comparable terminology. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
forward-looking statements are subject to certain risks, uncertainties and assumptions
about us that could cause actual results to differ materially from those reflected in the
forward-looking statements. These forward-looking statements are based, among other
things, on assumptions in connection with: </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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
price and market liquidity of our ordinary shares;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>our
ability to attain necessary working capital;</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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
growth of the market for wide format and super wide format digital printing systems;</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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
market demand for our products;</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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>our
ability to retain key technical and management personnel;</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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>our
ability to retain our current suppliers and subcontractors;</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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
possibility of future litigation; 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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>our
future performance, sales, gross margins, expenses (including stock-based compensation
expenses) and cost of revenues. </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;Assumptions
relating to the foregoing involve judgment with respect to, among other things, future
economic, competitive and market conditions, and future business decisions, all of which
are difficult or impossible to predict accurately and many of which are beyond our
control. In light of the significant uncertainties inherent in the forward-looking
statements included herein, the inclusion of these statements should not be regarded as a
representation by us or any other person that our objectives or plans will be achieved.
Factors that could cause actual results to differ from our expectations or projections
include the risks and uncertainties relating to our business described in the &#147;Risk
Factors&#148; section. Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management&#146;s analysis as of the date
hereof. We undertake no obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date hereof, whether as a result of
new information, future events or otherwise, except as required by applicable law. In
addition to the disclosure contained herein, readers should carefully review any
disclosure of risks and uncertainties contained in other documents that we file from time
to time with the SEC. </FONT></P>

<p align=center>
<font size=2>6</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;Market
data and forecasts used in this prospectus have been obtained from independent industry
sources. We have not independently verified the data obtained from these sources and we
cannot assure you of the accuracy or completeness of the data. Forecasts and other
forward-looking information obtained from these sources are subject to the same
qualifications and additional uncertainties accompanying any estimates of future market
size.  </FONT></P>


<a name=zk105></a>


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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Investing in our ordinary shares
involves significant risk. Currently, there is a very limited liquid trading market for
our securities. You should be able to bear a complete loss of your investment. To
understand the level of risk, you should carefully consider the following risk factors, as
well as the other information in this prospectus.</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;<B>Our
ability to maintain sufficient liquidity is dependent on our ability to continue our
recent revenue growth and successful expense reduction initiatives, and on the
availability of additional debt or equity financing. If we are unable to secure necessary
additional financing, through debt or equity financing, we may not be able to fund our
operations and would potentially have to sell assets, refinance debt or downsize
operations.</B> Our net loss decreased to $1.9 million in 2006 from $14.7 million in 2005.
We believe that our liquidity and profitability have improved since 2005, and anticipate
that they will continue to improve in 2007, but we were still unable to generate cash from
operations in 2006 and there can be no assurance that we will achieve profitability or
positive cash flow in 2007. We have recently relied on equity financing to fund our
operations due to our inability to generate cash from operations. In January and February
2007, we raised approximately $6.3 million through a private placement of our ordinary
shares and warrants to purchase our ordinary shares. However, due to the risks described
herein, and if we fail to achieve our revenue goals and expense reduction targets, in the
future we may be unable to maintain adequate financial resources for capital expenditures,
expansion or acquisition activity, working capital and research and development and
therefore we may be required to seek additional equity and/or debt financing. These
financings may not be available on acceptable terms, or at all. An equity financing could
also be dilutive to our existing shareholders. Our failure to secure additional financing
could have an adverse impact on our continued development or growth. </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>If
we are unable to comply with certain covenants contained in our bank loans, our lender
banks may declare a default and exercise their remedies. If our lender banks exercise
these remedies we may not be able to continue our operations. </B>If  we do not meet certain covenants  provided for
in our loan agreements with our lender banks,  our lender banks may exercise the remedies  available under
such loan agreements,  including  requiring us to immediately repay our outstanding bank debt or enforcing
a lien against all our assets. We agreed to maintain certain  financial ratios,  which will be measured on
each quarter  following  the end of the third  quarter of 2008. If we default under our bank loans and our
lender  banks  exercise  their  available  remedies,  we may be forced to cease  operations.  If we ceased
operations  and were forced to liquidate no assets would be available for  distribution  to holders of our
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;<B>Because  our  ordinary  shares  are  quoted on the
pink sheets and their  trading may become  subject to the  Securities  and  Exchange  Commission&#146;s  &#147;penny
stock&#148; regulations, the market liquidity of our ordinary shares is very limited</B>. On May 19, 2005, our ordinary shares
were delisted from the Nasdaq Capital Market. The basis of the delisting was our failure
to comply with the minimum stockholders&#146; equity requirement for continued listing on
the Nasdaq Capital Market. Our ordinary shares are currently quoted on the
over-the-counter market in the &#147;Pink Sheets&#148; under the symbol
&#147;NURMF.PK.&#148; </FONT></P>

<p align=center>
<font size=2>7</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;As
a result of the removal of our ordinary shares from quotation on the Nasdaq Capital
Market, our ordinary shares are not regularly covered by securities analysts and the media
and the liquidity of our ordinary shares is very limited. Such limited liquidity could
result in lower prices for our ordinary shares than might otherwise prevail and in larger
spreads between the bid and asked prices for our ordinary shares. Additionally, certain
investors will not purchase securities that are quoted on the pink sheets, which could
materially impair our ability to raise funds through the issuance of our ordinary shares
in the securities markets. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
our ordinary shares have been removed from quotation on Nasdaq and the trading price of
our ordinary shares is less than $5.00 per share, trading in our ordinary shares may
become subject to the requirements of Rule 15g-9 promulgated under the Securities Exchange
Act of 1934, as amended (the &#147;Exchange Act&#148;). Although we currently meet the
criteria of average revenues in excess of $6 million set forth in Rule 3a51-1(g)(2) which
exempts our ordinary shares from being deemed &#147;penny stock,&#148; brokers are still
subject to special record keeping requirements with respect to our ordinary shares and
must demonstrate that we have met these criteria. Pursuant to Rule 15g-9, brokers and
dealers who recommend penny stocks to persons other than established customers and
accredited investors must satisfy special sales practice requirements, including a
requirement that they make an individualized written suitability determination for the
purchaser and receive the purchaser&#146;s written consent prior to the transaction. </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
Securities Enforcement Remedies and Penny Stock Reform Act of 1990 also requires
additional disclosure in connection with any trades involving a stock defined as a penny
stock (generally, according to regulations adopted by the SEC, any equity security not
traded on an exchange or quoted on Nasdaq or the OTC Bulletin Board that has a market
price of less than $5.00 per share, subject to certain exceptions), including the
delivery, prior to any penny stock transaction, of a disclosure schedule explaining the
penny stock market and the risks associated therewith. Such requirements could further
limit the market liquidity of our 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;<B>We
depend on a few key products in a business subject to rapid technological change and any
decline in demand for these products could severely harm our ability to generate
revenues.</B> We depend upon the sale of our principal products &#150; the NUR
Fresco&#153; printers, the NUR Tempo printers, the NUR Expedio&#153; printers and the NUR
Tango printers, and upon the sale of ink products. The markets for our products are
characterized by rapid changes in technology, customer preferences and evolving industry
standards. Our future financial performance will depend upon our ability to update our
current products and develop and market new products to keep pace with technological
advances in the industry. During 2004, 2005 and 2006, we invested approximately $8.0
million, $7.1 million and $5.8 million, respectively, in research and development
projects. Although we plan to continue to invest in research and development, our business
could seriously suffer if we fail to anticipate or to respond adequately to changes in
technology and customer preferences, or if our products are delayed in their development
or introduction. We cannot assure you that we will successfully develop any new products.
If our competitors introduce new products, the sales of our existing products and our
financial results could be negatively affected. </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>Our
reliance on sole source suppliers for certain components of our printers could harm our
ability to meet demand for our products in a timely manner or within budgets.</B> We
currently purchase certain components used in our NUR Fresco, NUR Tempo and NUR Expedio
printers from sole suppliers. If any of these sole suppliers experience problems that
result in production delays, our sales to new customers and existing customers that rely
on our inkjet components to operate their printers could be delayed. Production delays
could result from fire, flood or other casualty, work stoppages, production problems or
other unforeseen circumstances. Although we have not experienced any major production
delays to date, we cannot assure you that such delays will not occur in the future.
Because the success of our business depends on the sale of our printers, supply problems
could have a material adverse effect on our financial results. In addition, if any of our
sole suppliers reduce or change the credit or payment terms they extend to us, our
business and results of operations could also be harmed. </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>We
rely on subcontractors to help us manufacture our products and if they are unable to
adequately supply us with components and products, we may be unable to deliver our
products to customers on time or without defects.</B> We employ a limited number of
unaffiliated subcontractors to manufacture components for our printers. Because we rely on
subcontractors, however, we cannot be sure that we will be able to maintain an adequate
supply of components or products. Moreover, we cannot be sure that any of the components
we purchase will satisfy our quality standards and be delivered on time. Our business
could suffer if we fail to maintain our relationships with our subcontractors or fail to
develop alternative sources for our printer components. We cannot assure you that we will
be able to develop alternative sources of production for our products. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
market for our printers is very competitive and if we do not compete effectively, our
operating results could be adversely affected.</B> The printing equipment industry is
extremely competitive and many of our competitors may have greater management, financial,
technical, manufacturing, marketing, sales, distribution and other resources than we do.
We compete against several companies that market digital printing systems based on
drop-on-demand inkjet technology and other technologies that are similar to the
technologies utilized in our products. These competitors have introduced products that
compete with the NUR Fresco, the NUR Tempo and the NUR Expedio printers. We have also
witnessed continued growth of the Chinese and Korean markets where Chinese and Korean
companies that were developing, manufacturing and selling inexpensive printers mainly to
the local markets, have also begun penetrating the international market. Our ability to
compete depends on factors both within and outside of our control, including the
performance and acceptance of our current printers and any products we develop in the
future. We also face competition from existing conventional wide format and super wide
format printing methods, including hand painting, screen printing and offset printing. Our
competitors could develop new products, with existing or new technology, that could be
more competitive in our market than our printers. We cannot assure you that we will be
able to compete effectively with any such products. </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>We  face strong  competition in the market for ink
products. If we do not compete successfully, our revenues will decline.</B> We  compete with independent  manufacturers in the
market for ink  products.  The ink  manufacturing  industry is highly  competitive.  We are  currently the
exclusive or principal  manufacturer  and supplier of ink for our UV ink based printers and for a majority
of our  other  printers.  We  cannot  assure  you that we will be able to  maintain  our  position  as the
exclusive or even principal ink  manufacturer  and/or supplier for these  printers.  We also cannot assure
you that we will be able to compete effectively or achieve significant revenues in the ink business. </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>If
we fail to meet our customers&#146; performance expectations, our reputation may be
harmed, causing us to lose current and prospective customers. </B>Our ability to retain
existing customers and attract new customers depends to a large extent on our
relationships with our customers and our ability to maintain a reputation for high quality
products, professional services and integrity. As a result, if a customer is not satisfied
with our products or services, our reputation may be damaged, adversely affecting the
relationship with this and other existing customers and our ability to attract new
customers. </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>Our
products could contain defects, which would reduce sales of those products or result in
claims against us. </B>We develop complex and evolving products and we participate in an
industry that is subject to significant product liability and other litigation. Despite
testing by us and our customers, undetected errors or defects may be found in existing or
new products. The introduction of products with reliability, quality or compatibility
problems could result in reduced revenues, additional costs, increased product returns and
difficulty or delays in collecting accounts receivable. The risk is higher with products
still in the development stage, where full testing or certification is not yet completed.
This could result in, among other things, a delay in recognition or loss of revenues, loss
of market share or failure to achieve market acceptance. We could be subject to material
claims by customers that are not covered by our insurance. Many of these claims also
involve significant defense or settlement 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;<B>We
depend on our executive officers and other key employees and the loss of their services
could adversely affect our business and results of operations.</B> During   the  previous   two  years,   our  senior
management  has undergone  significant  changes,  including  the  replacement  of our principal  executive
officers,  the regional  managing  directors of our four main divisions and most of our senior  management
team. In addition,  we have  experienced a high turnover of other employees  during 2006 and the beginning
of 2007. We believe that our success  depends to a large extent upon the  contributions  of key personnel,
and  especially  our  senior  management.  Our  business  could  seriously  suffer if David  Reis or Yosef
Zylberberg,  our principal  executive  officers,  or other key  personnel,  were to leave our company.  In
addition,  we do not have,  and do not plan to apply  for,  &#147;key-man&#148;  life  insurance  for any of our key
employees.  The high  turnover in other  employees  and the possible  loss of knowledge and expertise as a
result could also  materially  adversely  affect our results of operations and our growth  prospects.  Our
future success will also depend in part on our continuing  ability to attract highly qualified  employees.
We cannot assure our continued success in attracting or retaining highly qualified personnel. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If
we are unsuccessful in protecting our proprietary technology through trade secrets,
licenses and patents, our ability to compete effectively may be impaired.</B> We rely on a
combination of trade secrets, licenses, patents and non-disclosure and confidentiality
agreements to establish and protect our proprietary rights in our products and our
intellectual property. We cannot provide any assurance that our existing patents or any
future patents will not be challenged, invalidated, or circumvented, or that our
competitors will not independently develop or patent technologies that are substantially
equivalent or superior to our technology. We cannot be sure that we will receive further
patent protection in Israel, the United States, or elsewhere, for existing or new products
or applications. Even if we do secure further patent protection, we cannot provide any
assurance it will be effective. Also, although we take precautionary measures to protect
our trade secrets, we cannot guarantee that others will not acquire equivalent trade
secrets or steal or replicate our exclusive technology. For example, in some countries,
meaningful patent protection is not available. Third parties may assert infringement
claims against us in the future, and the cost of responding to such assertions, regardless
of their validity, could be significant. In addition, such claims could be found to be
valid and result in large judgments against us. Even if such claims are not valid, the
cost to protect our patent rights and the harm caused to our operations during the
litigation of such claims could be substantial. </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>We
may be subject to liabilities under environmental laws due to our use of hazardous
materials such as methyl ethyl-ketone solvent. </B>We mix the solvent ink used in some of
our printers with a methyl ethyl-ketone solvent. Methyl ethyl-ketone solvent is a
hazardous substance and is subject to various government regulations relating to its
transfer, handling, packaging, use and disposal. We store the ink at warehouses in Europe,
the United States, South East Asia and Israel, and a shipping company ships it in
accordance with our instructions. We face potential responsibility for problems that may
arise when we ship the ink to customers. We believe that we are in material compliance
with all applicable environmental laws and regulations. However, if we fail to comply with
these laws or an accident involving our ink waste or methyl ethyl-ketone solvent occurs,
our business and financial results could be harmed. In addition, in recent years the
operations of all companies have become subject to increasingly stringent legislation and
regulation related to occupational safety and health and environmental protection. Such
legislation and regulations are complex and constantly changing, and we cannot assure you
that future changes in laws or regulations would not require us to install additional
controls for certain of our ink products, to undertake changes in our manufacturing
processes or to utilize additional measures of care and compliance where such measures are
not currently 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;<B>We
may face adverse consequences as a result of the restatement of our financial statements.
</B>The amendment of our annual report on Form 20-F for the year ended December 31, 2004,
which was filed with the SEC on March 13, 2006, included a restatement of our financial
statements for 2002, 2003 and 2004. As a result of the restatement, we may face certain
risks and potential adverse consequences and costs associated with addressing any
potential actions or inquiries; and the diversion of our management&#146;s attention and
resources. Each of these could have a material adverse effect on our business, prospects
and results of operations. </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>We
benefit from certain tax benefits related to capital investment incentives. In the event
these benefits are reduced, it will adversely affect our results of operations and our
growth prospects.</B> We benefit from certain Israeli tax legislation principally related
to capital investment incentives. Our operations could be adversely affected if these tax
benefits are reduced or eliminated and not replaced with equivalent benefits, or if our
ability to meet the conditions to benefit from such tax benefits were significantly
reduced. We cannot assure you that favorable tax legislation will continue in the future.
In addition, to receive such tax benefits, we must comply with a number of conditions. If
we fail to comply with these conditions, the tax benefits that we receive could be
partially or fully canceled and we would be forced to refund the amount of the canceled
benefits received, in whole or in part, adjusted for inflation and interest. </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>Political
instability in Israel may disrupt important operations and our business.</B> Our
headquarters and research facilities, operations and some of our subcontractors and
suppliers are located in the State of Israel. Although most of our sales are currently
made to customers outside of Israel, we are nonetheless directly influenced by the
political, economic and military conditions affecting Israel. Our business could be harmed
by any major hostilities involving Israel, the interruption or curtailment of trade
between Israel and its trading partners, or a significant downturn in the economic
condition of Israel. The prospect of peace in the Middle East is uncertain and has
deteriorated due to the continued violent conflicts between Israelis and Palestinians. In
addition, in July and August 2006, significant fighting took place between Israel and
Hezbollah in Lebanon, which involved numerous missile strikes and disrupted day-to-day
civilian activity in northern Israel. Furthermore, over the last seven years and more
significantly in April, May and June 2007, Palestinian militants have been firing rockets
from the Gaza strip to the neighboring southern part of Israel, including to areas in
Ashkelon, where our ink manufacturing plant is located. While the work in our plant has
not been impacted so far, we cannot predict the full impact of the continuation or
escalation of the conflict in the Gaza Strip and southern Israel on our results of
operations and business. Furthermore, several countries restrict business with Israeli
companies. We could be adversely affected by further setbacks to the peace process or by
restrictive laws or policies directed toward Israel or Israeli businesses. Our operations
could be materially and adversely affected by acts of terrorism or if major hostilities
should occur in the Middle East or trade between Israel and its present trading partners
should be curtailed, including as a result of acts of terrorism in the United States or
elsewhere. In addition, all nonexempt male adult citizens of Israel, including some of our
officers and employees, are obligated to perform military reserve duty and are subject to
being called for active duty under emergency circumstances. While we have operated
effectively under these requirements and circumstances since our formation, we cannot
predict the full impact of such conditions on us in the future, particularly if emergency
circumstances occur. If many of our employees are called for active duty, our operations
in Israel may be slowed and our business may be harmed. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>We
have significant operations in countries that may be adversely affected by acts of
terrorism, political or economical instability or major hostilities. </B>We supply our
products to various countries. Over 60% of our sales are in North America and Western
Europe. However, we expect to derive an increasing portion of our sales and future growth
from other regions such as Latin America and Central and Eastern Europe, which may be more
susceptible to political or economic instability. As we import our products into such
countries, we face possible denial of access to our customers as a result of a closing of
the borders of the countries in which we sell our products, due to economic, legislative,
political and military conditions, including hostilities and acts of terror, in such
countries. Our executive offices and a substantial percentage of our manufacturing
capabilities are located in 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;<B>You
may have difficulty enforcing U.S. judgments against us in Israel.</B> We are organized
under the laws of Israel and our headquarters are in Israel. Most of our officers and
directors reside outside of the United States. Therefore, you may not be able to enforce
any judgment obtained in the U.S. against us or any of such persons. You may not be able
to enforce civil actions under U.S. securities laws if you file a lawsuit in Israel. In
addition, if a foreign judgment is enforced by an Israeli court, it will be payable in
Israeli currency. </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>Our
operating results are subject to significant fluctuations from period-to-period, which
could cause us to miss expectations about these results and, consequently, could adversely
affect the trading price of our ordinary shares.</B> The results of our operations for any
quarter are not necessarily indicative of results to be expected in future periods. Our
operating results have in the past been, and will continue to be, subject to quarterly
fluctuations as a result of factors such as price reductions by us and our competitors,
increased competition in the printing equipment and ink industry, the introduction and
market acceptance of new technologies and standards, changes in interest rates and
availability of bank or other financing to our customers, substitution of our ink products
for third party ink by users of our products, delay, rescheduling or cancellation of
orders, costs related to our entry into new geographic markets, changes in general
economic conditions and changes in economic conditions specific to our industry.
Furthermore, our revenues may vary significantly from quarter to quarter as a result of,
among other factors, the timing of new product announcements and releases by our
competitors and us. We do not typically have a material backlog of orders at the beginning
of each quarter. We may not learn of shortfalls in sales until late in, or shortly after
the end of, such fiscal period. As a result, our quarterly earnings may be subject to
significant variations, which could cause us to miss expectations about our earnings and,
consequently, could adversely affect the trading price of our 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;<B>Our
business is subject to risks from international operations that could increase our
expenses and require increased time and attention of our management.</B> A significant
portion of our business is conducted internationally. Accordingly, our future results
could be materially adversely affected by a variety of uncontrollable and changing factors
including, among others, foreign currency exchange rates, credit risk in less developed
markets, difficulties in staffing management and other positions, difficulties in
collecting accounts receivables, regulatory, political, or economic conditions in a
specific country or region, trade protection measures and other regulatory requirements,
business and government spending patterns, and natural disasters. Any or all of these
factors could have a material adverse impact on our business and results of operations. </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>Currency
fluctuations may decrease our earnings.</B> Because we generate revenues and expenses in
various currencies, including the U.S. dollar, the New Israeli Shekel and the Euro, our
financial results are subject to the effects of fluctuations of currency exchange rates.
We cannot predict, however, when exchange or price controls or other restrictions on the
conversion of foreign currencies could impact our business. Currency fluctuations could
decrease our profitability. </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>Our
stock price has decreased significantly and</B> <B>may continue to be volatile, which
could adversely affect the market liquidity of our ordinary shares and our ability to
raise additional funds.</B> Our ordinary shares have experienced substantial price
volatility, particularly as a result of variations between our anticipated and actual
financial results, the published expectations of analysts, and announcements by our
competitors and us. The market price for our ordinary shares has followed a historical
downward trend since 2000.&nbsp;On May 19, 2005, our ordinary shares were delisted from
the Nasdaq Capital Market due to our failure to comply with the minimum stockholders&#146;
equity requirement for continued listing. Our ordinary shares are currently quoted on the
over-the-counter market in the &#147;Pink Sheets&#148; under the symbol
&#147;NURMF.PK.&#148; In addition, the stock market has experienced extreme price and
volume fluctuations that have negatively affected the market price of many technology and
manufacturing companies in particular, and that have often been unrelated to the operating
performance of these companies. These factors, as well as general economic and political
conditions, may materially adversely affect the market price of our ordinary shares in the
future. Additionally, volatility or a lack of positive performance in our stock price may
adversely affect our ability to retain key employees, many of whom have been granted stock
options, and negatively affect our ability to raise funds through both debt and equity,
discourage potential customers and partners from doing business with us, and could result
in a material adverse effect on our business, financial condition, and results of
operations. </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>If
we fail to implement and maintain effective internal controls over financial reporting,
our business, operating results and share price could be materially adversely
affected.</B> Beginning with our annual report for our fiscal year ending December 31,
2007, Section 404 of the Sarbanes-Oxley Act of 2002 will require us to include a report by
our management on our internal controls over financial reporting. This report must contain
an assessment by management of the effectiveness of our internal controls over financial
reporting as of the end of our fiscal year and a statement as to whether or not our
internal controls are effective.&nbsp; Beginning with our annual report for our fiscal
year ending December 31, 2008, the report must also contain a statement that our
independent auditors have issued an attestation report on their assessment of such
internal controls. Our efforts to comply with Section 404 are likely to result in
significant costs, the commitment of time and operational resources and the diversion of
management&#146;s attention.&nbsp; We expect to expend significant resources and
management time documenting and testing our internal controls systems and procedures. This
process may be complicated by the complexity of our international operations and various
foreign subsidiaries.&nbsp; If we or our independent auditors are unable to assert that
our internal controls over financial reporting are effective, market perception of our
financial condition and the trading price of our stock may be adversely affected, customer
perception of our business may suffer and we may face increased difficulty raising
capital, all of which could have a material adverse effect on our operations. </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>We
are controlled by a small number of shareholders, who may make decisions with which you
may disagree. </B>In  October  2005,  a group  of  investors  led by
Fortissimo  Capital  Fund GP, LP,  which are  included  as selling  security  holders in this  prospectus,
invested $12 million in our  company.  Consequently,  these  shareholders  are  currently  the  beneficial
owners of 61.2% of our ordinary  shares and acting  together,  could exercise  significant  influence over
our  business,  including  with  respect to the  election of our  directors  and the approval of change in
control  transactions.  This  concentration  of control  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. </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>Provisions
of Israeli law may delay, prevent or make difficult an acquisition of NUR, which could
prevent a change of control and, therefore, depress the price of our shares. </B>Israeli
corporate law regulates mergers, requires tender offers for acquisitions of shares above
specified thresholds, requires special approvals for transactions involving directors,
officers or significant shareholders and regulates other matters that may be relevant to
these types of transactions. Furthermore, Israeli tax considerations may make potential
transactions unappealing to us or to some of our shareholders. These provisions of Israeli
law may delay, prevent or make difficult an acquisition of NUR, which could prevent a
change of control and therefore depress the price of our 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;<B>Additional
tax liabilities could materially adversely affect our results of operations and financial
condition.</B> As a global corporation, we are subject to income taxes both in Israel and
various foreign jurisdictions. Our domestic and international tax liabilities are subject
to the allocation of revenues and expenses in different jurisdictions and the timing of
recognizing revenues and expenses. Additionally, the amount of income taxes paid is
subject to our interpretation of applicable laws in the jurisdictions in which we file.
From time to time, we are subject to income tax audits. While we believe we comply with
applicable income tax laws, there can be no assurance that a governing tax authority will
not have a different interpretation of the law and assess us with additional taxes. Should
we be assessed additional taxes, there could be a material adverse affect on our results
of operations and financial condition. </FONT></P>

<a name=zk106></a>


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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
material changes in our affairs that have occurred since the end of the 2006 fiscal year
are included in our Form 20-F for the year ended December 31, 2006, incorporated herein by
reference. </FONT></P>

<a name=zk107></a>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OFFER STATISTICS AND
EXPECTED TIMETABLE </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  selling security  holders  identified in this
prospectus  may sell from time to time up to  90,165,265  ordinary  shares  (including  40,234,771  shares
issuable upon exercise of warrants).  We have agreed to maintain the  effectiveness  of this  registration
statement  until the earlier of (i) two years after the  effective  date of this  registration  statement,
(ii) such time as all of the shares registered under this  registration  statement have been sold pursuant
to this  registration  statement  or (iii)  the date on which  all of the  shares  registered  under  this
registration  statement may be resold  without  registration  pursuant to Rule 144(k) under the Securities
Act or any other rule of similar effect. </FONT></P>

<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>

<a name=zk108></a>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CAPITALIZATION AND
INDEBTEDNESS </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    our
capitalization  and  indebtedness  as of  December  31,  2006 (in  thousands),  on an actual  basis and as
adjusted to give effect to the issuance of 11,734,950  ordinary  shares at a price of $0.54 per share,  as
well as warrants,  and the receipt of the net proceeds in the amount of  $6,083,370  by us, in  connection
with a private  placement  in January  and  February  2007.  These  ordinary  shares and the ordinary  shares
issuable  upon exercise of the warrants are being  registered  for resale in this  prospectus.  You should
read this table in conjunction with the section  captioned  &#147;Selling  Security  Holders,&#148; our consolidated
financial statements and the related notes incorporated by reference into this prospectus. </FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman" SIZE=1>December 31, 2006</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>Actual</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>As Adjusted</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>&nbsp;</FONT></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman" SIZE=1>(thousands)</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>&nbsp;</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD WIDTH="76%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Current maturities of long-term loans</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>     129</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>     129</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Long-term loans, net of current maturities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>26,755</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>26,755</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;Share capital - ordinary shares of NIS 1.00 par value<BR>
&nbsp;&nbsp;(authorized: 170,000,000 shares; issued and <BR>
&nbsp;&nbsp;outstanding: 60,523,886 shares actual; <BR>
&nbsp;&nbsp;72,258,836 shares as adjusted)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>13,635</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>16,413</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;Additional paid-in capital</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>61,956</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>65,261</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Accumulated other comprehensive loss</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>(475</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>(475</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Accumulated deficit</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(96,119</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(96,119</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Total shareholders' deficiency</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>(21,003</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>(14,920</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>)</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>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Total capitalization and indebtedness</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>   5,881</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  11,964</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR>



<a name=zk109></a>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>USE OF PROCEEDS </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  will not receive any of the proceeds  from the
sale of ordinary shares by the selling  security  holders under this  prospectus,  other than the exercise
price payable to us upon the exercise of warrants held by the selling  security  holders.  If the warrants
are  exercised  in full,  we would  realize  proceeds  before  expenses  in the  amount  of  approximately
$17,624,030.  The net  proceeds of the  exercise  of the  warrants  will be used for  working  capital and
general corporate purposes
</FONT></P>

<p align=center>
<font size=2>15</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

<a name=zk110></a>


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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus covers the sale of ordinary shares by the selling security holders. As used
herein, &#147;selling security holders&#148; include donees, pledgees, transferees or
other successors in interest selling shares received from a selling security holder after
the date of this prospectus as a gift, pledge, partnership distribution or other non-sale
related transfer. Any distribution of any of these securities by the selling security
holders in interest may be effected from time to time in one or more of the following
transactions: </FONT></P>

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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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ordinary
brokerage transactions and transactions in which the broker/dealer solicits purchasers;</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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>block
trades in which the broker/dealer will attempt to sell the shares as agent but may
position and resell a portion of the block as principal to facilitate the transaction; </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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>purchases
by a broker/dealer as principal and resale by the broker/dealer for its account;</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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>an
exchange distribution in accordance with the rules of the applicable exchange;</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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>privately
negotiated transactions;</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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>settlement
of short sales;</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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>broker/dealers
 may agree with the selling  security holders to sell a specified number of the shares at
a               stipulated price per 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><FONT FACE="Wingdings" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
combination of any such methods of sale; 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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
other method permitted pursuant to applicable law.</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;We
will not receive any proceeds from the sale of the ordinary shares. The aggregate proceeds
to the selling security holders from the securities offered hereby will be the offering
price less applicable commissions or discounts, if any. We do not know if the selling
security holders will sell any of the securities offered hereby. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling security holders may distribute the securities from time to time in one or more
transactions at: </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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
fixed price or prices, which may be changed;</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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>market
prices prevailing at the time of 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>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Wingdings" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>prices
related to such prevailing market prices; 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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>negotiated
prices.</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
selling security holders may enter into hedging and/or monetization transactions. For
example, a selling security holder may: </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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>subject
to contractual restrictions, enter into transactions with a broker-dealer or affiliate of
a broker-dealer or other third party in connection with which that other party will
become a selling security holder and engage in short sales or other sales of our common
shares under this prospectus, in which case the other party may use shares of our common
shares received or borrowed from or pledged by the selling security holder or others to
settle those sales or to close out any related open borrowings of common shares, and may
use securities received from the selling security holder in settlement of those
derivatives to close out any related borrowings of common shares; </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>16</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>subject
to contractual restrictions, itself sell short our common shares under this prospectus
and use shares of our common shares held by it to close out any short position; </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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>enter
into options, forwards or other transactions that require a selling security holder to
deliver, in a transaction exempt from registration under the Securities Act, our common
shares to a broker-dealer or an affiliate of a broker-dealer or other third party who may
then become a selling security holder and publicly resell or otherwise transfer our
common shares under this prospectus; 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" SIZE="1">n</FONT> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>loan
or pledge our common shares to a broker-dealer or affiliate of a broker-dealer or other
third party who may then become a selling security holder and sell the loaned shares or,
in an event of default in the case of a pledge, become a selling security holder and sell
the pledged shares under this prospectus. </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
selling security holders and such underwriters, brokers, dealers or agents, upon effecting
a sale of securities, may be considered &#147;underwriters&#148; as that term is defined
in the Securities Act. The selling security holders will be subject to the prospectus
delivery requirements because the selling security holders may be deemed to be
&#147;underwriters&#148; within the meaning of Section 2(11) of the Securities Act. Sales
effected through agents, brokers or dealers will ordinarily involve payment of customary
brokerage commissions although some brokers or dealers may purchase these securities as
agents for others or as principals for their own account (compensation as to a particular
broker-dealer might be in excess of customary commissions). The selling security holders
will pay any sales commissions or similar selling expenses applicable to the sale of
ordinary shares. A portion of any proceeds of sales and discounts, commissions or other
sellers&#146; compensation may be deemed to be underwriting compensation for purposes of
the Securities Act. The selling security holders have informed NUR that they do not have
any agreement or understanding, directly or indirectly, with any person to distribute 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;The
selling security holders may also sell shares pursuant to Rule&nbsp;144 under the
Securities Act, if available, rather than under this prospectus. </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
selling security holders may from time to time pledge or grant a security interest in some
or all of the ordinary shares owned by them and, if they default in the performance of
their secured obligations, the pledgees or secured parties may offer and sell the ordinary
shares from time to time under this prospectus, or under an amendment to this prospectus
under Rule&nbsp;424(b)(3) or other applicable provision of the Securities Act amending the
list of selling security holders to include the pledgee, transferee or other successors in
interest as selling security holders under this prospectus. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to applicable rules and regulations under the Exchange Act, any person engaged in the
distribution of the securities offered hereby may not simultaneously engage in market
activities for the ordinary shares for a period of five business days prior to the
commencement of the distribution. In addition, each selling security holder and any other
person who participates in a distribution of the securities will be subject to applicable
provisions of the Exchange Act and the rules and regulations thereunder, including
Regulation M, which provisions may limit the timing of purchases and may affect the
marketability of the securities and the ability of any person to engage in market
activities for the ordinary shares. </FONT></P>

<p align=center>
<font size=2>17</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;At
the time a particular offering of securities is made, to the extent required, a prospectus
supplement will be distributed which will set forth the number of securities being offered
and the terms of the offering, including the purchase price or the public offering price,
the name or names of any underwriters, dealers or agents, the purchase price paid by any
underwriters for securities purchased from the selling security holders, any discounts,
commissions and other items constituting compensation from the selling security holders
and any discounts, commissions or concessions allowed or reallowed or paid to dealers. </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
order to comply with the securities laws of certain states, if applicable, the securities
will be sold in these jurisdictions, if required, only through registered or licensed
brokers or dealers. In addition, in certain states the securities may not be sold unless
the securities have been registered or qualified for sale in such state or an exemption
from registration or qualification is available and the conditions of the exemption have
been satisfied. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have agreed that we will bear all costs, expenses and fees in connection with the
registration or qualification of the ordinary shares under federal and state securities
laws, other than underwriter fees and discounts, if any. We and each selling security
holder have agreed to indemnify each other and certain other persons against certain
liabilities in connection with the offering of the securities, including liabilities
arising under the Securities Act. </FONT></P>

<a name=zk111></a>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTERESTS OF EXPERTS
AND COUNSEL </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>


<a name=zk112></a>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SELLING SECURITY
HOLDERS </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
ordinary shares to which this prospectus relates are being registered for resales by the
selling security holders listed below. Such selling security holders acquired the ordinary
shares registered in this prospectus through the following 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;In
October 2005, we raised $12 million through the private placement of 34,285,714 of our
ordinary shares to a group of investors led by the Fortissimo Entities at a price of $0.35
per share. The consideration was paid to us in installments. The first two installments,
in the amount of $5 million each, were paid at the closing in October 2005, and in January
2006. The remaining installment, in the amount of $2 million, was due to be paid on
October 2006. In August 2006 the Fortissimo Entities, Kanir and we reached an agreement to
accelerate the payment of $1.2 million and such payment was made on September 2006. The
remaining $0.8 million were paid on October 2006. The investors who participated in this
private placement also received warrants to purchase up to 25,714,286 ordinary shares at
an exercise price of $0.40 per warrant share, exercisable until October 2010. </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 12, 2005, we reached an agreement with our lender banks, providing for the
conversion of $14.5 million of our then outstanding debt into 8,000,000 warrants, the
conversion of $5 million of our then outstanding debt into three-year subordinated notes,
and the repayment of $2 million of the outstanding debt within 1 year. The debt
restructuring agreement further provided for the replacement of the remaining $22 million
of the outstanding debt with new credit facilities. We also agreed to extend the exercise
period of 1,340,000 outstanding warrants previously granted to the lender banks by 18
months. </FONT></P>

<p align=center>
<font size=2>18</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
Fortissimo investment and the debt restructuring agreement were consummated on October 31,
2005 and December 8, 2005, respectively. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dan  Purjes,  our former chairman of the board and
former  controlling  shareholder,  and Edna Purjes, are the beneficial owners of 6,909,830 ordinary shares
being  registered  for resale herein  (including  3,000,000  ordinary  shares  issuable upon exercise of a
warrant).  The  3,909,830  ordinary  shares  being  registered  for resale  herein  were  acquired  in the
following  transactions:  (i)  2,500,000  ordinary  shares were  acquired  from Mr.  Moshe Nuri,  a former
controlling  shareholder,  in April 1997, in  connection  with a settlement  agreement  relating to a loan
provided to Mr.  Nuri,  (ii) 80,000  ordinary  shares were  acquired in a private  transaction  in January
1999,  (iii) 320,000  ordinary shares were acquired in May 2000 upon exercise of a warrant issued by us as
compensation  for services in  connection  with a private  placement  of our  ordinary  shares (iv) 41,617
ordinary  shares were  acquired  in October  2000 upon a cashless  exercise  of a warrant  issued by us as
compensation  for services in connection  with NUR&#146;s initial public  offering,  (v) 50,000 ordinary shares
were acquired in October 2000 in a private  transaction in connection  with a debt settlement (vi) 559,600
ordinary shares were acquired in a private  transaction in July 2002,  (vii) 358,613  ordinary shares were
issued by us during 2002-2004 in consideration  for services  rendered,  pursuant to a services  agreement
dated  December 31, 2001.  The  information  set forth in this  paragraph  was provided by Mr.  Purjes and
based on filings on Schedule 13D made by Mr. Purjes with the SEC. </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  January  23,  2005,  we entered  into a Voting
Agreement  coupled with an  irrevocable  proxy with Dan Purjes.  In exchange for the voting control of the
ordinary  shares held by Mr.  Purjes,  we granted to Mr.  Purjes,  in April 2005,  a five-year  warrant to
purchase  3,000,000  ordinary  shares at a purchase price per share of $0.75. In October 2005, Dan Purjes
filed a complaint  against NUR seeking the  reinstatement  of his voting rights,  the control of which had
been  transferred  to NUR  pursuant to the Voting  Agreement.  The court  dismissed  part of the case and the rest of the case was dismissed with leave to refile. </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  the  beginning  of 2007 we  raised  $6.3 million
through the private  placement of  11,734,950  of our ordinary  shares to various  investors at a price of
$0.54 per share. The investors also received  warrants to purchase  additional  3,520,485  ordinary shares
at an exercise price of $0.65 per share,  exercisable  for a period of five years following the closing of
the private  placement.  The private placement  included two stages, an initial closing resulting in gross
proceeds  in the amount of  $3.8 million  in January  2007 and a  follow-on  investment  resulting  in gross
proceeds of $2.5 million in February 2007. In connection  with the private  placement,  we paid our adviser,
Meitav Underwriting Ltd., a cash fee of $0.25 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;Under   our   subscription   agreement   with  the
 investors in the 2007 private placement,  a delay in the filing or the effectiveness of the registration
 of our  ordinary  shares  beyond  a  certain  date  and the loss of  effectiveness  of the  registration
 statement  for certain  periods  subject us to payment to the  investors of partial  liquidated  damages
 equal to 1.0% of the amount  invested by each  investor  for every thirty day period of delay or loss of
 effectiveness (prorated for partial periods).  </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
selling security holders may resell all, a portion or none of these ordinary shares from
time to time. The table below sets forth with respect to each selling security holder,
based upon information available to us as of June 15, 2007, the number and percent of
ordinary shares beneficially owned, the number of ordinary shares registered by this
prospectus and the number and percent of ordinary shares that will be owned after the sale
of the registered ordinary shares assuming the sale of all of the registered ordinary
shares. </FONT></P>

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











<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman" SIZE=1>Shares Beneficially<BR>
Owned Before<BR>
the Offering<SUP>(1)</SUP></FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN="3" ROWSPAN="2"><FONT FACE="Times New Roman" SIZE=1>Shares<BR>
Offered</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman" SIZE=1>Shares Beneficially<BR>
Owned After<BR>
the Offering<SUP>(1) (2)</SUP></FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN="3" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=1>Holder</FONT><HR WIDTH="95%" SIZE="1" COLOR="BLACK" NOSHADE ALIGN="LEFT"></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>Shares<SUP>(3)</SUP></FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>Percent</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>Shares<SUP>(3)</SUP></FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>Percent</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>&nbsp;</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD WIDTH="43%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Bank Hapoalim B.M. (4)</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>4,978,396</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>6.44</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>4,263,396</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>715,000</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Bank Leumi le-Israel B.M. (5)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3,416,329</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>4.51</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,916,329</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>500,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Banks, Eric David (6)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>601,861</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>601,861</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Bar-Zion, Zamir (7)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>130,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>130,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Fortissimo Capital Fund, LP (8)(11)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1,176,282</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1.62</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1,176,282</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Fortissimo Capital Fund (Israel), LP (9)(11)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>40,237,488</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>44.92</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>40,237,488</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Fortissimo Capital Fund (Israel-DP), LP (10)(11)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>3,586,229</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>4.86</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>3,586,229</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Gee, Steve (12)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>260,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>260,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Goldschmidt, Erez (13)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>30,095</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>30,095</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Israel Discount Bank Ltd. (14)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>945,275</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1.29</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>820,275</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>125,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Kanir Joint Investments (2005) Limited Partnership (15)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>15,000,001</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>19.05</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>15,000,001</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Levinberg, Joshua (16)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>130,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>130,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Malca, Yonatan (17)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>211,250</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>211,250</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Meitav Gemel Ltd. (18)(29)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,407,431</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3.30</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,407,431</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Meitav Investment House Ltd. (19)(29)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>845,000</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1.17</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>845,000</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Meitav Investment Management Ltd. (20)(29)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,154,250</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1.59</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>633,750</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>520,500</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Old Lane Luxemburg Master Fund  S.a.r.l (21)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>4,814,815</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>6.56</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>4,814,815</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Overseas Finance and Trading  (Geneva) Ltd. (22)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>722,215</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1.00</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>722,215</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Pro-seed Venture Capital Fund Ltd. (23)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1,203,704</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1.66</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1,203,704</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Purjes, Dan &amp; Edna (24)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>9,483,279</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>12.51</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>6,909,830</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,573,449</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3.53</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Quattro Gemel Ltd. (25)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>60,190</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>60,190</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Ramot Kabili, Kobi (26)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>120,380</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>120,380</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Rimon Investments Master Fund L.P. (27)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>2,080,974</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>2.87</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1,203,709</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>877,265</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1.21</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Stepak, Michal &amp; Avner (28)(29)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>240,760</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>240,760</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Tamir Fishman Provident and Education Funds Ltd. (30)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>797,615</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1.10</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>797,615</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Thrift Warehouses, Inc. (31)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>120,380</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>120,380</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Top of the Palace Ltd. (32)</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>120,380</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>120,380</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Y.A.Z Investments &amp; Assets Ltd. (33)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>623,452</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>601,900</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>21,552</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* Indicates less than one percent. </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>As
used in this table, &#147;beneficial ownership&#148; means the sole or shared
                    voting and investment power of ordinary shares. Unless otherwise
indicated, each                     selling security holder listed below has sole voting
and investment power with                     respect to the ordinary shares indicated as
beneficially owned thereby. A person                     is deemed to have &#147;beneficial
ownership&#148; of any ordinary shares that                     this person has a right
to acquire within sixty days of the date of this                     prospectus. In
accordance with Rule 13d-3 of the Exchange Act, any ordinary                     shares
that any selling security holder has the right to acquire within sixty
                    days of the date of this prospectus are deemed to be outstanding for
the purpose                     of computing the beneficial ownership percentage of such
selling security                     holder, but have not been deemed outstanding for the
purpose of computing the                     percentage for any other selling security
holder. </FONT></TD>
</TR>
</TABLE>
<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>

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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>With
respect to the selling security holders, it has been assumed that all
                    ordinary shares so offered will be sold. </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>These
ordinary shares include an aggregate of 40,234,771 ordinary shares which
                    may be acquired by the selling security holders within sixty days of
June 15,                     2007 upon the exercise of warrants granted by us. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank
Hapoalim is an affiliate of a broker-dealer. Bank Hapoalim represented to
                    us that it (i) purchased the securities in the ordinary course of
business, as                     an investment and without a view toward the distribution
of such securities and                     (ii) did not have an agreement or
understanding, directly or indirectly, with                     any person to distribute
the securities at the time it purchased the securities.                     Bank Hapoalim
is a public company registered with the Israel Securities                     Authority
and traded on the Tel Aviv Stock Exchange. The 4,263,396 ordinary
                    shares offered by Bank Hapoalim are underlying a five-year warrant
that was                     granted by NUR to Bank Hapoalim in consideration for the
conversion of debt on                     December 8, 2005 with an exercise price of
$0.35 per ordinary share. Bank                     Hapoalim&#146;s address is 50
Rothschild Boulevard, Tel Aviv 66883, Israel. </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>Bank
Leumi is an affiliate of a broker-dealer. Bank Leumi represented to us that
                    it (i) purchased the securities in the ordinary course of business,
as an                     investment and without a view toward the distribution of such
securities and                     (ii) did not have an agreement or understanding,
directly or indirectly, with                     any person to distribute the securities
at the time it purchased the securities.                     Bank Leumi is a public
company registered with the Israel Securities Authority                     and traded on
the Tel Aviv Stock Exchange. The 2,916,329 ordinary shares offered                     by
Bank Leumi are underlying a five-year warrant that was granted by NUR to Bank
                    Leumi in consideration for the conversion of debt on December 8, 2005
with an                     exercise price of $0.35 per ordinary share. Bank Leumi&#146;s
address is 34                     Yehuda Halevi Street, Tel Aviv 65546, Israel. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
601,861 ordinary shares offered by Mr. Eric Banks include 138,891 shares
                    underlying a five-year warrant that was granted by NUR to Mr. Banks
in                     connection with the 2007 private placement with an exercise price
of $0.65 per                     ordinary share. Mr. Banks&#146; address is 95 Greene
Street PHC, New York, New                     York 10012, USA. </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>The
130,000 ordinary shares offered by Mr. Zamir Bar-Zion include 30,000 shares
                    underlying a five-year warrant that was granted by NUR to Mr.
Bar-Zion in                     connection with the 2007 private placement with an
exercise price of $0.65 per                     ordinary share. Mr. Bar-Zion&#146;s
address is 22 Burla Street, Tel Aviv 69364,                     Israel. </FONT></TD>
</TR>
</TABLE>
<BR>

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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>Fortissimo
Capital Fund, LP (&#147;FCF-Cayman&#148;) is a limited partnerships
                    registered in the Cayman Islands. The 1,176,282 ordinary shares
offered by                     FCF-Cayman include 504,121 ordinary shares underlying
five-year warrants granted                     by NUR to FCF-Cayman in connection with
the August 2005 private placement with                     an exercise price of $0.40 per
ordinary share. FCF-Cayman&#146;s address is c/o                     Marc Lesnick,
Fortissimo Capital Management Ltd., 14 Hamelacha Street, Park                     Afek,
Rosh Haayin 48091, Israel. </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>Fortissimo
Capital Fund (Israel), LP (&#147;FCF-Israel&#148;) is a limited
                    partnership registered in Israel. The 40,237,488 ordinary shares
offered by                     FCF-Israel include 17,244,638 ordinary shares underlying
five-year warrants                     granted by NUR to FCF-Israel in connection with
the August 2005 private                     placement with an exercise price of $0.40 per
ordinary share. FCF-Israel&#146;s                     address is c/o Marc Lesnick,
Fortissimo Capital Management Ltd., 14 Hamelacha                     Street, Park Afek,
Rosh Haayin 48091, Israel. </FONT></TD>
</TR>
</TABLE>
<BR>

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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>Fortissimo
Capital Fund (Israel-DP), LP (&#147;FCF-Israel-DP&#148;) is a limited
                    partnership registered in Israel. The 3,586,229 ordinary shares
offered by                     FCF-Israel-DP include 1,536,955 ordinary shares underlying
five-year warrants                     granted to FCF-Israel-DP in connection with the
August 2005 private placement                     with an exercise price of $0.40 per
ordinary share. FCF-Israel-DP&#146;s address                     is c/o Marc Lesnick,
Fortissimo Capital Management Ltd., 14 Hamelacha Street,                     Park Afek,
Rosh Haayin 48091, Israel. </FONT></TD>
</TR>
</TABLE>
<BR>

<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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<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>Fortissimo  Capital Fund GP, LP  (&#147;FFC-GP&#148;),
         a limited  partnership  registered in the Cayman Islands, is the general partner in each
         of FFC-Israel,  FFC-Israel-DP  and FFC Cayman,  who invest  together in the framework of
         parallel  private  equity funds.  In October  2005,  the  Fortissimo  Entities and Kanir
         entered into a  shareholders  agreement.  Pursuant to Rule  13d-5(b)(1)  of the Exchange
         Act the  Fortissimo  Entities  may,  together  with  Kanir be deemed to be  members of a
         &#147;Group&#148; as such term is defined under the Exchange Act and the  Fortissimo  Entities may
         be deemed to  beneficially  own the  ordinary  shares  beneficially  owned by Kanir,  or
         60,000,000  in the  aggregate.  Each of the  Fortissimo  Entities  disclaims  beneficial
         ownership  of the shares owned by Kanir.  Mr. Yuval Cohen,  the chairman of our board of
         directors,  is the sole  shareholder and director of Fortissimo  Capital (GP) Management
         Ltd.,  a private  company  incorporated  in the Cayman  Island which is the sole general
         partner  in FFC-GP.  Messrs.  Eli Blatt and  Shmoulik  Barashi,  who are  members of our
         board of directors,  are limited  partners in FFC-GP.  By virtue of their positions with
         the  Fortissimo  Entities,  each of Messrs.  Cohen,  Blatt and  Barashi may be deemed to
         beneficially  own the ordinary  shares  beneficially  owned by the Fortissimo  Entities.
         Messrs.  Cohen, Blatt and Barashi disclaim  beneficial  ownership of the ordinary shares
         beneficially owned by the Fortissimo  Entities,  except to the extent of their pecuniary
         interest therein.
 </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>The
260,000 ordinary shares offered by Mr. Steve Gee include 60,000 shares
                    underlying a five-year warrant that was granted by NUR to Mr. Gee in
connection                     with the 2007 private placement with an exercise price of
$0.65 per ordinary                     share. Mr. Gee&#146;s address is 92, Hillway,
London N6 6DP, England. </FONT></TD>
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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>The
30,095 ordinary shares offered by Mr. Erez Goldschmidt include 6,945 shares
                    underlying a five-year warrant that was granted by NUR to Mr.
Goldschmidt in                     connection with the 2007 private placement with an
exercise price of $0.65 per                     ordinary share. Mr. Goldschmidt&#146;s
address is 21/6 Radak Street, Jerusalem                     92187, Israel. </FONT></TD>
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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>Israel
Discount Bank Ltd. is an affiliate of a broker-dealer. Bank Discount
                    represented to us that it (i) purchased the securities in the
ordinary course of                     business, as an investment and without a view
toward the distribution of such                     securities and (ii) did not have an
agreement or understanding, directly or                     indirectly, with any person
to distribute the securities at the time it                     purchased the securities.
Bank Discount is a public company registered with the                     Israel
Securities Authority and traded on the Tel Aviv Stock Exchange. The
                    820,275 ordinary shares offered by Bank Discount are underlying a
five-year                     warrant that was granted by NUR to Bank Discount in
consideration for the                     conversion of debt on December 8, 2005 with an
exercise price of $0.35 per                     ordinary share. Bank Discount&#146;s
address is 27 Yehuda Halevi Street, Tel                     Aviv 65136, Israel. </FONT></TD>
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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>Kanir Joint Investments (2005) Limited
Partnership (&#147;Kanir&#148;) is a limited partnership registered in Israel. The  15,000,001  ordinary  shares offered by
         Kanir  include  6,428,572
         ordinary  shares  underlying  five-year  warrants  granted by NUR to Kanir in connection
         with the August 2005  private  placement  with an exercise  price of $0.40 per  ordinary
         share.  In October 2005, the  Fortissimo  Entities and Kanir entered into a shareholders
         agreement.  Pursuant to Rule  13d-5(b)(1)  of the Exchange Act Kanir may,  together with
         the  Fortissimo  Entities  be deemed to be  members of a &#147;Group&#148; as such term is defined
         under the Exchange Act and Kanir may be deemed to  beneficially  own the ordinary shares
         beneficially  owned by the Fortissimo  Entities,  or 60,000,000 in the aggregate.  Kanir
         disclaims  beneficial  ownership of the shares  owned by the  Fortissimo  Entities.  Mr.
         Hemi  Raphael,  who is a member of our board of  directors,  and Mr.  Ran  Fridrich  are
         shareholders  and sole  directors  of Kanir  Investments  Ltd.,  the general  partner in
         Kanir,  and limited  partners in Kanir. By virtue of their position with Kanir,  Messrs.
         Raphael  and  Fridrich  may  be  deemed  to   beneficially   own  the  ordinary   shares
         beneficially  owned by Kanir and each  disclaims  beneficial  ownership  of the ordinary
         shares  beneficially  owned by Kanir,  except to the  extent of his  pecuniary  interest
         therein.  Kanir&#146;s  address  is 4  Berkowitz  Street  (c/o  Erdinast,  Ben  Nathan &amp; Co.,
         Advocates), Tel Aviv 64238, Israel.
 </FONT></TD>
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<p align=center>
<font size=2>22</font></p>
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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>The
130,000 ordinary shares offered by Mr. Joshua Levinberg include 30,000
                    shares underlying a five-year warrant that was granted by NUR to Mr.
Levinberg                     in connection with the 2007 private placement with an
exercise price of $0.65                     per ordinary share. Mr. Levinberg&#146;s
address is 32A HaBarzel Street, Tel                     Aviv 69710, Israel. </FONT></TD>
</TR>
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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>The
211,250 ordinary shares offered by Mr. Yonatan Malca include 48,750 shares
                    underlying a five-year warrant that was granted by NUR to Meitav
Underwriting                     Ltd. (&#147;Meitav Underwriting&#148;) in connection
with the 2007 private                     placement with an exercise price of $0.65 per
ordinary share. Meitav                     Underwriting distributed the securities it
purchased in the private placement to                     certain of its shareholders
pursuant to an exemption from registration provided                     under Section
4(1) of the Securities Act. Mr. Malca&#146;s address is 4                     Berkowitz
Street, Museum Tower, Tel Aviv 61180, Israel. </FONT></TD>
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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>Meitav  Gemel  Ltd.  (&#147;Meitav  Gemel&#148;)  is a
         private company  registered in Israel.  The 2,407,431  ordinary shares offered by Meitav
         Gemel consist of: (i) 125,060  ordinary shares and 37,518  ordinary shares  underlying a
         warrant held in the name of Meitav  Chisachon  Gemel,  (ii) 87,530  ordinary  shares and
         26,259  ordinary  shares  underlying  a  warrant  held in the name of  Meitav  Chisachon
         Hishtalmut,  (iii)  20,840  ordinary  shares  and 6,252  ordinary  shares  underlying  a
         warrant held in the name of Meitav  Chisachon  Pizuim,  (iv) 545,800 ordinary shares and
         163,740  ordinary  shares  underlying  a warrant  held in the name of  Meitav  Histalmut
         Clali,  (v) 176,080  ordinary  shares and 52,824  ordinary  shares  underlying a warrant
         held in the name of Meitav  Pizuim  Clali and (vi) 896,560  ordinary  shares and 268,968
         ordinary shares  underlying a warrant held in the name of Meitav Tagmulim Clali.  All of
         these shares and warrants were acquired in  connection  with the 2007 private  placement
         and the warrants are  five-year  warrants  with an exercise  price of $0.65 per ordinary
         share.  These Meitav Gemel entities are provident and education  funds owned and managed
         by Meitav  Gemel.  The  securities  held for the  benefit  of the funds are held for the
         benefit  of the  beneficiaries  of such  funds and  Meitav  Gemel  disclaims  beneficial
         ownership  of such  securities.  Meitav  Gemel is a wholly  owned  subsidiary  of Meitav
         Investment  House Ltd.  Mr. Zvi Stepak,  a director of Meitav  Gemel,  is a  controlling
         shareholder of Meitav  Investment House Ltd. and Mr. Shlomo  Simanovsky is a controlling
         shareholder  of Meitav  Investment  House Ltd. By virtue of their  positions with Meitav
         Gemel,  Messrs.  Stepak and  Simanovsky may be deemed to  beneficially  own the ordinary
         shares  beneficially  owned by Meitav Gemel and each disclaims  beneficial  ownership of
         the ordinary  shares  beneficially  owned by Meitav  Gemel,  except to the extent of his
         pecuniary  interest  therein.  Meitav  Gemel&#146;s  address is 4  Berkowitz  Street,  Museum
         Tower, Tel Aviv 61180, Israel.
 </FONT></TD>
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<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>Meitav
Investment House Ltd. (&#147;Meitav Investment&#148;) is a private
                    company registered in Israel. The 845,000 ordinary shares offered by
Meitav                     Investment include 195,000 shares underlying a five-year
warrant that was                     granted by NUR to Meitav Investment in connection
with the 2007 private                     placement with an exercise price of $0.65 per
ordinary share. Messrs. Zvi Stepak                     and Shlomo Simanovsky are the
indirect controlling shareholders of Meitav                     Investment. By virtue of
their positions with Meitav Investment, Messrs. Stepak                     and Simanovsky
may be deemed to beneficially own the ordinary shares                     beneficially
owned by Meitav Investment and each disclaims beneficial ownership                     of
the ordinary shares beneficially owned by Meitav Investment, except to the
                    extent of his pecuniary interest therein. Meitav Investment&#146;s
address is 4                     Berkowitz Street. Museum Tower, Tel Aviv 61180, Israel. </FONT></TD>
</TR>
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<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>Meitav  Investment  Management Ltd. (&#147;Meitav
         Management&#148;)  is a private  company  registered in Israel.  The 633,750  ordinary shares
         offered by Meitav  Management  include  146,250  shares  underlying a five-year  warrant
         that was  granted by NUR to Meitav  Underwriting  in  connection  with the 2007  private
         placement  with an  exercise  price of $0.65 per  ordinary  share.  Meitav  Underwriting
         distributed  the  securities  it  purchased  in the private  placement to certain of its
         shareholders  pursuant to an exemption from registration  provided under Section 4(1) of
         the  Securities  Act.  Meitav   Management  is  a  wholly  owned  subsidiary  of  Meitav
         Investment House Ltd. Meitav  Investment House is indirectly  controlled by Messrs.  Zvi
         Stepak and Shlomo  Simanovsky.  By virtue of their  positions  with  Meitav  Management,
         Messrs.  Stepak and Simanovsky  may be deemed to  beneficially  own the ordinary  shares
         beneficially owned by Meitav Management and each disclaims  beneficial  ownership of the
         ordinary shares  beneficially  owned by Meitav  Management,  except to the extent of his
         pecuniary interest therein.  Meitav Management&#146;s  address is 4 Berkowitz Street,  Museum
         Tower, Tel Aviv 61180, Israel. </FONT></TD>
</TR>
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<p align=center>
<font size=2>23</font></p>
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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>Old  Lane  Luxemburg   Master  Fund  S.a.r.l
         (&#147;Old Lane&#147;) is a private  company  registered  in  Luxemburg.  The  4,814,815  ordinary
         shares offered by Old Lane consist of the following:  (i) 2,207,408  ordinary shares and
         662,222  ordinary  shares  underlying  a warrant held for the benefit of Old Lane Cayman
         Master Fund L.P., a limited partnership  registered in the Cayman Islands,  (ii) 625,926
         ordinary  shares  and  187,778  ordinary  shares  underlying  a warrant  held in for the
         benefit of Old Lane HMA Master  Fund,  L.P.,  a limited  partnership  registered  in the
         Cayman  Islands  and  (iii)  870,370   ordinary  shares  and  261,111   ordinary  shares
         underlying  a warrant  held in for the  benefit of Old Lane U.S.  Master  Fund  L.P.,  a
         limited  partnership  registered in The State of Delaware,  USA. All of these shares and
         warrants were acquired in  connection  with the 2007 private  placement and the warrants
         are  five-year  warrants  with an exercise  price of $0.65 per ordinary  share.  Messrs.
         Jonathan  Barton,  Jacques de Patoul and Hille - Paul Schut are the members of the board
         of  managers of Old Lane.  By virtue of their  position  with Old Lane,  each of Messrs.
         Barton,  de Patoul  and Schut may be deemed  to  beneficially  own the  ordinary  shares
         beneficially owned by Old Lane and each disclaims  beneficial  ownership of the ordinary
         shares  beneficially  owned by Old Lane, except to the extent of his pecuniary  interest
         therein.  Old Lane disclaims  beneficial  ownership of the ordinary  shares held for the
         benefit of the Old Lane entities set forth herein.  Old Lane&#146;s  address is 20, rue de la
         Poste, L-2346, Luxemburg.
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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>Overseas
Finance and Trading (Geneva) Ltd. (&#147;OFT&#148;) is a private
                    company incorporated in Switzerland. The ordinary shares offered by
OFT are held                     in the name of UBS Private Banking Nominees Ltd. as
nominee for OFT. The 722,215                     ordinary shares offered by OFT include
166,665 shares underlying a five-year                     warrant that was granted by NUR
to OFT in connection with the 2007 private                     placement with an exercise
price of $0.65 per ordinary share. Mr. Elchanan                     Jaglom is a
controlling shareholder and director of OFT and Messrs. Daniel                     Jaglom
and Laurent Levy are directors of OFT. By virtue of their positions with
                    OFT, each of Messrs. E. Jaglom, D. Jaglom and Levy may be deemed to
beneficially                     own the ordinary shares beneficially owned by OFT. Mr.
E. Jaglom disclaims                     beneficial ownership of the ordinary shares
beneficially owned by OFT, except to                     the extent of his pecuniary
interest therein, and Messrs. D. Jaglom and Levy                     disclaim beneficial
ownership of the ordinary shares beneficially owned by OFT.                     OFT&#146;s
address is 10 rue guillaume Tell, 1211 Geneva, Switzerland. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(23)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pro-seed    Venture    Capital   Fund   Ltd.
         (&#147;Pro-seed&#148;)  is an  Israeli  public  company  registered  with  the  Israel  Securities
         Authority  and traded on the Tel Aviv Stock  Exchange.  The  1,203,704  ordinary  shares
         offered by Pro-seed  include  277,778  shares  underlying  a five-year  warrant that was
         granted  by NUR to  Pro-seed  in  connection  with the 2007  private  placement  with an
         exercise  price of $0.65 per  ordinary  share.  Pre-seed&#146;s  address  is 85 Yhuda  HaLevi
         Street, Tel Aviv 65796, Israel.</FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(24)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>According  to  information  provided  by the
         holders,  Dan and Edna Purjes  beneficially own 9,483,279  ordinary shares. The holdings
         of Dan and Edna Purjes consist of 9,174,041  ordinary shares  beneficially owned by Dan
         and Edna Purjes,  95,068 ordinary shares  beneficially owned by Y Securities Limited and
         214,170 ordinary shares  beneficially  owned by X Securities  Limited.  Pursuant to Rule
         13d-5(b)(1)  of the  Exchange  Act Dan and Edna  Purjes  may,  together  with the Purjes
         Foundation,  First Purjes  Descendants,  LP and the Second  Purjes  Descendants,  LP, be
         deemed to be members of a &#147;Group&#148; as this term is  defined  under the  Exchange  Act and
         Dan and Edna Purjes may be deemed to beneficially  own the ordinary shares  beneficially
         owned by these entities,  or 9,768,483,  in the aggregate.  Dan and Edna Purjes disclaim
         beneficial  ownership  of the  shares  owned  by the  Purjes  Foundation,  First  Purjes
         Descendants,  LP and the Second Purjes  Descendants,  LP. The 6,909,830  ordinary shares
         offered by Dan and Edna Purjes include  3,000,000 shares  underlying a five-year warrant
         that was  granted by NUR to Dan Purjes in  connection  with a voting  agreement  between
         NUR and Mr.  Purjes with an exercise  price of $0.75 per  ordinary  share.  Dan and Edna
         Purjes&#146; address is 240 Anderson Avenue, Moonachie, New Jersey 07074, USA.
 </FONT></TD>
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<p align=center>
<font size=2>24</font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(25)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The  60,190   ordinary   shares  offered  by
         Quattro Gemel Ltd.  (&#147;Quattro  Gemel&#148;)  consist of: (i) 15,800 ordinary shares and 4,740
         ordinary  shares  underlying  a warrant  held in the name of  Quattro  Hishtalmut,  (ii)
         13,300 ordinary  shares and 3,990 ordinary shares  underlying a warrant held in the name
         of Quattro  Merkazit  LePizuim  and (iii)  17,200  ordinary  shares  and 5,160  ordinary
         shares  underlying a warrant held in the name of Quattro  Tagmulim.  All of these shares
         and  warrants  were  acquired in  connection  with the 2007  private  placement  and the
         warrants are  five-year  warrants  with an exercise  price of $0.65 per ordinary  share.
         These  Quattro Gemel  entities are  provident  and education  funds owned and managed by
         Quattro  Gemel.  The  securities  held for the  benefit  of the  funds  are held for the
         benefit  of the  beneficiaries  of such funds and  Quattro  Gemel  disclaims  beneficial
         ownership of such  securities.  Quattro  Gemel is a wholly owned  subsidiary  of Quattro
         Capital Markets Ltd.  Messrs.  Shai Zvulun and Omer Zvulun are controlling  shareholders
         of Quattro Capital  Markets,  Mr. Aviram Naeh is the Chief Executive  Officer of Quattro
         Gemel and Mr.  Arik  Sorozkin  is the  chairman  of the board of  directors  of  Quattro
         Gemel.  By virtue of their  positions with Quattro Gemel,  each of Messrs S. Zvulun,  O.
         Zvulun,  Naeh and  Sorozkin  may be  deemed  to  beneficially  own the  ordinary  shares
         beneficially  owned by Quattro  Gemel and each  disclaims  beneficial  ownership  of the
         ordinary  shares  beneficially  owned by  Quattro  Gemel,  except  to the  extent of his
         pecuniary interest therein.  Quattro Gemel&#146;s address is 1 Ben-Gurion  Street,  Bnei-Brak
         51201, Israel.
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(26)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
120,380 ordinary shares offered by Mr. Kobi Ramot Kabili include 27,780
                    shares underlying a five-year warrant that was granted by NUR to Mr.
Ramot                     Kabili in connection with the 2007 private placement with an
exercise price of                     $0.65 per ordinary share. Mr. Ramot Kabili&#146;s
address is 3 Gamla Street,                     Ramat Hasharon 47266, Israel. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(27)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rimon
Investments Master Fund L.P. (&#147;Rimon Investments&#148;) is a limited
                    partnership registered in the Cayman Islands. The 1,203,709 ordinary
shares                     offered by Rimon Investments include 277,779 shares underlying
a five-year                     warrant that was granted by NUR to Rimon Investments in
connection with the 2007                     private placement with an exercise price of
$0.65 per ordinary share. Rimon Z.Z.                     Management (2005) Ltd. is the
general partner in Rimon Investments. Messrs. Ziv                     Gil, Zvi Limon and
Danny Tocatly are the sole shareholders of Rimon Z.Z.                     Management
(2005) Ltd. Each of Messrs. Gil, Limon and Tocatly disclaims
                    beneficial ownership of the ordinary shares beneficially owned by
Rimon                     Investments, except to the extent of his pecuniary interest
therein. Rimon                     Investments&#146; address is 1 Azrieli Center, 35<SUP>th</SUP> Floor,
Tel Aviv                     67021, Israel. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(28)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The  240,760   ordinary  shares  offered  by
         Michal &amp; Avner Stepak  include  55,560  shares  underlying a five-year  warrant that was
         granted by NUR to Michal &amp; Avner Stepak in  connection  with the 2007 private  placement
         with an exercise price of $0.65 per ordinary share.  Michal &amp; Avner Stepak&#146;s  address is
         4 Berkowitz Street, Museum Tower, Tel Aviv 61180, Israel.
 </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(29)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Meitav  Entities,  consisting  of Meitav
         Investment,  Meitav  Management  and Meitav Gemel,  all of which are Israeli  companies,
         and of Michal and Avner Stepak,  may,  pursuant to Rule 13d-5(b)(1) of the Exchange Act,
         be deemed to be members of a &#147;Group&#148; as such term is  defined  under the  Exchange  Act,
         holding,  in the aggregate,  4,647,441 of our ordinary  shares.  Meitav Gemel and Meitav
         Management are wholly owned subsidiaries of Meitav  Investment.  Avner Stepak is the son
         of Zvi Stepak, a controlling  shareholder of Meitav  Investment,  and the vice president
         of business  development of Meitav Investment.  The ordinary shares held by Meitav Gemel
         are held for the  benefit of the  beneficiaries  of such  funds and the Meitav  Entities
         disclaim  beneficial  ownership of such shares.  Each of the Meitav  Entities  disclaims
         beneficial  ownership of the ordinary shares held by the other Meitav  Entities,  except
         to the extent of their pecuniary interest therein.
 </FONT></TD>
</TR>
</TABLE>
<BR>

<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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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(30)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tamir
Fishman Provident and Education Funds Ltd. (&#147;Tamir Fishman&#148;) is
                    an affiliate of a broker-dealer. Tamir Fishman represented to us that
it (i)                     purchased the securities in the ordinary course of business,
as an investment                     and without a view toward the distribution of such
securities and (ii) did not                     have an agreement or understanding,
directly or indirectly, with any person to                     distribute the securities
at the time it purchased the securities. Tamir Fishman                     is a private
company registered in Israel. The 797,615 ordinary shares offered                     by
Tamir Fishman consist of: (i) 204,600 ordinary shares and 61,380 ordinary
                    shares underlying a warrant held in the name of Tamir Fishman
Education Fund                     &#150; General, (ii) 10,950 ordinary shares and 3,285
ordinary shares underlying                     a warrant held in the name of Tamir
Fishman Education Fund &#150; Shares, (iii)                     3,650 ordinary shares and
1,095 ordinary shares underlying a warrant held in the                     name of Tamir
Fishman Provident Fund &#150; Bonds, (iv) 242,000 ordinary shares                     and
72,600 ordinary shares underlying a warrant held in the name of Tamir
                    Fishman Provident Fund &#150; General, (v) 18,600 ordinary shares and
5,580                     ordinary shares underlying a warrant held in the name of Tamir
Fishman Provident                     Fund &#150; Shares, (vi) 49,750 ordinary shares and
14,925 ordinary shares                     underlying a warrant held in the name of Tamir
Fishman Severance Pay Fund &#150;                    General and (vii) 84,000 ordinary
shares and 25,200 ordinary shares underlying a                     warrant held in the
name of Tamir Fishman Severance Pay Fund &#150; Value. All                     of these
shares and warrants were acquired in connection with the 2007 private
                    placement and the warrants are five-year warrants with an exercise
price of                     $0.65 per ordinary share. These Tamir Fishman entities are
provident, education                     and severance pay funds owned and managed by
Tamir Fishman. The securities held                     for the benefit of the funds are
held for the benefit of the beneficiaries of                     such funds and Tamir
Fishman disclaims beneficial ownership of such securities.                     Tamir
Fishman is a wholly-owned subsidiary of Tamir Fishman Asset Management
                    Ltd. which is a wholly-owned subsidiary of Tamir Fishman &amp; Co.
Ltd. Eldad                     Tamir, Danny Fishman and RBC Dominion Securities Limited
are the controlling                     shareholders of Tamir Fishman &amp; Co. Mr. Ira
Friedman is a director and CEO                     of Tamir Fishman and Messrs. Rani
Lifshitz, Reuven Kuvent, Ovadia Ben Yehezkel                     and Yaki Mendel and Ms.
Dafna Ben Dov and Ayala Ben Dahan are directors of Tamir                     Fishman. By
virtue of their position with Tamir Fishman, each of Messrs. Tamir,
                    Fishman, Friedman, Lifshitz, Kuvent, Yehezkel and Mendel and Ms. Ben
Dov and Ben                     Dahan may be deemed to beneficially own the ordinary
shares beneficially owned                     by Tamir Fishman and each disclaims
beneficial ownership of the ordinary shares                     beneficially owned by
Tamir Fishman, except to the extent of his or her                     pecuniary interest
therein. Tamir Fishman&#146;s address is 21                     Ha&#146;Arba&#146;a
Street, Platinum Tower, Tel Aviv 64739, Israel. </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
2001 and 2004, NUR engaged Tamir Fishman Employees Benefits Ltd. and Tamir Fishman
Trustees (2004) Ltd., respectively, both wholly owned subsidiaries of Tamir Fishman Asset
Management Ltd., to provide trustee and stock option administration services in
connection with its employee stock option plans. We were informed that fees for these
services are charged in accordance with current market terms.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(31)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Thrift
Warehouses, Inc. (&#147;Thrift Warehouses&#148;) is a private company
                    registered in the State of Florida, USA. The 120,380 ordinary shares
offered by                     Thrift Warehouses Inc. (&#147;Thrift Warehouses&#148;)
include 27,780 shares                     underlying a five-year warrant that was granted
by NUR to Thrift Warehouses in                     connection with the 2007 private
placement with an exercise price of $0.65 per                     ordinary share. Matthew
Wohl is the sole shareholder of Thrift Warehouses.                     Thrift Warehouses&#146; address
is 14/3 Ha&#146;Efroni Street, Mevasseret Zion                     90805, Israel. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(32)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Top
of the Palace Ltd. is a private company registered in Israel. The 120,380
                    ordinary shares offered by Top of the Palace include 27,780 shares
underlying a                     five-year warrant that was granted by NUR to Top of the
Palace in connection                     with the 2007 private placement with an exercise
price of $0.65 per ordinary                     share. Messrs. Yonel Cohen and Ehud
Robinstein are the controlling shareholders                     of Top of the Palace. By
virtue of their position with Top of the Palace, each                     of Messrs.
Cohen and Robinstein may be deemed to beneficially own the ordinary
                    shares beneficially owned by Top of the Palace and each disclaims
beneficial                     ownership of the ordinary shares held by Top of the
Palace, except to the extent                     of his pecuniary interest therein. Top
of the Palace&#146;s address is 57 Yigal                     Alon Street, Tel Aviv 67891,
Israel. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(33)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Y.A.Z
Investments &amp; Assets Ltd. (&#147;Y.A.Z&#148;) is a private company
                    registered in Israel. The 601,900 ordinary shares offered by Y.A.Z
include                     138,900 shares underlying a five-year warrant that was
granted by NUR to Y.A.Z                     in connection with the 2007 private placement
with an exercise price of $0.65                     per ordinary share. Yehuda Zadik and
Ahouva Zadik are the sole shareholders of                     Y.A.Z. Y.A.Z&#146;s address
is 24 Lilinblum Street, Tel Aviv 65132, Israel. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>26</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
information provided in the table above with respect to the selling security holders has
been obtained from these selling security holders. </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 Entities and Kanir have informed NUR that they entered into an agreement
pursuant to which Kanir will vote its ordinary shares in accordance with the vote of the
Fortissimo Entities, except with respect to related party transactions and matters that
adversely and disproportionately affect Kanir&#146;s rights and entitlements, as compared
to those of the Fortissimo Entities. In addition, this agreement contains certain
provisions with respect to co-sale rights, rights of first refusal and other rights that
may affect the disposition of 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
Fortissimo Entities, Bank Hapoalim, Bank Leumi and Bank Discount have informed NUR that
they entered into an agreement with respect to restrictions on certain transfers, for a
limited period, of ordinary shares by the Fortissimo Entities, co-sale rights, bring along
rights and rights of first refusal that may affect the disposition of 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;Except
as otherwise disclosed above or in documents incorporated herein by reference, the selling
security holders have not within the past three years had any position, office or other
material relationship with our company. Because the selling security holders may sell all
or some portion of the ordinary shares beneficially owned by them, only an estimate
(assuming the selling security holders sells all of the shares offered hereby) can be
given as to the number of ordinary shares that will be beneficially owned by the selling
security holders after this offering. In addition, the selling security holders may have
sold, transferred or otherwise disposed of, or may sell, transfer or otherwise dispose of,
at any time or from time to time since the dates on which they provided the information
regarding the ordinary shares beneficially owned by them, all or a portion of the ordinary
shares beneficially owned by them in transactions exempt from the registration
requirements of the Securities Act. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXPENSES </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 the costs and expenses payable by us in connection with the
registration of the ordinary shares being registered hereunder. No expenses shall be borne
by the selling shareholder, except commission or discounts, if any. All of the amounts
shown are estimates, except for the SEC Registration Fees: </FONT></P>





<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>Amount to<BR>
be Paid</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD WIDTH="82%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>SEC registration fee</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>  1,314</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>.84</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Legal fees and expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>60,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Accounting fees and expenses</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>2,000</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Miscellaneous fees and expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>4,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" 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></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2> 67,314</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>.84</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD></TR>
</TABLE>

<BR>

<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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DESCRIPTION OF SHARE
CAPITAL </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 is a summary description of our Ordinary Shares under our 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;<I>Dividend
and Liquidation Rights. </I>All holders of paid-up ordinary shares of NUR have an equal
right to participate in a distribution of (i) dividends, whether by cash, by distribution
of specific assets or by bonus shares; (ii) NUR&#146;s assets; and (iii) NUR&#146;s
surplus assets upon winding up, all pro rata to the nominal value of the shares held by
them. </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 is the organ authorized to decide upon the distribution of dividends or
bonus shares from NUR&#146;s accrued profits. </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>Voting,
Shareholders&#146; Meetings, Notices and Resolutions. </I>Holders of paid-up ordinary
shares have one vote for each share held on all matters submitted to a vote of
shareholders, including the election of 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;An
annual general meeting of shareholders must be held once in every calendar year at such
time (within a period of not more than fifteen months after the last preceding annual
meeting) and at such place as may be determined by the board. The board may, at any time,
convene extraordinary general meetings of shareholders, and shall be obligated to do so
upon receipt of a requisition in writing of (i) two directors or one quarter of the
directors holding office; and/or (ii) one or more shareholders holding at least 5% of the
issued capital and at least 1% of the voting rights in the Company; and/or (iii) one or
more shareholders holding at least 5% of the voting rights in the Company. Where the Board
of Directors is required to convene a special meeting, it shall do so within 21 days of
the requisition being submitted. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two  or more  members  present  in  person  or by proxy and
holding  shares  conferring  in the  aggregate  more than thirty  three and one third  percent  (33<SUP>1</SUP>/<SUB>3</SUB>%) of the total
voting power attached to NUR shares shall  constitute a quorum at general  meetings.  If a meeting is adjourned due
to the lack of a quorum (and provided  that it was not convened due to the  requisition  of certain  shareholders),
one or more  shareholders,  holding not less than thirty three and one third percent (33<SUP>1</SUP>/<SUB>3</SUB>%) of all the  outstanding
voting power attached to the ordinary shares,  present in person or by proxy at the subsequent  adjourned  meeting,
will constitute a quorum.
 </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
resolution shall be deemed adopted if the resolution is supported by members present, in
person or by proxy, vested with more than fifty percent (50%) of the total voting power
attached to the shares whose holders were present, in person or by proxy, at such meeting
and voted thereon, or such other percentage required by law or set forth in the Articles
from time to time. </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
Israeli Companies Law, 1999, which we refer to as the Companies Law, requires that certain
transactions, actions and arrangements be approved by shareholders, including (i)
arrangements with a director as to the terms of his office and compensation and
arrangements for insurance, exemption and indemnity of directors; (ii) certain
Extraordinary Transactions (as defined in the Companies Law) of the Company with its
controlling shareholders or any Extraordinary Transaction in which a controlling
shareholder has a personal interest; (iii) certain private placements; and (iv) any action
or Extraordinary Transaction in which the majority of the members of the Board of
Directors have a personal interest. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
shareholder registered in the register of members is entitled to receive at least a 21 day
prior notice of a general meeting of shareholders. The accidental omission to give notice
of a meeting to any member, or the non receipt of notice sent to such member, shall not
invalidate the proceedings at such meeting. For purposes of determining the shareholders
entitled to notice and to vote, the Board of Directors may fix a record date subject to
the provisions of the law. Currently, Israeli law provides that the record date not be any
earlier than 40 days prior to the meeting. </FONT></P>

<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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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Transfer
of Shares.</I> Fully paid ordinary shares may be transferred freely. The transfer of
shares held by a registered shareholder shall be made in writing. The transfer of ordinary
shares not fully paid up, or subject to any lien or pledge, requires the approval of our
board of 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;<I>Modification
of Rights Attached to Shares. </I>In order to change the rights attached to any class of
shares, unless otherwise provided by the terms of the class, such change must be adopted
by a general meeting of the shareholders and by a separate general meeting of the holders
of the affected class with a majority of the voting power participating in such meeting.
The provisions of the Articles relating to general meetings of NUR&#146;s shareholders
shall apply, mutatis mutandis, to any separate general meeting of the holders of the
shares of a specific class; provided, however, that the requisite quorum at any such
separate general meeting shall be one or more members present in person or by proxy and
holding not less than thirty three and one third percent (33<SUP>1</SUP>/<SUB>3</SUB>%) of the issued shares of
such class. For this purpose, the creation of additional shares of a specific class, or
the issuance of additional shares of a specific class, shall not be deemed a modification
or abrogation of rights attached to shares of such class or any other class. </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>Election
of Directors.</I> NUR&#146;s directors are elected annually at a general meeting of
shareholders and remain in office until the next annual meeting at which time they retire,
unless their office is previously vacated as provided in our Articles. A retiring director
may be reelected. If no directors are elected at the annual meeting, all of the retiring
directors remain in office pending their replacement at a general meeting. Holders of the
ordinary shares do not have cumulative voting rights in the election of directors.
Consequently, the holders of ordinary shares in the aggregate conferring more than 50% of
the voting power, represented in person or by proxy, will have the power to elect all the
directors. Pursuant to the Companies Law, shareholders of publicly traded companies must
appoint at least two external directors to serve on their board of directors and audit
committee, and their service term is three years. </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
of December 31, 2006 and as of June 15, 2007, our authorized share capital was one hundred
seventy million NIS, divided into one hundred and seventy million ordinary shares, nominal
value NIS 1.0 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;As
of December 31, 2006 and June 15, 2007, we had 60,523,886 and 72,325,502 ordinary shares
issued and fully paid, respectively. </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
transfer agent for our ordinary shares is Continental Stock Transfer &amp; Trust Company,
17 Battery Place, New York, New York 10004. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DIVIDEND POLICY </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 do not  anticipate  that we will  pay any
cash dividend on our ordinary shares in the foreseeable  future.  The Companies Law includes  restrictions
on our ability to declare  dividends.  Pursuant to the  Companies  Law, we can only  distribute  dividends
from profits (as defined in the Companies  Law),  provided that there is no reasonable  suspicion that the
dividend  distribution  will prevent us from meeting our existing and future expected  obligations as they
become due.
 </FONT></P>

<p align=center>
<font size=2>29</font></p>
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<page>

<a name=zk116></a>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LEGAL MATTERS </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
validity of the ordinary shares offered hereby will be passed upon for NUR by Ephraim
Abramson &amp; Co., our Israeli counsel. Katten Muchin Rosenman LLP, New York, New York,
has advised us with respect to U.S. legal matters in connection with this offering. </FONT></P>

<a name=zk117></a>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXPERTS </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
  consolidated  financial  statements  of  NUR Macroprinters  Ltd.  appearing in the
Company&#146;s Annual Report on Form 20-F for the year ended December 31, 2006,  have
been audited by Kost Forer Gabbay &amp; Kasierer,  a member of Ernst &amp; Young  Global,
 independent registered  public  accounting  firm,  as  set  forth  in  their  report
 thereon,  included  therein  and incorporated  herein  by  reference,  which as to the
 years  2006,  2005 and 2004 is based in part on the report of BDO  McCabe Lo  Limited,
 independent  registered  public  accounting  firm.  Such  consolidated financial
 statements  are  incorporated  herein by reference in reliance  upon such reports  given
on the authority of such firms as experts in accounting and auditing.  </FONT></P>


<a name=zk118></a>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WHERE YOU CAN FIND
MORE 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;We
have filed with the SEC a registration statement on Form F-3 under the Securities Act in
connection with this offering. However, as is permitted by the rules and regulations of
the SEC, this prospectus, which is part of our registration statement on Form F-3, omits
certain non-material information, exhibits, schedules and undertakings set forth in the
registration statement. For further information about us, and the securities offered by
this prospectus, please refer to the registration 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;We
are subject to the reporting requirements of the Securities Exchange Act of 1934, as
amended, or the Exchange Act, that are applicable to a foreign private issuer. In
accordance with the Exchange Act, we file reports, including annual reports on Form 20-F
by June 30 of each year. We also furnish to the SEC under cover of Form 6-K material
information required to be made public by us in Israel, filed with and made public by any
stock exchange or distributed by us to our shareholders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registration statement on Form F-3 of which this prospectus forms a part, including the
exhibits and schedules thereto, and reports and other information filed by us with the SEC
may be inspected without charge and copied at prescribed rates at the SEC&#146;s Public
Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may call the Securities
and Exchange Commission at 1-800-SEC-0330 for further information on the Public Reference
Section. The SEC maintains an Internet site that contains reports, proxy and information
statements, and other information regarding issuers, such as us, that file electronically
with the SEC (http://www.sec.gov). </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
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing
the furnishing and content of proxy statements to shareholders and our officers, directors
and principal shareholders are exempt from the &#147;short-swing profits&#148; reporting
and liability provisions contained in Section 16 of the Exchange Act and related Exchange
Act rules. </FONT></P>

<p align=center>
<font size=2>30</font></p>
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<page>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INCORPORATION OF
CERTAIN DOCUMENTS BY REFERENCE </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
SEC allows us to &#147;incorporate by reference&#148; information into this prospectus.
This means that we can disclose important information to you by referring you to another
document filed by us with the SEC. The information incorporated by reference is considered
to be part of this prospectus, and later information filed with or submitted to the SEC
will update and supersede this information. </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 documents are incorporated herein by reference: </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>(a) </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, 2006 as
               filed with the SEC on June 29, 2007; 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>(b) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
description of our ordinary shares contained in the registration statements
               under the Exchange Act on Form 8-A as filed with the SEC on July 25, 1995
and                September 15, 1995, as amended by the description of our ordinary
shares                contained in a Form 6-K filed on June 27, 2007 and including any
subsequent                amendment or report filed for the purpose of updating such
description. </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;This
prospectus shall also be deemed to incorporate by reference all subsequent annual reports
filed on Form 20-F, Form 40-F or Form 10-K, and all subsequent filings on Forms 10-Q and
8-K filed by us pursuant to the Exchange Act, prior to the termination of the offering
made by this prospectus. In addition, any reports on Form 6-K subsequently submitted to
the SEC or portions thereof that we specifically identify in such forms as being
incorporated by reference into the registration statement of which this prospectus forms a
part, shall be considered to be incorporated into this prospectus by reference and shall
be considered a part of this prospectus from the date of filing or submission of such
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;As
you read the above documents, you may find inconsistencies in information from one
document to another. If you find inconsistencies between the documents and this
prospectus, you should rely on the statements made in the most recent 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;We
will provide to each person, including any beneficial owner, to whom this prospectus is
delivered, all of the information that has been incorporated by reference into this
prospectus but not delivered with this prospectus, at no cost, upon written or oral
request. Such requests should be directed to Yosef Zylberberg, Chief Operating Officer and
Chief Financial Officer, NUR Macroprinters Ltd., P.O. Box 1281, Lod 71111, Israel. Our
telephone number at that location is +972-8-914-5555. </FONT></P>

<a name=zk120></a>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ENFORCEABILITY OF
CIVIL LIABILITIES </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 incorporated in Israel, all of our directors and most of our senior management and the
experts named herein are nonresidents of the United States, and a substantial portion of
our assets and of such persons&#146; assets are located outside the United States.
Therefore, it may be difficult to enforce a judgment obtained in the United States,
against us or any of these persons, in the U.S. In addition, it may be difficult: (a) to
enforce, in Israel, a judgment obtained in a U.S. court based on the civil liability
provisions of the U.S. Federal securities laws or (b) to enforce civil liabilities under
U.S. Federal securities laws in original actions instituted in Israel. </FONT></P>

<p align=center>
<font size=2>31</font></p>
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<page>

<a name=zk121></a>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SEC POSITION ON
INDEMNIFICATION FOR SECURITIES ACT LIABILITIES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers or persons controlling the registrant pursuant to the foregoing
provisions, the registrant has been informed that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed in the
Securities Act and is therefore unenforceable. </FONT></P>

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


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

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

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90,165,265 </FONT></H1>

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

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<HR SIZE="1" NOSHADE WIDTH="15%" ALIGN="CENTER">

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

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

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 3, 2007 </FONT></P>

<p align=center>
<font size=2></font></p>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
