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<SEC-DOCUMENT>0001178913-09-002910.txt : 20091124
<SEC-HEADER>0001178913-09-002910.hdr.sgml : 20091124
<ACCEPTANCE-DATETIME>20091124075244
ACCESSION NUMBER:		0001178913-09-002910
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20091124
FILED AS OF DATE:		20091124
DATE AS OF CHANGE:		20091124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ellomay Capital Ltd.
		CENTRAL INDEX KEY:			0000946394
		STANDARD INDUSTRIAL CLASSIFICATION:	PRINTING TRADES MACHINERY & EQUIPMENT [3555]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26498
		FILM NUMBER:		091203298

	BUSINESS ADDRESS:	
		STREET 1:		9 ROTHSCHILD BLVD.
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			66881
		BUSINESS PHONE:		011-972-3-797-1111

	MAIL ADDRESS:	
		STREET 1:		9 ROTHSCHILD BLVD.
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			66881

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUR MACROPRINTERS LTD
		DATE OF NAME CHANGE:	19980331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUR ADVANCED TECHNOLOGIES LTD
		DATE OF NAME CHANGE:	19950607
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk97571.htm
<TEXT>

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     <!-- Control Number: 97571                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Ellomay Capital Ltd                                              -->
     <!-- Project Name:   6-K                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>6-K</TITLE>
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<BODY>


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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>UNITED STATES</B> </FONT>
<FONT FACE="Times New Roman, Times, Serif" SIZE="4"><B><BR>SECURITIES AND EXCHANGE COMMISSION</B> </FONT>
<FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B><BR>Washington, D.C. 20549</B> </FONT> </P>



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




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REPORT OF FOREIGN
PRIVATE ISSUER<BR>PURSUANT TO RULE 13a-16 OR 15d-16 </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNDER THE SECURITIES
EXCHANGE ACT OF 1934 </FONT></H1>



<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the month of
November 2009<BR>Commission File Number: 000-26498 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="5"><B><U>Ellomay Capital Ltd.</U></B> </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Translation of registrant&#146;s name into English) </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>9 Rothschild St., Tel Aviv 66881, Israel</U>
<BR>(Address of principal executive office) </FONT></P>




<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate by check mark whether the
registrant files or will file annual reports under cover of Form 20-F or Form 40-F. </FONT></P>

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




<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule<BR>101(b)(1):
____ </FONT></P>

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

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

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




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



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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THIS FORM 6-K IS HEREBY INCORPORATED
BY REFERENCE INTO THE REGISTRANT&#146;S REGISTRATION STATEMENTS ON FORM F-3 (NOS.
333-144171, 333-115826, 333-114428, 333-47842 AND 333-92493) AND FORM S-8 (NOS. 333-102288
AND 333-92491), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED,
TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On November 24, 2009, Ellomay Capital
Ltd. (the &#147;Company&#148;) issued a press release announcing that the annual meeting
of shareholders will be held on Wednesday, December 30, 2009. The text of the press
release is attached hereto as Exhibit 1. The text of the notice of the annual meeting of
shareholders and proxy statement is attached hereto as Exhibit 2. A form of the proxy card
is attached hereto as Exhibit 3. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders wishing to express their
position on an agenda item for the annual meeting may do so by submitting a written
statement to the Company&#146;s offices at the above address no later than December 10,
2009. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following documents are attached
hereto and incorporated herein by reference: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 1.</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press Release dated November 24, 2009.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 2.</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notice of the annual general meeting of the shareholders and proxy statement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 3.</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of proxy card. </FONT></TD>
</TR>
</TABLE>
<BR>

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




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

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>


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<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ellomay Capital Ltd.<BR><BR>
<BR>By: /s/ <I>Ran Fridrich</I><BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Ran Fridrich<BR>Director and Interim Chief Executive Officer </FONT></TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: November 24, 2009 </FONT></P>




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<FILENAME>exhibit_1.htm
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     <!-- Control Number: 97571                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Ellomay Capital Ltd                                              -->
     <!-- Project Name:   6-K                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
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<P ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Exhibit 1</U></B> </FONT> </P>

<P align=center><IMG SRC="ellomay.jpg"></P>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ellomay Capital
Announces 2009 Annual Meeting of Shareholders </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tel-Aviv, Israel, November 24, 2009
&#150; <B>Ellomay Capital Ltd. (EMYCF.PK) (Ellomay or the Company)</B>, announced today
that it will hold its annual general meeting of shareholders on December 30, 2009 at 11:00
a.m. Israel time, at Ellomay&#146;s offices located at 9 Rothschild Boulevard,
2<SUP>nd</SUP> Floor, Tel-Aviv 66881, Israel. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The agenda of the meeting is detailed
in the notice of meeting and proxy statement which shall be filed shortly with the SEC on
Form 6-K. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders of record as of the
close of business on November 30, 2009 are entitled to vote at the shareholders&#146;
meeting. Ellomay plans to mail a proxy statement which describes the proposals to be
considered at the shareholders&#146; meeting and related materials on or about December 2,
2009. The proxy statement and related materials will also be available in the
&#147;Press Center&#148; section of Ellomay&#146;s website at
<U>www.ellomay.com</U>. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ellomay Capital Ltd. (the
&#147;Company&#148;) (formerly: NUR Macroprinters Ltd.), an Israeli Company, is a shell
company whose current plan of operations is to identify and evaluate suitable business
opportunities and strategic alternatives, including through the acquisition of all or part
of an existing business, pursuing business combinations or otherwise. Until February 29,
2008, the Company and its subsidiaries developed, manufactured, sold and provided support
services for digital wide format and super-wide format printing systems for on-demand,
short-run printing as well as related consumable products. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Information Relating to
Forward-Looking Statements </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This press release contains
forward-looking statements that involve substantial risks and uncertainties. All
statements, other than statements of historical facts, included in this press release
regarding our plans and objectives of management are forward-looking statements. The use
of certain words, including the words &#147;estimate,&#148; &#147;project,&#148;
&#147;intend,&#148; &#147;expect,&#148; &#147;believe&#148; and similar expressions are
intended to identify forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. We may not actually achieve the plans,
intentions or expectations disclosed in our forward-looking statements and you should not
place undue reliance on our forward-looking statements. Actual results or events could
differ materially from the plans, intentions and expectations disclosed in the
forward-looking statements we make. Various important factors could cause actual results
or events to differ materially from those which may be expressed or implied by our
forward-looking statements. These and other risks and uncertainties associated with our
business are described in greater detail in the filings we make from time to time with
Securities and Exchange Commission, including our Annual Report on Form 20-F. The
forward-looking statements are made as of this date and Ellomay does not undertake any
obligation to update any forward-looking statements, whether as a result of new
information, future events or otherwise. </FONT></P>




<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Contact:</U> </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Kalia Weintraub </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CFO </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tel: +972 (3) 797-1108<BR>Email:
kaliaw@ellomay.com </FONT></P>

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<FILENAME>exhibit_2.htm
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     <!-- Control Number: 97571                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Ellomay Capital Ltd                                              -->
     <!-- Project Name:   6-K                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>6-K</TITLE>
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<P ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Exhibit 2</U></B> </FONT> </P>


<P align=center><IMG SRC="ellomay.jpg"></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ELLOMAY CAPITAL LTD.</B> <BR>9 Rothschild Boulevard, 2nd Floor<BR>Tel Aviv 66881
<BR>Israel </FONT></P>








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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTICE OF ANNUAL
MEETING OF SHAREHOLDERS <BR><B>To be held on December 30, 2009<BR>11 a.m.</B></FONT></H1>




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


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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice
is hereby given that the annual meeting of shareholders of Ellomay Capital Ltd. (also
referred to hereinafter as &#147;<B>Ellomay</B>&#148; or the &#147;<B>Company</B>&#148;)
will be held at our offices at 9 Rothschild Boulevard, 2<SUP>nd</SUP> Floor, Tel Aviv
66881, Israel on December 30, 2009 at 11 a.m., Israel time, and thereafter as it may be
adjourned from time to time (the &#147;<B>Shareholders</B> <B>Meeting</B>&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
agenda of the meeting will be as follows: </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>1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Election
of Shlomo Nehama, Ran Fridrich, Hemi Raphael, Anita Leviant and Oded           Akselrod
as directors; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Election
of Alon Lumbroso and Barry Ben-Zeev as external directors; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Approval
of cash compensation to all non-executive current and future directors           of the
Company, including external directors, and approval of grant of options           to the
external directors; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reappointment
of Kost Forer Gabbay &amp; Kasierer (a member of Ernst &amp; Young           Global) as
the independent auditors of the Company for the fiscal year ended           December 31,
2009, and to authorize our Board of Directors to approve the           remuneration of
the independent auditors in accordance with the volume and           nature of their
services; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Approval
of amendments to the indemnification and exemption letters granted to           members
of our Board of Directors and other office holders; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Extension
of the Management Services Agreement among the Company, Meisaf Blue           &amp; White
Holdings Ltd. and Kanir Joint Investments (2005) Limited           Partnership; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ratification
of resolutions approved in the prior shareholders meeting relating           to the
reverse share split of our ordinary shares at the ratio of one-for-ten;           and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Receipt
and consideration of the Auditors&#146; Report and the Financial           Statements of
the Company for the fiscal year ended December 31, 2008. </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=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Our
Board of Directors recommends that you vote in favor of the foregoing proposals, all of
which are more fully described in the accompanying Proxy Statement.</B> </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
shareholders of record at the close of business on November 30, 2009 (the &#147;<B>Record
Date</B>&#148;) are entitled to notice of, and to vote at, the Shareholders Meeting or any
adjournment(s) thereof. As of November 15, 2009, we had 73,786,428 issued and outstanding
ordinary shares. Each ordinary share is entitled to one vote on each matter to be voted on
at the Shareholders Meeting. Our Second Amended and Restated Articles of Association (as
amended or restated from time to time, the &#147;<B>Articles of Association</B>&#148;) do
not provide for cumulative voting for the election of directors or for any other purpose. </FONT></P>


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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for Proposal 7 relating to the reveres split of our share capital, which requires the
affirmative vote of at least 75% of the ordinary shares of the Company voted in person or
by proxy at the Shareholders Meeting, each of the resolutions to be presented at the
Shareholders Meeting requires the affirmative vote of holders of at least a majority of
the ordinary shares of the Company voted in person or by proxy at the Shareholders Meeting
on the matter presented for passage. However, the approval of certain proposals is
required to comply with additional special &#147;disinterested&#148; voting requirements
as set forth in the proxy statement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
presence at the Shareholders Meeting, in person or by proxy, of two or more shareholders
holding more than 25% of the voting rights of the Company, will constitute a quorum. All
ordinary shares represented in person or by proxy (including broker non-votes and shares
that abstain or do not vote with respect to one or more of the matters to be voted upon)
will be counted for purposes of determining whether a quorum exists. If within half an
hour from the time appointed for the Shareholders Meeting a quorum is not present, the
meeting shall stand adjourned on the same day, in the next week, at the same time and
place. The requisite quorum at an adjourned meeting shall be any two or more members,
present in person or by proxy at the meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
votes of all shareholders voting on a proposal are counted. Abstentions and broker
non-votes will not be treated as either a vote &#147;for&#148; or &#147;against&#148; a
proposal. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint
holders of ordinary shares should note that, pursuant to Article 27.6 of the
Company&#146;s Articles of Association, the right to vote at the Shareholders Meeting will
be conferred exclusively upon the senior owner among the joint owners attending the
Shareholders Meeting, in person or by proxy, and for this purpose, seniority will be
determined by the order in which the names appear in our register of 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;We
expect to mail the Proxy Statement and the accompanying form of proxy attached hereto to
shareholders of record (as determined above) on or about December 2, 2009. All expenses of
this solicitation will be borne by the Company. In addition to the solicitation of proxies
by mail, directors, officers, and employees of the Company, without receiving additional
compensation, may solicit proxies by telephone, in person, or by other means. Brokerage
firms, nominees, fiduciaries, and other custodians have been requested to forward proxy
solicitation materials to the beneficial owners of ordinary shares of the Company held of
record by such persons, and the Company will reimburse such brokerage, nominees,
fiduciaries, and other custodians for reasonable out-of-pocket expense incurred by them in
connection therewith. Shareholders wishing to express their position on an agenda item for
the Shareholders Meeting may do so by submitting a written statement to the Company&#146;s
offices at the above address no later than December 10, 2009. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the Shareholders Meeting. <B>Whether or not you plan to be
present at the Shareholders Meeting and regardless of the number of ordinary shares you
own, you are requested to complete and return the enclosed proxy, which is solicited by
the Company&#146;s Board of Directors, and mail it promptly in the accompanying envelope,
so that your votes may be recorded. Under the Company&#146;s Articles of Association, your
proxy must be received by 11 a.m., Israel time, on December 28, 2009 (two days prior to
the Shareholders Meeting), to be counted for the Shareholders Meeting. </B>If you are
present at the Shareholders Meeting and desire to vote in person, you may revoke your
appointment of proxy at the Shareholders Meeting so that you may vote your shares
personally. </FONT></P>



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<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By Order of the Board of Directors,<BR><BR>
<BR>By: /s/ <I>Shlomo Nehama</I> <BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Shlomo Nehama <BR>Chairman of the Board of Directors </FONT></TD>
</TR>
</TABLE>
<BR>





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



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELLOMAY CAPITAL LTD. </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9 Rothschild
Boulevard, 2<SUP>nd</SUP> Floor </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tel Aviv 66881 </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Israel </FONT></H1>



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<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROXY STATEMENT FOR AN
ANNUAL MEETING OF SHAREHOLDERS </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To be held on December
30, 2009 </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11 a.m. </FONT></H1>




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<HR SIZE=1 NOSHADE WIDTH=15% align=center>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
annual meeting of shareholders of Ellomay Capital Ltd. (also referred to hereinafter as
&#147;<B>Ellomay</B>&#148; or the <B>&#147;Company</B>&#148;) will be held on December 30,
2009 at our offices, located at 9 Rothschild Boulevard, 2<SUP>nd</SUP> Floor, Tel Aviv
66881, Israel, at 11 a.m., Israel time (the &#147;<B>Shareholders Meeting</B>&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
agenda of the Shareholders Meeting will be as follows: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Election
of Shlomo Nehama, Ran Fridrich, Hemi Raphael, Anita Leviant and Oded           Akselrod
as directors; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Election
of Alon Lumbroso and Barry Ben-Zeev as external directors; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Approval
of cash compensation to all non-executive current and future directors           of the
Company, including external directors, and approval of grant of options           to the
external directors; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reappointment
of Kost Forer Gabbay &amp; Kasierer (a member of Ernst &amp; Young           Global) as
the independent auditors of the Company for the fiscal year ended           December 31,
2009, and to authorize our Board of Directors to approve the           remuneration of
the independent auditors in accordance with the volume and           nature of their
services; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Approval
of amendments to the indemnification and exemption letters granted to           members
of our Board of Directors and other office holders; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Extension
of the Management Services Agreement among the Company, Meisaf Blue           &amp; White
Holdings Ltd. and Kanir Joint Investments (2005) Limited           Partnership; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ratification
of resolutions approved in the prior shareholders meeting relating           to the
reverse share split of our ordinary shares at the ratio of one-for-ten;           and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Receipt
and consideration of the Auditors&#146; Report and the Financial           Statements of
the Company for the fiscal year ended December 31, 2008. </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
proxy materials are being mailed to our shareholders as of November 30, 2009, the Record
Date, on or about December 2, 2009. </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
form of proxy for use at the Shareholders Meeting and a return envelope for the proxy are
enclosed. Upon the receipt of a properly signed and dated proxy in the form enclosed,
which is received in time and not revoked prior to the Shareholders Meeting, Mr. Ran
Fridrich, a member of our Board of Directors and a director nominee and our Interim Chief
Executive Officer, and Ms. Kalia Weintraub, our Chief Financial Officer, or either one of
them, will vote, as proxy, the ordinary shares represented thereby at the Shareholders
Meeting in accordance with the instructions indicated on the proxy, or, if no direction is
indicated, in accordance with the recommendation of our Board of Directors. In accordance
with our Articles of Association, your proxy must be received by us by 11 a.m., Israel
time, on December 28, 2009 (two days prior to the date of the Shareholders Meeting) in
order to be counted at the Shareholders Meeting. We know of no other matters to be
submitted at the Shareholders Meeting other than as specified in the Notice of Annual
Meeting of Shareholders included with this Proxy Statement. If any other business is
properly brought before the Shareholders Meeting, it is the intention of each of the
persons named as proxies to vote in respect thereof in accordance with his or her
respective best judgment. </FONT></P>

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


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
enclosed form of proxy is solicited by our Board of Directors for use at the Shareholders
Meeting and at any adjournments of the Shareholders Meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proxy may be revoked at any time prior to its exercise by notice in writing of the
shareholder to us, delivered at our address above, indicating that its/his/her proxy is
revoked, by submitting another proxy with a later date, or by attending the Shareholders
Meeting and voting in person after properly requesting that the proxy submitted be revoked
(shareholders who aren&#146;t registered directly with our transfer agent, Continental
Stock Transfer &amp; Trust Company of New York, New York, must present a legal proxy from
their broker, bank or other nominee, in order to vote in person at the Shareholders
Meeting). </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth information regarding the beneficial ownership of our ordinary
shares, by each person known by us, to the best of our knowledge, to be the beneficial
owner of more than 5% of our ordinary shares, as of November 1, 2009 (except as otherwise
indicated below). Each of our shareholders has identical voting rights with respect to its
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;To
our knowledge, except as otherwise indicated in the footnotes to this table, each
shareholder in the table has sole voting and investment power for the ordinary shares
shown as beneficially owned by them. </FONT></P>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=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">Ordinary Shares<BR>
Beneficially Owned<SUP>(1)</SUP> </FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>Percentage of <BR>Ordinary Shares<BR>
Beneficially Owned</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>
     <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>
     <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>&nbsp;</FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD WIDTH="71%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Shlomo Nehama (2)(4)</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</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="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>41,668,422</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="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>45.1</FONT></TD>
        <TD WIDTH="2%" 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>Kanir Joint Investments (2005) Limited  </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>Partnership ("Kanir") (3)(4)(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>37,430,980</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>42.5</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>Zohar Zisapel</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>5,359,708</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>7.3</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>Old Lane Luxemburg Master Fund S.a.r.l (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>4,874,415</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>6.5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>%</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>(1)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As
used in this table, &#147;beneficial ownership&#148; means the sole or shared
                    power to vote or direct the voting or to dispose or direct the
disposition of                     any security as determined pursuant to Rule 13d-3
promulgated under the U.S.                     Securities Exchange Act of 1934, as
amended. For purposes of this table, a                     person is deemed to be the
beneficial owner of securities that can be acquired                     within 60 days
from November1, 2009 through the exercise of any option or                     warrant.
Ordinary shares subject to options or warrants that are currently
                    exercisable or exercisable within 60 days are deemed outstanding for
computing                     the ownership percentage of the person holding such options
or warrants, but are                     not deemed outstanding for computing the
ownership percentage of any other                     person. The amounts and percentages
are based on a total of 73,786,428 ordinary                     shares outstanding as of
November1, 2009. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>According
to information provided by the holders, the 41,668,422 ordinary shares
                    beneficially owned by Mr. Nehama consist of: (i) 22,661,551 ordinary
shares and                     currently exercisable warrants to purchase 12,857,144
ordinary shares held by S.                     Nechama Investments (2008) Ltd., an
Israeli company (&#147;<B>Nechama                     Investments</B>&#148;), which
together constitute approximately 40.1% of the                     outstanding ordinary
shares and (ii) 412,961 ordinary shares and currently                     exercisable
warrants to purchase 5,736,766 ordinary shares held directly by Mr.
                    Nehama, which together constitute approximately 7.7% of the
outstanding ordinary                     shares. Mr. Nehama, who is our Chairman of the
Board and a director nominee, as                     the sole officer, director and
shareholder of Nechama Investments, may be deemed                     to indirectly
beneficially own any ordinary shares beneficially owned by Nechama
                    Investments, which constitute (together with his shares and warrants)
                    approximately 45.1% of the outstanding ordinary shares. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>According
to information provided by the holder, Kanir is an Israeli limited
                    partnership. The holdings of Kanir include currently exercisable
warrants to                     purchase 14,357,142 ordinary shares. Kanir Investments
Ltd. <B>(&#147;Kanir                     Ltd.</B>&#148;), in its capacity as the general
partner of Kanir, has the voting                     and dispositive power over the
ordinary shares directly beneficially owned by                     Kanir. As a result,
Kanir Ltd. may be deemed to indirectly beneficially own the                     ordinary
shares beneficially owned by Kanir. Messrs. Hemi Raphael and Ran
                    Fridrich, who are members of our Board of Directors and director
nominees, are                     the sole shareholders and directors of Kanir Ltd. As a
result, they may be                     deemed to indirectly beneficially own the
ordinary shares beneficially owned by                     Kanir. Kanir Ltd. and Messrs.
Raphael and Fridrich disclaim beneficial ownership                     of such ordinary
shares. </FONT></TD>
</TR>
</TABLE>
<BR>


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

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
March 2008, Nechama Investments and Kanir entered into a shareholders
                    agreement that included, among other things, agreements as to the
voting of the                     Ellomay shares held by the parties and as to the
disposition of certain of the                     Ellomay shares held by the parties (the
&#147;<B>2008 Shareholders                     Agreement</B>&#148;). By virtue of the
2008 Shareholders Agreement, Mr. Nehama,                     Nechama Investments, Kanir,
Kanir Ltd., and Messrs. Raphael and Fridrich may be                     deemed to be
members of a group that holds shared voting power with respect to
                    45,735,389 ordinary shares and currently exercisable warrants to
purchase                     27,214,286 ordinary shares, which together constitute
approximately 72.2% of the                     outstanding ordinary shares, and holds
shared dispositive power with respect to                     36,967,000 ordinary shares,
which constitute 50.1% of the outstanding ordinary                     shares.
Accordingly, Mr. Nehama may be deemed to beneficially own approximately
                    74.1% of the outstanding ordinary shares. Each of Mr. Nehama and
Nechama                     Investments disclaims beneficial ownership of the ordinary
shares beneficially                     owned by Kanir. Each of Kanir, Kanir Ltd. and
Messrs. Raphael and Fridrich                     disclaims beneficial ownership of the
ordinary shares beneficially owned by                     Nechama Investments. A copy of
the 2008 Shareholders Agreement was filed with                     the Securities and
Exchange Commission (&#147;<B>SEC</B>&#148;) on March 31,                     2008 as
Exhibit 14 to an amendment to a Schedule 13D. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bonstar,
an Israeli company, currently holds warrants to purchase 846,905
                    ordinary shares, which constitute approximately 1.1% of the
outstanding ordinary                     shares. Bonstar is a limited partner of Kanir
and assisted Kanir in the                     financing of the purchase of some of its
ordinary shares. Accordingly, Bonstar                     may be deemed to be a member of
a group with Kanir and its affiliates, although                     there are no
agreements between Bonstar and either of such persons and entities
                    with respect to the ordinary shares beneficially owned by each of
them. Mr.                     Joseph Mor and Mr. Ishay Mor are the sole shareholders of
Bonstar and Mr. Joseph                     Mor serves as the sole director of Bonstar.
Messrs. Joseph Mor and Ishay also                     hold, through a company jointly
held by them, 1,750,000 ordinary shares, which                     constitute
approximately 2.4% of the outstanding ordinary shares. By virtue of
                    their control over Bonstar and the other company, Messrs. Joseph Mor
and Ishay                     Mor may be deemed to indirectly beneficially own the
2,596,905 ordinary shares                     beneficially owned by Bonstar and by the
other company, which constitute                     approximately 3.5% of the ordinary
shares. Each of Bonstar and Messrs. Joseph                     Mor and Ishay Mor
disclaims beneficial ownership of the ordinary shares                     beneficially
owned by Kanir and Nechama Investments. The information provided in
                    the foregoing paragraph is based on public filings made by Bonstar
and Messrs.                     Joseph Mor and Ishay Mor., the latest on May 18, 2009. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based
on an amendment to Schedule 13G filed by Mr. Zisapel, an Israeli citizen,
                    on February 23, 2009. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>According
to information provided by the holders, the Old Lane Funds include Old Lane Luxemburg
Master Fund  S.a.r.l (&#147;Old Lane&#148;), a private company registered in Luxemburg,
and its shareholders: Old Lane Cayman Master Fund L.P., a limited partnership registered
in the Cayman Islands (&#147;Old Lane Cayman&#148;), Old Lane HMA Master Fund, L.P., a
limited partnership registered in the Cayman Islands (&#147;Old Lane HMA&#148;) and Old
Lane U.S. Master Fund L.P., a limited partnership registered in Delaware, USA (&#147;Old
Lane US&#148; and, together with Old Lane Cayman and Old Lane HMA, the &#147;Old Lane
Shareholders&#148;). Old Lane currently beneficially holds 4,814,815 ordinary shares for
the benefit of its shareholders as follows: (i) 2,207,408 ordinary shares and 662,222
ordinary shares underlying currently exercisable warrants held for the benefit of Old
Lane Cayman, which also directly holds 35,522 ordinary shares, (ii) 625,926 ordinary
shares and 187,778 ordinary shares underlying currently exercisable warrants held for the
benefit of Old Lane HMA, which also directly holds 10,072 ordinary shares and (iii)
870,370 ordinary shares and 261,111 ordinary shares underlying currently exercisable
warrants held for the benefit of Old Lane US, which also directly holds 14,006 ordinary
shares. Old Lane disclaims beneficial ownership of the shares held for the benefit of the
Old Lane Shareholders. </FONT></TD>
</TR>
</TABLE>
<BR>



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

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

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Shareholders Meeting, the shareholders will elect directors to serve on our Board of
Directors. Our Articles of Association provide for a Board of Directors consisting of not
less than four and no more than eight members, as may be determined from time to time at a
general meeting of our shareholders. The directors (other than the external directors) are
elected annually at our annual meeting of shareholders and remain in office until the next
annual meeting, unless a director has previously resigned, vacated his/her office, or was
removed in accordance with our Articles of Association. In addition, our Board of
Directors may elect additional directors to the 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;Our
Board of Directors is currently composed of the following seven directors: Shlomo Nehama,
Ran Fridrich, Hemi Raphael, Oded Akselrod, Anita Leviant, Lauri A. Hanover and Alon
Lumbroso. Shlomo Nehama, Ran Fridrich, Hemi Raphael, Oded Akselrod and Anita Leviant are
standing for reelection. Lauri A. Hanover and Alon Lumbroso are external directors whose
current service term expires in November 2009. At the Shareholders Meeting, our
shareholders will also be asked to reelect Alon Lumbroso and elect Barry Ben-Zeev as
external directors, see Item 2 below. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General </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 unaware of any reason why any of the nominees, if elected, should be unable to serve
as a member of our Board of Directors. If any of the nominees are unable to serve, Ran
Fridrich and Kalia Weintraub, the persons named in the proxy, or either one of them, will
vote the shares represented thereby &#147;<B>FOR</B>&#148; the election of other nominees
proposed by our Board of Directors. All nominees listed below have advised the Board of
Directors that they intend to serve as members of the Board of Directors if elected. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of Section 224B(a) of the Israeli Companies Law, 1999 (the
&#147;<B>Companies Law</B>&#148;), each of the director nominees provided us with a
&#147;Declaration of Competence&#148; prior to the mailing of this proxy statement. Such
declarations are available for review at our offices, at the address set forth above,
during regular business hours. </FONT></P>

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

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






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH ALIGN="Left"><FONT FACE="Times New Roman" SIZE="2"><U>Name</U> </FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE="2"><U>Age</U> </FONT></TH>
     <TH ALIGN="Left"><FONT FACE="Times New Roman" SIZE="2"><U>Position with the Company</U> </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>
     <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>
     <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>
     <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>
     <TH><FONT FACE="Times New Roman" SIZE=1>&nbsp;</FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD WIDTH="15%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE="2">Shlomo Nehama<SUP>(1)</SUP> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>54</FONT></TD>
     <TD WIDTH="75%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Chairman of the Board and Director</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">Ran Fridrich<SUP>(1)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>56</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Director and Interim Chief Executive Officer</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Hemi Raphael</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>58</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Director</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">Oded Akselrod<SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>63</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Director</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Anita Leviant</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE=2>55</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Director</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>(1)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Member
of the Company&#146;s Stock Option &amp; Compensation Committee. </FONT></TD>
</TR>
</TABLE>
<BR>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shlomo
Nehama </I>has served as a director and Chairman of the Board of Ellomay since March 2008.
From 1998 to 2007, Mr. Nehama served as the Chairman of the Board of Bank Hapoalim B.M.,
one of Israel&#146;s largest banks. In 1997, together with the late Ted Arison, he
organized a group of American and Israeli investors who purchased Bank Hapoalim from the
State of Israel. From 1992 to 2006, Mr. Nehama served as the Chief Executive Officer of
Arison Investments. From 1982 to 1992, Mr. Nehama was a partner and joint managing
director of Eshed Engineers, a management consulting firm. Mr. Nehama is a graduate of the
Technion &#151; Institute of Technology in Haifa, Israel, where he earned a degree in
Industrial Management and Engineering. Mr. Nehama received an honorary doctorate from the
Technion for his contribution to the strengthening of the Israeli economy. </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>Ran
Fridrich</I> has served as a director of Ellomay since March 2008 and as our interim chief
executive officer since January 2009. Mr. Fridrich is the co-founder and executive
director of Oristan, Investment Manager, an investment manager of CDO Equity and Mezzanine
Funds and a Distress Fund, established in June 2004. In addition, Mr. Fridrich is a
consultant to Capstone Investments, CDO Repackage Program, since January 2005. In January
2001 Mr. Fridrich founded the Proprietary Investment Advisory in Israel, an entity focused
on fixed income securities, CDO investments and credit default swap transactions, and
served as its investment advisor through January 2004. Prior to that, Mr. Fridrich served
as the chief executive officer of two packaging and printing Israeli companies, Lito Ziv,
a public company, from 1999 until 2001 and Mirkam Packaging Ltd. from 1983 until 1999. Mr.
Fridrich also serves as a director of Cargal Ltd. since September 2002. Mr. Fridrich is a
graduate of the Senior Executive Program of Tel Aviv University. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Hemi
Raphael</I> has served as a director of Ellomay since June 2006. Mr. Raphael is an
entrepreneur and a businessman involved in various real estate and financial investments.
Mr. Raphael also serves as a director of Cargal Ltd. since May 2004. Prior thereto, from
1984 to 1994, Mr. Raphael was a partner at the law firm of Goldberg Raphael &amp; Co. Mr.
Raphael holds an LLB degree from the School of Law at the Hebrew University of Jerusalem
and he is a member of the Israeli Bar Association and the California Bar 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>Anita
Leviant</I> has served as a director of Ellomay since March 2008. Ms. Leviant heads LA
Global Consulting, a practice specializing in consulting and leading global and financial
projects and cross border transactions. For a period of twenty years, until 2005, Ms.
Leviant held several senior positions with Hapoalim Banking group including EVP Deputy
Head of Hapoalim Europe and Global Private Banking and EVP General Global Counsel of the
group, and served as a director in the overseas subsidiaries of Bank Hapoalim. Prior to
that, Ms. Leviant was an associate in GAFNI &amp; CO. Law Offices in Tel Aviv where she
specialized in Liquidation, Receivership and Commercial Law and was also a Research
Assistant to the Law School Dean in the Tel Aviv University specialized in Private
International Law. Ms. Leviant holds a LL.B degree from Tel Aviv University Law School and
is a member of both the Israeli and the New York State Bars. Ms. Leviant currently serves
as Deputy Chairman of the Israel-British Chamber of Commerce, chairman of the Capital
Markets Committee and as a member of the advisory board of Private Courts to Israel Ltd. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Oded
Akselrod</I> has served as a director of Ellomay since February 2002. Mr. Akselrod serves
a business advisor to corporations and investment funds in Israel. Mr. Akselrod was the
general manager of the Investment Corp. of United Mizrahi Bank Ltd., a wholly owned
subsidiary of United Mizrahi Bank Ltd. that was merged into United Mizrahi Bank Ltd. on
October 2004. Prior to joining the Investment Corp. of United Mizrahi Bank, from 1994 to
1997, Mr. Akselrod held the position of general manager of Apex-Leumi Partners Ltd. as
well as Investment Advisor of Israel Growth Fund. Prior thereto, from 1991 to 1994, Mr.
Akselrod served as general manager of Leumi &amp; Co. Investment Bankers Ltd. Mr. Akselrod
began his career in various managerial positions in the Bank Leumi Group including: member
of the management team of Bank Leumi, deputy head of the international division, head of
the commercial lending department of the banking division, member of all credit committees
at the Bank, assistant to Bank Leumi&#146;s CEO and head of the international lending
division of Bank Leumi Trust Company of New York. Mr. Akselrod holds a Bachelor&#146;s
degree in Agriculture Economics from Hebrew University, Jerusalem and an MBA degree from
Tel Aviv University. Mr. Akselrod is also a director of Gadish Global Ltd., Gadish
Investments in Provident Funds Ltd., Gadish Global Financial Services (2007) Ltd., Geva
Dor Investments Ltd., Shalag Industries Ltd., Psagot Investment House Ltd. and Psagot
Securities Ltd. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Required Vote </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
approval of this proposal requires the affirmative vote of a majority of the ordinary
shares of the Company voted in person or by proxy at the Shareholders Meeting. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
to elect each of Shlomo Nehama, Ran Fridrich, Hemi Raphael, Oded Akselrod and Anita
Leviant, as directors of the Company to hold office until the next annual meeting of the
Company&#146;s shareholders and until their respective successors are duly elected and
qualified.&#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;Shareholders
may specify the names of the directors for which they wish to withhold their vote on the
attached proxy card. Upon the receipt of a properly signed and dated proxy and unless
otherwise instructed in the proxy, either of the persons named in the enclosed proxy will
vote the shares represented thereby <B>&#147;FOR</B>&#148; the above-mentioned proposal. </FONT></P>

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

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


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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Companies Law, at least two external directors must serve on the Board of Directors
of a &#147;public company.&#148; Each external director may serve for up to two terms of
three (3) years, unless his or her office is vacated earlier in accordance with each
company&#146;s articles of association and the Companies Law. Our other directors are
elected annually. Our currently serving external directors are Lauri Hanover and Alon
Lumbroso, whose terms of serves end on November 26, 2009. As Ms. Hanover has already
served for two terms, she may not be reelected as an external director pursuant to the
Companies Law. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
qualify as an external director, an individual may not have, and may not have had at any
time during the previous two years, any affiliation to the Company or its affiliates, as
such terms are defined in the Companies Law. In addition, no individual may serve as an
external director if the individual&#146;s position or other activities create or may
create a conflict of interest with his or her role as an external director. For a period
of two years following the termination of services as an external director, the Company
may not appoint such former external director as a director or employee of the Company or
receive professional services from such former external director for compensation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the external directors of a company must be members of its audit committee and each
other committee of a company&#146;s board of directors must include at least one external
director. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Shareholders Meeting, our shareholders will be asked to reelect Alon Lumbroso as an
external director for an additional term of three years until November 26, 2012, and to
elect Barry Ben-Zeev as an external director for a term of three years from the date of
the Shareholders Meeting. See Item 3 below for the compensation we propose to pay to our
external and other directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of Section 241 of the Companies Law, each of the nominees for external
directors provided us with a &#147;Declaration of Competence&#148; prior to the mailing of
this proxy statement. Such declarations are available for review at our offices, at the
address set forth above, during regular business hours. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Alon
Lumbroso</I>, age53,<I> </I>has served as an external director of Ellomay since November
2006. Mr. Lumbroso serves as the Chief Executive Officer of Larotec Ltd. since the end of
2005. Mr. Lumbroso previously served as Chief Executive Officer of Mindguard Ltd., from
2003 to 2004. From 2000 to 2003, Mr. Lumbroso served as the managing director of the
European subsidiary of Creo, Inc. Prior to that, Mr. Lumbroso served in a various
executive positions, including VP Operations, VP Marketing and managing director of the
Asian Pacific subsidiary of Scitex Corporation. In his positions with Scitex Corporation
and Creo, Mr. Lumbroso was responsible for sales, marketing and service of prepress and
digital printing equipment, including wide format digital printers. Mr. Lumbroso serves as
the Chairman of Bioexplorers Ltd. and as a director of Larotec Ltd. Mr. Lumbroso holds an
MBA from Bar Ilan University and a B.Sc. in Industrial Engineering from Tel-Aviv
University. Mr. Lumbroso qualifies as an external director according to the Companies Law
and is a member of our Audit Committee. </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>Barry
Ben-Zeev</I>, age 57, is a business strategic consultant. From 1978 to 2008 Mr. Ben-Zeev
served in various positions with Bank Hapoalim, one of the largest Israeli banks. During
2008 he served as the bank&#146;s Deputy CEO and as its CFO, in charge of the financial
division. From 2001 to 2007 he served as the bank&#146;s Deputy CEO in charge first of the
private international banking division and then of the client asset management division.
Mr. Ben-Zeev has served on the board of many companies, including as a director on the
board of the Israeli Stock Exchange in 2006-2007. He currently serves as a director of
Partner Communications Ltd. and Kali Equity Markets. Mr. Ben-Zeev holds an MBA from
Tel-Aviv University specializing in financing, and a BA in Economics from Tel-Aviv
University. Mr. Ben-Zeev qualifies as an external director according to the Companies Law
and is expected to become a member of our Audit Committee and Stock Option and
Compensation Committee. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Companies Law, the election of an external director requires the affirmative vote
of a majority of the shares present, in person or by proxy, and voting on the matter,
provided that either (i) at least one-third of the shares of non-controlling shareholders
are voted in favor of the election of the external director or (ii) the total number of
shares of non-controlling shareholders voted against the election of the external director
does not exceed one percent of the outstanding voting power in the Company. </FONT></P>


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<font size=2>- 6 -</font></p>
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<page>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
to reelect Alon Lumbroso as an external director for an additional term of three years
until November 26, 2012, and to elect Barry Ben-Zeev as an external director for a term of
three years from the date of the Shareholders Meeting.&#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;Shareholders
may specify the names of the directors for which they wish to withhold their vote on the
attached proxy card. Upon the receipt of a properly signed and dated proxy and unless
otherwise instructed in the proxy, either of the persons named in the enclosed proxy will
vote the shares represented thereby <B>&#147;FOR</B>&#148; the above-mentioned proposal. </FONT></P>

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

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPROVAL OF CASH
COMPENSATION TO ALL CURRENT AND FUTURE NON-EXECUTIVE DIRECTORS<BR> OF THE COMPANY, INCLUDING
EXTERNAL DIRECTORS, AND GRANT OF OPTIONS TO EXTERNAL DIRECTORS </FONT></H1>




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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Shareholders Meeting, our shareholders will be asked to approve compensation for each
of our directors, including our external directors, who may serve from time to time. We
propose to offer the same compensation to our external directors, whose compensation is
governed by the Companies Regulations (Rules for Compensation and Expenses of External
Directors), 5760-2000 (the &#147;<B>Compensation Regulations</B>&#148;), and our other
directors. This proposal does not currently apply to Shlomo Nehama, Ran Fridrich and Hemi
Raphael, all of whom are members of our Board and director nominees, who are currently
compensated pursuant to the Management Services Agreement discussed in Item 6 below and
who have, in connection with such Management Services Agreement, waived their right to
receive the compensation paid to our directors. In the event of termination of the
Management Services Agreement, Messrs. Nehama, Fridrich and Raphael will become entitled
to the compensation set forth in this Item 3, unless otherwise agreed and approved by the
Company and 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;<B>Directors&#146; Fees</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;As
previously approved by our shareholders, we currently pay our directors, other than
Messrs. Nehama, Fridrich and Raphael as described above, an annual payment of $8,000 and
additional payments of $500 per meeting and $250 per committee meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Regulations set forth a range of fees that may be paid by Israeli public
companies to their external directors, depending upon each company&#146;s equity based on
the most recent financial statements. The <B>minimum </B>cash amounts permitted to be paid
to our external directors pursuant to the Compensation Regulations, based on the most
recent financial statements of the Company, are an annual fee of NIS 47,750 (equivalent to
approximately $12,730) and an attendance fee of NIS 1,690 (equivalent to approximately
$450) per meeting. The <B>maximum</B> cash amounts permitted to be paid to external
directors pursuant to the Compensation Regulations, for a Company the size of ours, are an
annual fee of NIS 77,660 (equivalent to approximately $20,700) and an attendance fee of
NIS 2,990 (equivalent to approximately $800). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
cash set forth above are subject to adjustment for future changes in the Israeli consumer
price index and changes in the amounts payable pursuant to Israeli law 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;<B>Directors&#146; Options</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;As
previously approved by our shareholders, any of our current and future non-executive
directors are also entitled to receive an annual grant of options to purchase 10,000
ordinary shares under the terms and conditions set forth in our 1998 Non-Employee Director
Share Option Plan (the &#147;<B>1998 Option Plan</B>&#148;). These options are fully
exercisable upon issuance with a maximum exercise period of 10 years (subject to some
exceptions detailed in the 1998 Option Plan), and have an exercise price equal to the
average closing bid and sale prices of the ordinary shares on the grant date, on the
market on which the shares are traded. </FONT></P>


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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Companies Law, the terms of compensation of members of our Board of Directors
require the approval of our Audit Committee, Board of Directors and shareholders (although
an exception to the requirement of shareholder approval exists if the Audit Committee and
Board of Directors approve the payment of an annual fee of at least NIS 62,700 &#150;
equivalent to approximately $16,720, and an attendance fee of at least NIS 2,335 &#151;
equivalent to approximately $620. As our Audit Committee and Board of Directors have
approved to pay the aforementioned minimum annual fee of NIS 47,750 and minimum attendance
fee of NIS 1,690, shareholder approval is required). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
the Compensation Regulations require that the grant of share options to external directors
be approved at the shareholders meeting in which such external director is appointed, by
the same majority required for the approval of the election of such external director. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Audit Committee and our Board of Directors approved, and recommend that our shareholders
approve, the payment of Directors&#146; Fees to all current (including external) and
future non-executive directors, according to the <B>minimum</B> cash amounts permitted to
be paid to our external directors pursuant to the Compensation Regulations, as shall be
updated from time to time. As aforementioned, this proposal does not currently apply to
Shlomo Nehama, Ran Fridrich and Hemi Raphael. Additionally, the shareholders are asked to
approve the grant of share options to the nominee external directors. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Companies Law, the approval of director compensation requires the affirmative vote
of the holders of a majority of the shares present, in person or by proxy, and voting on
the matter and, in the event the director is also a controlling shareholder, such majority
vote is also required to satisfy at least one of the following conditions: (i) the shares
voting in favor of the matter include at least one-third of the shares voted by
shareholders who do not have a personal interest in the matter or (ii) the total number of
shares voted against the matter does not exceed 1% of the Company&#146;s outstanding
voting rights. None of our directors who shall be eligible for the abovementioned
Directors&#146; Fees are controlling 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;Pursuant
to the Companies Law and the Compensation Regulations, the grant of options to an external
director requires the affirmative vote of the holders of a majority of the shares present,
in person or by proxy, and voting on the matter, provided that either (i) at least
one-third of the shares of non-controlling shareholders are voted in favor of the matter
or (ii) the total number of shares of non-controlling shareholders voted against the
matter does not exceed one percent of the outstanding voting power in the Company. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
that the payment of cash compensation to all current and future non-executive directors,
including external directors, as described in the Proxy Statement relating to the Meeting,
be approved, and that the grant of options to the external directors, as described in the
Proxy Statement relating to the Meeting, be approved.&#148; </FONT></P>

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

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

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
will be asked to reappoint Kost Forer Gabbay &amp; Kasierer, a member of Ernst &amp; Young
Global, as our independent auditors for the year ending December 31, 2009 and to authorize
the Board of Directors, following the approval of the Audit Committee, to approve their
fees in accordance with the volume and nature of their services. Kost Forer Gabbay &amp;
Kasierer have been our independent auditors since 1995. </FONT></P>


<p align=center>
<font size=2>- 8 -</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
following table sets forth the fees paid by us and our subsidiaries to Ernst &amp; Young
during 2007 and 2008: </FONT></P>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=60%>
<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>2007</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>2008</FONT></TH></TR>
<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>(in thousands of U.S. Dollars)</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>
     <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>&nbsp;</FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD WIDTH="61%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Audit Fees(1)</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</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>$</FONT></TD><TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2> 242</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>  79</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>Audit-Related Fees</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>-</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>Tax Fees(2)</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>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2> 157</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2> 177</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>All Other Fees</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>-</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>&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>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>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>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2> 399</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2> 256</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR>



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



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Professional
services rendered by our independent registered public accounting                firm for
the audit of our annual financial statements or services that are                normally
provided by the accountants in connection with statutory and regulatory
               filings or engagements. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Professional
services rendered by our independent registered public accounting                firm for
international and local tax compliance and tax advice services. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Required Vote </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
approval of this proposal requires the affirmative vote of a majority of the ordinary
shares of the Company voted in person or by proxy at the Shareholders Meeting. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
to reappoint Kost Forer Gabbay &amp; Kasierer (a member of Ernst &amp; Young Global) as
the independent auditors of the Company for the fiscal year ended December 31, 2009, and
until the next annual meeting of shareholders, and that the Board of Directors, following
the approval of the Audit Committee, be, and it hereby is, authorized to approve the
payment of fees of said independent auditors, considering the volume and nature of their
services.&#148; </FONT></P>

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

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

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPROVAL OF AMENDMENTS
TO INDEMNIFICATION UNDERTAKINGS AND EXEMPTION LETTERS <BR>PROVIDED TO MEMBERS OF OUR BOARD OF DIRECTORS</FONT></H1>


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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Companies Law permits an Israeli company to undertake to indemnify and to provide
exemption from certain duties to &#147;Office Holders&#148; (defined in the Companies Law
as a director, general manager, chief business manager, vice general manager, other
manager directly subordinate to the general manager and any other person assuming the
responsibilities of any of the foregoing positions without regard to such person&#146;s
title) against and with respect to certain liabilities, subject to limitations that appear
in the Companies Law and provided that such company&#146;s articles permit such
indemnification and exemption. Our Amended and Restated Articles permit us to provide such
indemnification undertakings and exemptions, subject to the limitations imposed by the
Companies Law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Companies Law, the provision of indemnification and exemption letters to members of
our Board of Directors also requires the approval of our Audit Committee, Board of
Directors and our shareholders. At our shareholders meeting held on October 27, 2005, our
shareholders approved, among other things, the entering into indemnification undertakings,
a form of which was attached as Exhibit E to the proxy statement filed with the SEC on
October 14, 2005 (the &#147;<B>October 2005 Proxy Statement</B>&#148;), with our then
current and future directors and the granting of exemption letters, a form of which was
attached as Exhibit F to the October 2005 Proxy Statement, to our then existing and future
directors. </FONT></P>




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


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General </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
propose to make certain clarifying and other changes to the forms of indemnification
undertaking and exemption letter used by the Company that will apply to the undertakings
and letters granted to both current and future members of our Board of Directors. In the
event our shareholders approve the changes, similar changes will be made to the
indemnification undertakings and exemption letters provided to our current and future
officers. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Amendments to Form of Indemnification Undertaking</B> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed amendments to our form of indemnification undertaking include, among others, 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>o </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Eliminating
the maximum amount (US$3,000,000) of indemnification for litigation expenses that was
previously set forth in the indemnification undertaking (although the Companies Law
requires that a maximum indemnification amount for damages and other liabilities be
included in the undertaking, such requirement does not apply to reimbursement of
litigation expenses); </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>o </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adding
an undertaking by the Company to produce collateral, security, bond or any other
guarantee that the Office Holder may be required to produce as a result of any interim
legal procedure (other than criminal procedures involving the proof of criminal thought),
all up to the maximum indemnification amount set forth in the form of indemnification
undertaking; </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>o </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adding
a requirement that the Office Holder provide prior written consent, which shall not be
unreasonably withheld, to a settlement of a monetary obligation in a civil proceeding;
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>o </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Including
an undertaking by the Company to maintain a liability insurance policy with a reputable
insurer to the extent permitted by the Companies Law, for all the Office Holders of the
Company, in a total amount of not less than US$10M during the period the recipient of the
indemnity undertaking serves as a member of the Company&#146;s board of directors and for
a period of seven years thereafter. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Amendments
to Exemption Letters</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed amendments to our form of exemption letter include, among others, the following: </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>o </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Clarifying
that as permitted by the Companies Law the exemption provided in the exemption letter
will continue to apply to breaches of the duty of care that was committed in negligence
(whereas breaches committed intentionally or recklessly are not subject to exemption);
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>o </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Eliminating
the section relating to the Company&#146;s Proprietary Information, as defined in the
exemption letter, thereby providing the exemption to negligent disclosures of the Company&#146;s
Proprietary Information. </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
foregoing description of some of the proposed amendments is only a summary, and
shareholders are urged to review the full text of the proposed amendments to the form of
indemnification undertaking and the form of exemption letter, attached hereto as
<B><U>Exhibit A</U></B><U></U> and <B><U>Exhibit B</U></B><U></U>, 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;Our
Audit Committee and Board of Directors approved, and recommend that our shareholders
approve, the amendments to the forms of indemnification undertaking and exemption letter,
the replacement of the indemnification undertakings and exemption letters provided to our
current members of the Board of Directors with the new approved forms and the provision of
such new forms to any of our future directors. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Companies Law, the approval of director compensation requires the affirmative vote
of the holders of a majority of the shares present, in person or by proxy, and voting on
the matter and, in the event the director is also a controlling shareholder, such majority
vote is also required to satisfy at least one of the following conditions: (i) the shares
voting in favor of the matter include at least one-third of the shares voted by
shareholders who do not have a personal interest in the matter or (ii) the total number of
shares voted against the matter does not exceed 1% of the Company&#146;s outstanding
voting rights. </FONT></P>

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

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Shlomo Nehama, our Chairman of the Board and a director nominee, and Messrs. Ran
          Fridrich and Hemi Raphael, members of our Board of Directors and director
          nominees, are each deemed to be our &#147;controlling shareholders&#148; for
          purposes of Section 268 of the Companies Law due to holdings of Nechama
          Investments and Kanir as set forth above, their respective positions with such
          entities and the 2008 Shareholders Agreement. Therefore, pursuant to Sections
          270(4) and 275 of the Companies Law, the approval of this proposal at the
          Shareholders Meeting with respect to Messrs. Nehama, Fridrich and Raphael
          requires the approval of our Audit Committee, Board of Directors and the
          affirmative vote or our shareholders with the special &#147;disinterested&#148;
          majority set forth above. </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 Section 276 of the Companies Law, all shareholders are asked to indicate on the
enclosed proxy card whether or not they have a personal interest in the approval of this
proposal with respect to Messrs. Nehama, Fridrich and Raphael. Under the Companies Law, a
&#147;personal interest&#148; of a shareholder (i) includes a personal interest of any
member of the shareholder&#146;s immediate family (or spouses thereof) or a personal
interest of a company with respect to which the shareholder (or such a family member
thereof) serves as a director or the chief executive officer, owns at least 5% of the
shares or has the right to appoint a director or the chief executive officer and (ii)
excludes an interest arising solely from the ownership of shares in our Company. Mr.
Nehama, Nechama Investments and Kanir all have a &#147;personal interest&#148; in the
approval of this proposal with respect to Messrs. Nehama, Fridrich and Raphael. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
to approve the replacement of the existing form of indemnification undertaking and form of
exemption letter with new undertakings and letters in the forms attached as <B><U>Exhibit
A</U></B><U></U> and <B><U>Exhibit B</U></B><U></U>, respectively, to the Proxy Statement
and the entering of the Company into such indemnification undertakings and exemption
letters with each of its current and future directors who are currently serving and who
will be appointed in the future.&#148; </FONT></P>

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

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



<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>EXTENSION OF THE MANAGEMENT SERVICES AGREEMENT AMONG THE COMPANY, MEISAF BLUE
<BR> &amp; WHITE HOLDINGS LTD. AND KANIR JOINT INVESTMENTS (2005) LIMITED PARTNERSHIP</B> </FONT></P>





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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
March 31, 2008, Meisaf Blue &amp; White Holdings Ltd. (&#147;<B>Meisaf</B>&#148;), an
Israeli company (wholly-owned by Mr. Shlomo Nehama, our Chairman of the Board and a
controlling shareholder) and Kanir (another controlling shareholder who currently has two
representatives on our Board of Directors, Messrs. Hemi Raphael and Ran Fridrich, who also
serves today as our interim CEO) have been providing us management services, in accordance
with the Management Services Agreement approved by our shareholders. Pursuant to the
agreement, Meisaf and Kanir provide management services and advise and provide assistance
to our management concerning our affairs and business. Their efforts are concentrated on
identifying and evaluating suitable business opportunities and strategic alternatives,
including through the acquisition of all or part of an existing business, pursuing
business combinations or otherwise. These efforts have been, and are expected to continue
to be, conducted and overseen by Messrs. Nehama, Fridrich and Raphael. We provide Mr.
Nehama, our Chairman of the Board, and Mr. Fridrich, our interim CEO, with office space
and secretarial services. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration of the performance of the management services and the Board services, Meisaf
and Kanir are paid, in equal parts, an aggregate annual fee in the amount of $250,000, on
a quarterly basis. Meisaf and Kanir are also entitled to receive reimbursement for
reasonable out-of-pocket business expenses borne by them in connection with the provision
of the services, as customary in the Company. In connection with the Management Services
Agreement, the Board representatives of Kanir and Mr. Nehama waived any director fees and
options to purchase our ordinary shares they may be entitled to as a result of their
service on our Board of Directors, and have waived any additional fees or benefits in
connection with the provision of interim CEO services provided by Mr. Ran Fridrich. </FONT></P>


<p align=center>
<font size=2>- 11 -</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
Management Services Agreement approved by the Shareholders is in effect until the earlier
of: (i) the second anniversary of the effective date of the Agreement &#150; March 31,
2010, or (ii) the termination of service of either of the Kanir and Nechama Investments
affiliates on our Board of Directors. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee and the Board of Directors have approved, and recommend that our
shareholders approve, the extension of the Management Services Agreement, until the
earlier of: (i) March 31, 2011, or (ii) the termination of service of either of the Kanir
and Nechama Investments affiliates on our Board of Directors. </FONT></P>

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

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Shlomo Nehama, our Chairman of the Board and a director nominee, Kanir, one of
          our shareholders, and Messrs. Fridrich and Raphael, who are members of our Board
          of Directors and director nominees, are each deemed to be our &#147;controlling
          shareholders&#148; for purposes of Section 268 of the Companies Law due to
          holdings of Nechama Investments and Kanir as set forth above, their respective
          positions with such entities and the 2008 Shareholders Agreement. The Management
          Services Agreement may be deemed to be an &#147;extraordinary transaction&#148;
          in which such &#147;controlling shareholders&#148; have a &#147;personal
          interest&#148;, whether due to the fact that they are parties to the Management
          Services Agreement in the case of Kanir or due to the fact that they control a
          party to the Management Services Agreement in the case of Mr. Nehama. Therefore,
          pursuant to Sections 270(4) and 275 of the Companies Law, the approval of this
          proposal requires the approval of our Audit Committee, Board of Directors and
          the affirmative vote of a majority of our ordinary shares voted in person or by
          proxy at the Shareholders Meeting, which is also required to satisfy at least
          one of the following conditions: (i) the shares voting in favor of the matter
          include at least one-third of the shares voted by shareholders who do not have a
          personal interest in the matter or (ii) the total number of shares voted against
          the matter does not exceed 1% of our outstanding voting rights. </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 Section 276 of the Companies Law, all shareholders are asked to indicate on the
enclosed proxy card whether or not they have a personal interest in the approval of this
proposal. Under the Companies Law, a &#147;personal interest&#148; of a shareholder (i)
includes a personal interest of any member of the shareholder&#146;s immediate family (or
spouses thereof) or a personal interest of a company with respect to which the shareholder
(or such a family member thereof) serves as a director or the chief executive officer,
owns at least 5% of the shares or has the right to appoint a director or the chief
executive officer and (ii) excludes an interest arising solely from the ownership of
shares in our Company. Mr. Nehama, Nechama Investments and Kanir all have a &#147;personal
interest&#148; in the approval of this proposal. </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
to approve the extension of the Management Services Agreement between the Company, Meisaf
and Kanir, as described in the Proxy Statement relating to the Meeting.&#148; </FONT></P>

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

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

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RATIFICATION OF
APPROVAL OF A ONE-FOR-TEN REVERSE SHARE SPLIT AND CORRESPONDING<BR> AMENDMENTS TO THE COMPANY&#146;S MEMORANDUM AND ARTICLES OF
ASSOCIATION </FONT></H1>



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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of our failure to comply with the minimum stockholders&#146; equity requirement
for continued listing, our ordinary shares were delisted from the NASDAQ Capital Market on
May 19, 2005 and are currently quoted in the over-the-counter market in the &#147;Pink
Sheets&#148; under the symbol &#147;EMYCF.PK.&#148; Following the consummation of the sale
of our wide-format printing business to Hewlett-Packard Company (the &#147;<B>HP
Transaction</B>&#148;), as of the date hereof we meet the minimum NASDAQ Global Market
stockholders&#146; equity initial listing requirement. However, we cannot at this time
list our shares on the NASDAQ Global Market due to various reasons, among which are our
lack of operations and the fact that our ordinary shares have traded at prices ranging
between $0.45 and $0.64 in the period January 1, 2009 &#150; November 15, 2009 and
therefore we do not currently meet the minimum NASDAQ Global Market bid price initial
listing requirement. </FONT></P>

<p align=center>
<font size=2>- 12 -</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;Our
Board of Directors believes that a one-for-ten reverse share split, whereby ten of our
ordinary shares, NIS 1.00 nominal value each (the &#147;<B>Old Ordinary Shares</B>&#148;)
will be replaced by one ordinary share, NIS 10.00 nominal value (the &#147;<B>New Ordinary
Share</B>&#148;), is the only effective way to increase our share price to over $4.00 in
order to comply with the minimum bid price initial listing requirements of the NASDAQ
Global Market. Our intention at this time is to implement the reverse share split prior to
the closing of a business combination and to attempt to list our shares on the NASDAQ
Global Market in conjunction with the closing of such business combination. </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
cannot predict if and when our ordinary shares will begin trading on the NASDAQ Global
Market or any other NASDAQ market and cannot assure you that following the reverse share
split the market price per each of our ordinary shares will either exceed or remain in
excess of the $4.00 per share minimum bid price as required to meet the initial listing
requirements for the NASDAQ Global Market. In addition, we cannot predict whether, or
assure you that, we will otherwise meet the initial listing requirements and thereafter
the continued listing requirements of the NASDAQ Global Market.</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;At
our annual shareholders meeting held on December 30, 2008 (the &#147;<B>2008 Shareholders
Meeting</B>&#148;), our shareholders approved the reverse share split described above and
authorized our Board of Directors to determine the effective date of such reverse share
split. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>As
a period of one-year has passed since such approval at the 2008 Shareholders Meeting and
the reverse share split has not occurred, we ask that our shareholders ratify the
resolution approved in the 2008 Shareholders Meeting</B>. For more information concerning
the reverse share split, including possible risks and uncertainties, principal effects
(which have not changed as the number of outstanding shares has not increased), certain
tax considerations, treatment of fractional shares and other technical aspects concerning
the reverse share split, we refer you to the proxy statement published in connection with
the 2008 Shareholders Meeting, as filed with the SEC on December 1, 2008 (on a Form 6-K).
We note that following our application to the Israeli Tax Authority in order to obtain an
advanced tax ruling as to the implications of the reverse share split, as set forth under
the caption &#147;Certain Israeli Tax Consequences,&#148; in the proxy statement published
in connection with the 2008 Shareholders Meeting, we received confirmation, subject to
certain conditions and limitations, that the reverse share split will not be considered as
a sale of the Old Ordinary Shares. We cannot assure you that all conditions set forth in
the confirmation will be met at the time the reverse share split is effected. We expect
that our Board of Directors will take the conditions and limitations that are included in
the ruling that was obtained into consideration when resolving when, and if, to implement
the reverse share split. </FONT></P>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Section 24(1) of the Companies Law, the approval of this proposal requires the
affirmative vote of 75% of the ordinary shares of the Company voted in person or by proxy
at the Shareholders Meeting (due to the fact that it requires the amendment of our
Memorandum). </FONT></P>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
to ratify and approve the reverse share split of the Company&#146;s Ordinary Shares (on
the effective date to be determined by the Board) where each ten Ordinary Shares NIS 1.00
nominal value per share will be consolidated into one single Ordinary Share of NIS 10.00
nominal value, such that the registered share capital of the Company will be divided into
17,000,000 Ordinary Shares NIS 10.00 nominal value each, ranking pari passu in all
respects, as recommended by the Board of Directors. All fractional shares which are
one-half share or more will be increased to the next higher whole number of shares and all
fractional shares which are less than one-half share will be decreased to the next lower
whole number of shares. Concurrently with the reverse share split, it is hereby resolved
to amend Article 4 of the Company&#146;s Articles of Association and Section 4 of the
Company&#146;s Memorandum of Association accordingly, to comply with the reverse share
split effected. To authorize the Company&#146;s Board of Directors to determine the timing
of the reverse share split and also to determine not to implement the reverse share split,
all based on the Company&#146;s Board of Directors&#146; judgment of the Company&#146;s
best interests.&#148; </FONT></P>

<p align=center>
<font size=2>- 13 -</font></p>
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<page>s

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

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

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONSIDERATION OF THE
ANNUAL FINANCIAL STATEMENTS </FONT></H1>

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
required by the Companies Law, our independent auditors&#146; report and audited
consolidated financial statements for the fiscal year ended December 31, 2008, will be
presented for discussion at the Shareholders Meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
audited financial statements for the year ended December 31, 2008 are included in our 2008
Annual Report on Form 20-F, which was filed with the SEC on March 31, 2009. The 2008
Annual Report is also available on our website at <U>http://www.ellomay.com</U>. You may
also read and copy this report at the SEC&#146;s public reference room at 100 F Street,
N.W., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the public reference room. Our reports to the SEC are also available to the
public at the SEC&#146;s website at <U>http://www.sec.gov</U>. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This item will not
involve a vote of the shareholders. </FONT></H1>

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

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors is not aware of any other matters that may be presented at the
Shareholders Meeting other than those mentioned in the attached Company&#146;s Notice of
Annual Meeting of Shareholders. If any other matters do properly come before the
Shareholders Meeting, it is intended that Ran Fridrich and Kalia Weintraub, the persons
named as proxies, or either one of them, will vote the shares in accordance with his
discretionary authority and best judgment. </FONT></P>

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<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By Order of the Board of Directors,<BR>
<BR>By: /s/ <I>Shlomo Nehama</I><BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Shlomo Nehama<BR>Chairman of the Board of Directors </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tel Aviv, Israel<BR>November 2009</FONT></P>




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




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

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Ellomay Capital
Letterhead] </FONT></P>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Date] </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Name] </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U><Strike>Letter of </Strike>Indemnification Undertaking</U> </FONT> </P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear [Name]: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<Strike>In
consideration of your agreement to serve as a director of</Strike><U>We, the undersigned,</U> Ellomay
Capital Ltd<Strike>., we</Strike><U>,</U> hereby <U>irrevocably and (except as set forth in section 3 below)
unconditionally, </U>agree <U>and undertake </U>to indemnify you for <Strike>certain </Strike>potential <U>losses, costs,
fines, </U>liabilities<Strike> for</Strike><U>, claims, penalties,</U> damages <Strike>and&nbsp;</Strike><U>,&nbsp;</U>expenses, <Strike>which may result from a
breach of certain of your duties</Strike><U>payments and other amounts
(&#147;<B>Liabilities</B>&#148;), that you pay, or become obligated to pay, incur or
suffer pursuant</U> to<Strike> the Company.</Strike><U>, or in connection with, your capacity as an Office Holder,
or any demands or claims which arise from, or are related to, your capacity as an Office
Holder, as set forth below.</U> By <U>counter-</U>signing this <Strike>letter agreement</Strike><U>indemnification
undertaking (this &#147;<B>Undertaking</B>&#148;)</U>, you thereby indicate your acceptance to
the terms of this <Strike>letter agreement</Strike><U>Undertaking</U>. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this <Strike>letter agreement</Strike><U>Undertaking</U>, references to the
&#147;<B>Company</B>&#148;, &#147;<B>us</B>&#148; or &#147;<B>we</B>&#148; refer to
Ellomay Capital Ltd. and references to &#147;<B>Office Holder</B>&#148; or
&#147;<B>you</B>&#148; shall refer to you in your capacity as an <Strike>officer or director</Strike><U>Office
Holder</U> of the Company<U> and/or another entity in which the Company holds shares or has
interests and has requested your service as an Office Holder in such entity, and your
heirs, executors and administrators</U>. </FONT> </P>

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

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In this <Strike>letter agreement</Strike><U>Undertaking</U> the following capitalized terms shall have
meaning as set forth below: </FONT> </P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;1.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Action</B><Strike>&#148;</Strike><U>&#148;,</U> or any derivative <Strike>of </Strike>thereof<U>,</U> shall <U>also </U>include <Strike>a</Strike><U>any</U> decision <U>to act or not to
act </U>or a failure to act, and including your Actions before the date of this
<Strike>letter agreement</Strike><U>Undertaking</U> that were made during the term you served as an
Office Holder in the Company<U> and/or another entity in which the Company holds
shares or has interests and in which you serve as an Office Holder at the
Company&#146;s request</U>. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Companies
Law</B>&#148; means the Companies Law, 5759 &#150; 1999, as           amended from time
to time.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.3.<strike> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Litigation
Expenses</B>&#148; means reasonable litigation expenses,           including attorney&#146;s
fees, incurred by you or imposed upon you by a court,           in a claim brought
against you by the Company or on its behalf or by another           person, or in a
criminal claim in which you were acquitted, or in a criminal           claim in which you
were convicted of a crime that does not require proof of           criminal intent</strike>  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<strike>1.4.</strike> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Office
Holder</B>&#148; as defined in the Companies Law.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Obligation to Indemnify</U> </FONT> </H1>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Without limiting the Company&#146;s right to indemnify you in accordance with
the Company&#146;s Amended and Restated Articles of Association, <U>as amended and
restated from time to time, </U>the Company hereby <U>irrevocably and (except as set
forth in section 3 below) unconditionally agrees, obliges and</U> undertakes, with
no right to renege: </FONT> </P>


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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;2.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
indemnify you for future <U>Liabilities, </U>obligations or expenses, as specified
below, imposed on you <U>or that you become liable to pay </U>in consequence<U>, directly
or indirectly,</U> of an <Strike>act</Strike><U>Action</U> done in your capacity as an Office Holder of the
Company or in consequence of being an Office Holder (in either cases whether
arising after or prior to the date hereof), <Strike>pursuant to the Company&#146;s
request, </Strike><U>in the Company or </U>in another <Strike>company</Strike><U>entity</U> in which the Company holds
shares or has interests, as specified in this Section below: </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;2.1.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
monetary <Strike>obligation</Strike><U>Liability</U> imposed on you or incurred by you in favor of
another person pursuant to a judgment, including a judgment given in settlement
or a court approved <Strike>settlement of an </Strike>arbitrator&#146;s award, provided that
such <Strike>obligation </Strike><U>Liability </U>is related<U>, directly or indirectly,</U> to one or more of
the events specified in <U><B>Exhibit A</B></U> of this <Strike>letter
agreement</Strike><U>Undertaking</U> and that the total indemnification amount will not exceed
the amount specified in Section 2.2 below; </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;2.1.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reasonable
<U>litigation expenses, including </U>legal fees, <Strike>including attorney&#146;s fees,
</Strike>incurred by you in consequence of an investigation or proceeding filed <U>or
conducted </U>against you by an authority that is <Strike>authorize to </Strike><U>authorized to file
or </U>conduct such investigation or proceeding, and that resultedended without
filing an indictment against you and without imposing on you financial
obligation in lieu of a criminal proceeding, or that <Strike>resulted</Strike><U>ended</U> without
filing an indictment against you but with imposing on you a financial
obligation <Strike>as an alternative to</Strike><U>in lieu of</U> a criminal proceeding in respect of
an offense that does not require the proof of criminal <Strike>intent</Strike><U>thought (&#147;<I>Machshava
Plilit</I>&#148;)</U>. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes <Strike>hereof</Strike><U>of this Section 2.1.2</U>: (i) a proceeding that ended without <U>filing </U>an
indictment in a matter in respect of a which an investigation was <Strike>conducts</Strike><U>conducted</U>,
means &#150; closing the <Strike>case</Strike><U>file</U> pursuant to Section 62 of the Criminal Procedure <Strike>Act</Strike><U>Law
</U>[Combined Version] 5742 &#150; 1982 (the &#147;<B>Criminal Procedure <Strike>Act</Strike><U>Law</U></B>&#148;) or
a stay <U>(postponement) </U>of proceedings by the <Strike>Administrator</Strike><U>Attorney</U> General pursuant to
Section 231 of the Criminal Procedure <Strike>Act</Strike><U>Law</U>; and (ii) &#147;Financial obligation in lieu
of a criminal proceeding,&#148; means &#150; a financial obligation imposed by law as an
alternative to a criminal proceeding, including an administrative fine pursuant to the
Administrative Offenses <Strike>Act</Strike><U>Law</U> 5746 &#150; 1985, a fine with respect to an offense which
was <Strike>defined</Strike><U>determined</U> as a &#147;finable offense&#148; under the Criminal Procedure
<Strike>Act</Strike><U>Law</U>, a <Strike>fine</Strike><U>monetary sanction</U> or a forfeit<U> (&#147;<I>Koffer</I>&#148;)</U>. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;2.1.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reasonable
litigation <Strike>costs</Strike><U>expenses</U>, including <Strike>attorney&#146;s </Strike><U>legal </U>fees, incurred by you
or which you are ordered to pay by a court, in <Strike>a </Strike>proceedings filed against you
by the Company<U>,</U> or on its behalf<U>,</U> or by another person, or in a criminal charge
of which <Strike>he is</Strike><U>you were</U> acquitted, or in a criminal charge of which you are
convicted of an offence that does not require proof of criminal <Strike>intent</Strike><U>thought</U>. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<Strike>2.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate indemnification amount that the Company shall pay to its Office Holders (in</Strike><U> 2.1.4
Any other Liability and/or litigation expenses (including legal fees), which, according
to applicable law and the Company&#146;s Amended and Restated Articles of Association,
each as shall be in effect from time to time, the Company could indemnify an Office
Holder for.</U> </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<U>2.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate indemnification amount payable by the Company pursuant to Section
2.1.1 above (beyond, and in </U>addition to<U>,</U> sums <Strike>that may be received from </Strike><U>payable
to you from </U>insurance companies in connection with insurance policies that the
Company has purchased<Strike>)</Strike><U> ), shall not exceed, in the aggregate </U>pursuant to all
the letters of indemnification that <Strike>shall be</Strike><U>were</U> issued by the Company<Strike>, shall
not exceed&nbsp;</Strike><U>&nbsp;to its Office Holders, </U>an amount equal to <Strike>equal to </Strike>the higher of <U>(i)
</U>fifty percent (50%) of the Company&#146;s net equity <U>at the time of
indemnification, as reflected on its most recent financial statements at such
time, </U>or <Strike>to</Strike><U>(ii)</U> the Company&#146;s <Strike>one time </Strike>annual revenue in the year prior to
the <Strike>date of the claim with regard to a final judgment by a competent court, and
three million United States dollars (US$3,000,000) with regard to Litigation
Expenses </Strike><U>time of indemnification, </U>(the <B>&#147;The Maximum Indemnification
Amount</B>&#148;). </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;2.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the indemnification amount the Company is required to pay to <Strike>its
Office Holders</Strike><U>you</U>, as set forth in Section 2<U>.1</U>.1 above, exceeds the Maximum
Indemnification Amount (as existing at that time), the Maximum Indemnification
Amount or its remaining balance will be divided pro rata between the Office
Holders entitled to indemnification, <Strike>in the manner that the amount of
indemnification that each of the Office Holders will actually receive will be
calculated in accordance with</Strike><U>based on</U> the ratio between the amount each
individual Office Holder <Strike>may be indemnified for, </Strike><U>is eligible to receive </U>and the
aggregate amount <Strike>that</Strike><U> payable to </U>all Office Holders <strike>may be indemnified for </strike>at
the time of the indemnification. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>2</font></p>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;2.4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of an event by virtue of which you are likely to be entitled to
indemnification, the Company shall advance to you, from time to time<U> (but no
later than ten (10) days from your request)</U>, the funds required to cover the
expenditures and payments related to handling the <Strike>legal</Strike> proceeding <U>or
investigation </U>related to such event<U> (including legal fees and expenses)</U>, in a
manner that you shall not be required to pay for or personally finance <U>such
expenditures and payments (including </U>your legal <U>fees and </U>expenses<U>)</U>, subject to
the conditions and instructions in this <Strike>letter agreement.</Strike><U>Undertaking.</U> </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
will not be indemnified for any of the following:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;2.5.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
breach of a fiduciary duty<Strike> by the Beneficiary</Strike>, except for a breach of a
fiduciary duty while acting in good faith and having reasonable grounds to
assume that such act would <Strike>be in the best interests of</Strike><U>not harm</U> the Company; </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;2.5.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<Strike>A
willful breach of the duty of care or reckless disregard for the circumstances
or to the consequences of a breach of the duty of care towards the Company,
unless only done in negligence;</Strike><U>A breach of the duty of care towards the
Company, caused intentionally or recklessly, except for a breach done in
negligence only;</U> </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;2.5.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<Strike>an</Strike><U>An
</U>act done with intent to make unlawful personal profit; or </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;2.5.4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<Strike>a
</Strike><U>A</U> fine<U>, forfeiture</U> or monetary penalty imposed upon you. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<U>2.6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
part of the Company&#146;s undertakings in accordance with this Undertaking, the Company
shall also&nbsp;produce any collateral, security, bond or other guarantee that you shall
be required to produce as&nbsp;a result of any&nbsp;interim legal procedure (as long as&nbsp;the&nbsp;Company
shall not be required to produce any&nbsp;collateral security or other guarantee in the
event of a criminal procedure involving&nbsp;the proof of&nbsp;criminal thought) (the <B>&#147;Securities&#148;</B>),
including any Securities that shall be required for the substitution of any&nbsp;encumbrances
on any of your assets, provided, that the total amount of outstanding&nbsp;Securities,
provided to you or to any other Office Holders of the Company, including seized
Securities, together with the total monies&nbsp;received&nbsp;by you and other Office
Holders in accordance with this Undertaking and similar undertakings provided by the
Company, shall not&nbsp;exceed the&nbsp;Maximum Indemnification&nbsp;Amount.</U> </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Conditions to
Indemnification</U> </FONT> </H1>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The obligation to indemnify in accordance with this <Strike>letter agreement</Strike><U>Undertaking
</U>is subject <U>only </U>to the conditions set forth in this Section 3: </FONT> </P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;3.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
shall notify the Company in writing of every legal proceeding that <Strike>may be </Strike><U>is
</U>brought against you in connection with any event that may entitle you to
indemnification, and of every warning made to you in writing pertaining to
legal proceedings that may be commenced against you. This notice shall be made
in a timely manner, <Strike>immediately</Strike><U>as soon as practicable</U> after you shall first be
aware of such proceedings or warning, and you shall provide the Company or, the
person designated by the Company, all documents in connection with such
proceedings. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;3.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of an event that may entitle you to indemnification, you may
appoint counsel of your choice, unless such counsel is reasonably deemed
unacceptable by the Company<U> (in which case you will select another counsel)</U>,
and provided that you inform the Company <Strike>immediately</Strike><U>as soon as practicable</U> of
the identity of the counsel. If you do not inform the Company of your choice of
counsel <Strike>immediately</Strike><U>as soon as practicable</U> after the need to retain arises, the
Company may (but is not obligated to) appoint counsel on your behalf, within
forty-five (45) days from the time of receiving the notice described in Section
3.1 above (or within a shorter period of time if the matter requires filing a
response in any proceeding<Strike>). The</Strike><U>); provided, however, that in the event that a
conflict of interest shall arise between you and the</U> Company<Strike> will not</Strike><U> , you
shall be entitled to </U>appoint counsel on your behalf in <Strike>criminal cases. The
</Strike><U>addition to such </U>Company<Strike> and/or the aforementioned counsel shall be entitled to
act with their exclusive discretion and to bring the proceeding to a close. The
</Strike><U>-</U>appointed counsel<U>, and the provisions of this Undertaking</U> shall <Strike>act</Strike><U>apply to
fees</U> and <strike>shall owe its duty of loyalty to the Company and to you. In the event
that a conflict of interest shall arise between you and the Company, you shall
inform the Company of such conflict of interest and shall be entitled to
appoint counsel on your behalf, and the provisions of this letter agreement
shall apply to </strike>expenses you may incur as a result of such appointment. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;3.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<Strike>The</Strike><U>Subject
to your prior written consent, which shall not be unreasonably withheld, the</U> Company may decide to settle a monetary obligation <Strike>or to arbitrate</Strike><U>in</U> a <Strike>monetary
obligation, provided that </Strike><U>civil proceeding. Your consent shall not be deemed
unreasonably withheld if, </U>as a result of such settlement<Strike> or arbitration</Strike>, the
lawsuit or the threat of a lawsuit against you shall <U>not </U>be fully <Strike>withdrawn.
Following the Company&#146;s request, you shall sign </Strike><U>and irrevocably dismissed,
and </U>any <Strike>document that shall empower the Company and/or the abovementioned
counsel to act</Strike><U>cause of action underlying such lawsuit or threat waived and
released, without imposition</U> on <Strike>your behalf with regard to your defense in the
above-mentioned proceedings and to represent </Strike><U>you of any Liability that is not
fully indemnifiable hereunder.</U> </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<U>3.4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and </U>you <strike>in all matters pertaining to these proceedings.</strike> </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<Strike>3.4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
</Strike>shall cooperate with <Strike>the Company </Strike><U>each other </U>and with any counsel as set forth
above in every manner that shall reasonably be required <strike>from you by any of them
</strike>in connection with the handling of such legal proceedings, provided, that the
Company shall cover all of your reasonable out-of-pocket expenses, subject to
Section 3.2 above. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
will not be indemnified for amounts you shall be required to pay as a result           of
a settlement<strike> or arbitration</strike>, unless the Company agrees, in writing, to the
          settlement<strike> or to the arbitration</strike>.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;3.6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not be required to pay, according to this <Strike>letter
agreement</Strike><U>Undertaking</U>, monies that were actually paid to you, or on your behalf
or in your stead, through an insurance policy that the Company procured or
through an obligation to any indemnification that was made by any other person
other than the Company. For avoidance of doubt, it shall be clarified that the
indemnification amount according to this <Strike>letter agreement</Strike><U>Undertaking</U> shall be
independent of, and in addition to, the amount that shall be paid (if paid)
pursuant to an insurance policy and/or any other indemnification. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;3.7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
your request for an execution of a payment in connection to any event according
to this <Strike>letter agreement</Strike><U>Undertaking</U>, the Company shall take all <Strike>commercially
reasonable </Strike>steps according to applicable law to pay such payment and will do
all that is required to obtain any approval that is required. If any required
approval is not given for any reason, a payment, or any part of it, that will
not be approved, as said above, shall be subject to the approval of a court and
the Company shall take all <Strike>commercially reasonable</Strike><U>legal</U> steps to attain the
court&#146;s approval. <U>If any amount due to you pursuant to this Undertaking is
not paid to you, fully and timely (and in no event later than thirty (30) days
of your request), by the Company, you may, at any time thereafter, bring an
action against the Company to recover the unpaid amount and you shall also be
entitled to be paid for (and/or advanced) the reasonable litigation expenses
(including legal fees) of bringing such action.</U> </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s obligations according to this <Strike>letter agreement</Strike><U>Undertaking</U> shall remain valid even if you have ceased to be an Office Holder of the
Company, <U>for any reason whatsoever, </U>provided that acts for which you are given a
commitment of indemnification were performed during the time you served as an
Office Holder of the Company. </FONT> </P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Reimbursement of the
Company</U> </FONT> </H1>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that the Company shall pay to you or in your place any amount
pertaining to this <Strike>letter agreement</Strike><U>Undertaking</U> in connection with a legal
proceeding, and afterwards it shall be determined that you are not entitled to
any indemnification from the Company, you shall be required to repay such
amounts, plus (i) linkage differentials linked to the Israeli Consumer Price
Index; and (ii) interest <Strike>as </Strike><U>at the minimum rate </U>determined <Strike>in accordance with
the </Strike><U>from time to time for purposes of Section 3(i) of the </U>Income Tax <Strike>Regulations
(Determination of the Interest Rate), 1985, as amended from time to
time.</Strike><U>Ordinance, 1961.</U> You will be required to repay these sums to the Company
when requested to do so in writing by the Company and in accordance with a
payment schedule that the Company shall <U>reasonably </U> determine.</FONT> </P>


<p align=center>
<font size=2>4</font></p>
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<page>

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

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<U>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company shall maintain insurance with a reputable insurer to insure your
liability for an obligation imposed on you in consequence of an act done in your
capacity as an Office Holder of the Company, in any of the following cases:</U> </FONT> </P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<U>6.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
breach of the duty of care towards the Company or towards another person.</U> </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<U>6.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
breach of fiduciary duty towards the <Strike>c</Strike>Company, provided that you acted
in good faith and had reasonable basis to assume that the act would not harm
the Company.</U> </FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<U>6.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
monetary obligation imposed on you in favor of another person.</U> </FONT> </P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
abovementioned insurance for all of the Office Holders of the Company shall be in the
total amount of not less than US$10,000,000 (ten million US Dollars). The Company
undertakes to maintain such insurance during the period you serve as an Office Holder of
the Company and for a period of 7 (seven) years commencing on the day you have ceased from
serving as an Office Holder of the Company.</U> </FONT> </P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Non-Exclusivity</U> </FONT> </H1>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<U>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indemnification provided by this Undertaking shall not be deemed exclusive
of any rights to which you may be entitled under the Company&#146;s
organizational documents, any agreement, any resolution of the Board or vote of
shareholders, applicable law, or otherwise, both as to action in your official
capacity and as to action in another capacity while holding such office.</U> </FONT> </P>

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

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<Strike>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This letter agreement and <U><B>Exhibit A</B></U> constitute the entire
understanding and agreement between the Company and you regarding your
indemnification by the Company for certain potential liabilities for damages and
expenses, and it supersedes any and all prior discussions, representations,
agreements and correspondence with regard to the subject matter hereof, and</Strike><U>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If, at the time of receipt of a notice by the Company pursuant to Section 3.1
above, the Company has a directors and officers liability insurance in effect,
the Company will give prompt notice of the proceedings to the insurers in
accordance with the procedures set forth in the policies and shall thereafter
take all necessary or desirable action to cause such insurers to pay, on your
behalf, all amounts payable as a result of such proceeding in accordance with
the terms of such policies.</U> </FONT> </P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<U>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Undertaking</U> may not be <U>cancelled, </U>amended, modified or supplemented in any
respect, except by a subsequent writing executed by both <Strike>parties hereto</Strike><U>the
Company and you</U>. </FONT> </P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<Strike>7</Strike><U>10</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The headings of the paragraphs of this <Strike>letter agreement</Strike><U>Undertaking</U> are inserted
for convenience only and shall not be deemed to constitute part of this
agreement or to affect the construction thereof. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<Strike>8</Strike><U>11</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s obligations according to this <Strike>letter agreement</Strike><U>Undertaking</U> shall be interpreted broadly and in a manner that shall facilitate its
<Strike>execution, to the</Strike><U>implementation, to the fullest</U> extent permitted by law, and for
the purposes for which it was intended. In the event of a conflict between any
provision of this <Strike>letter agreement</Strike><U>Undertaking</U> and any provision of law that
cannot be superseded, changed or amended, such provision of law shall supersede
the specific provision in this <Strike>letter agreement</Strike><U>Undertaking</U>, but shall not limit
or diminish the validity of the remaining provisions of this <Strike>letter
agreement</Strike><U>Undertaking</U>. </FONT> </P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<Strike>9</Strike><U>12</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither this <Strike>letter agreement</Strike><U>Undertaking</U> nor any part thereof may be assigned or
transferred to any third party and may not be relied upon by any third party,
including, but not limited to, any insurance company.<U> This Undertaking shall be
binding upon the Company and its successors and assigns and shall inure to your
benefit and the benefit of your heirs, executors and administrators.</U> </FONT> </P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;<Strike>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This letter agreement</Strike><U>13. This Undertaking</U> may be executed in any number of
counterparts, each of which shall be deemed an original and enforceable against
the parties actually executing such counterpart, and all of which together shall
constitute one and the same instrument. This <Strike>letter</Strike><U>undertaking</U> may be executed
by facsimile transmission. </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;<Strike>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This letter agreement</Strike><U>14. This Undertaking</U> shall be governed by, interpreted and
construed in accordance with the laws of the State of Israel. The competent
courts in Tel Aviv, Israel shall have sole and exclusive jurisdiction regarding
any dispute or claim arising hereunder. </FONT> </P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<U>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          All notices and other communications under this Undertaking shall be in writing
          and shall be deemed duly given (i) if delivered by hand and receipted for by the
          party addressee, on the date of such receipt, or (ii) if mailed in Israel by
          domestic registered mail with postage prepaid, on the third business day after
          the date postmarked. Addresses for notice to either party are as shown on the
          signature page of this Undertaking, or as subsequently modified by written
          notice.</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
indicate your acceptance to the terms of this <Strike>letter agreement</Strike><U>Undertaking</U> by signing and
dating them and returning a counterpart hereof to us. </FONT></P>




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<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sincerely,<BR><BR>Ellomay Capital Ltd.<BR><BR>
By:<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name:    [Name]<BR>Title: &nbsp;&nbsp;[Title]</FONT></TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I agree to all terms of this <Strike>letter
agreement</Strike><U>Undertaking</U>: </FONT> </P>

<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></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>
     <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=10% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Signature:</FONT></TD>
     <TD WIDTH=90% 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>Name:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>[Name]</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Date:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>[Date]</FONT></TD></TR>
</TABLE>
<BR>

<p align=center>
<font size=2>6</font></p>
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<page>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Exhibit A &#150;
Indemnifiable Events</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Subject to any provision of the law,
the events are as follows<U>, including any claim or demand of the following</U>: </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The issuance of securities including, but not limited to, the offering of
          securities to the public according to a prospectus, a private offering, the
          issuance of bonus shares or any other manner of security offering. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<Strike>A</Strike><U>Any</U> &#147;<B>Transaction</B><Strike>&#148;</Strike><U>&#148;,</U> as defined in Section 1 of the
Companies Law, including <U>any Transaction not in the ordinary course of business,
including </U>the negotiation for, the signing and the performance of<Strike> a</Strike><U> such
</U>transaction,<U> including </U>transfer, sale, purchase or pledge of assets or
liabilities (including securities), or the receiving of any right in any one of
the above, receiving credit, granting securities and any Action connected
directly or indirectly with such a Transaction. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any filing or announcement required by Companies Laws and/or applicable
          securities laws and/or according to rules and/or regulations adopted by any
          Stock Exchange the Company&#146;s securities are traded in. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any decision regarding distribution, as defined in the Companies Law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A change in the structure of the Company or the reorganization of the Company or
          any decision pertaining to these issues including, but not limited to, a merger,
          a split, a settlement between the Company and its shareholders and/or creditors,
          a change in the Company&#146;s capital, the establishment of subsidiaries and
          their liquidation or sale, an allotment or distribution. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          An announcement, a statement, including a position taken, or an opinion made in
          good faith by an officer in the course of his duties and in conjunction with his
          duties, including during a meeting of the Company&#146;s board of directors or
          one of its committees. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          An Action made in contradiction to the Company&#146;s Memorandum of Association
          or Amended and Restated Articles of Association. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any <Strike>action</Strike><U>Action</U> or decision in relation to employer-employee relations,
including the negotiation for, signing and performance of individual or
collective employment agreements and other employees benefits (including
allocation of securities to employees). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any <Strike>action</Strike><U>Action</U> or decision in relation to work safety and/or working
conditions. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Negotiation for, signing and performance of insurance policy. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any of the above events, pursuant to the Office Holder&#146;s position in an
affiliated <Strike>corporation</Strike><U>entities</U> or in <Strike>a corporation</Strike><U>an entity</U> controlled by the
Company. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any claim or demand made by a customer, suppliers, contractors or other third
          parties transacting any form of business with the Company, its subsidiaries or
          affiliates, in the ordinary course of their business, relating to the
          negotiations or performance of such transactions, representations or inducements
          provided in connection thereto or otherwise. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Participation and/or non participation at the Company&#146;s meetings of the
          board of directors, bona fide expression of opinion and/or voting and/or
          abstention from voting at the Company&#146;s meetings of the board of directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any claim or demand made under any securities laws or by reference thereto, or
          related to the failure to disclose any information in the manner or time such
          information is required to be disclosed pursuant to such laws, or related to
          inadequate or improper disclosure of information to shareholders, or prospective
          shareholders, or related to the purchasing, holding or disposition of securities
          of the Company or any other investment activity involving or affected by such
          securities, including any actions relating to an offer or issuance of securities
          of the Company or of its subsidiaries and/or affiliates to the public by
          prospectus or privately by private placement, in Israel or abroad, including the
          details that shall be set forth in the documents in connection with execution
          thereof. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any claim or demand made for actual or alleged infringement, misappropriation or
          misuse of any third party&#146;s intellectual property rights including, but not
          limited to confidential information, patents, copyrights, design rights, service
          marks, trade secrets, copyrights, misappropriation of ideas by the Company, its
          subsidiaries or affiliates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any claim or demand made by any third party suffering any personal injury and/or
          bodily injury and/or property damage to business or personal property through
          any act or omission attributed to the Company, its subsidiaries or affiliates,
          or their respective employees, agents or other persons acting or allegedly
          acting on their behalf. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any claim or demand made directly or indirectly in connection with complete or
          partial failure, by the Company or any subsidiary or affiliate thereof, or their
          respective directors, officers and employees, to pay, report, keep applicable
          records or otherwise, of any foreign, federal, state, country, local, municipal
          or city taxes or other compulsory payments of any nature whatsoever, including
          without limitation, income, sales, use, transfer, excise, value added,
          registration, severance, stamp, occupation, customs, duties, real property,
          personal property, capital stock, social security, unemployment, disability,
          payroll or employee withholding or other withholding, including any interest,
          penalty or addition thereto, whether disputed or not. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any administrative, regulatory or judicial actions, orders, decrees, suits,
          demands, demand letters, directives, claims, liens, investigations proceedings
          or notices of noncompliance or violation by any governmental entity or other
          person alleging potential responsibility or liability (including potential
          responsibility or liability for costs of enforcement, investigation, cleanup,
          governmental response, removal or remediation, for natural resources damages,
          property damage, personal injuries, or penalties or contribution,
          indemnification, cost recovery, compensation, or injunctive relief) arising out
          of, based on or related to (a) the presence of, release spill, emission,
          leaking, dumping, pouring, deposit, disposal , discharge, leaching or migration
          into the environment (each a &#147;<B>Release</B>&#148;) or threatened Release
          of, or exposure to, any hazardous, toxic, explosive or radioactive substance,
          wastes or other substances or wastes of any nature regulated pursuant to any
          environmental law, at any location, whether or not owned, operated, leased or
          managed by the Company or any of its subsidiaries, or (b) circumstances forming
          the basis of any violation of any environmental law, environmental permit,
          license, registration or other authorization required under applicable
          environmental and/or public health law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any administrative, regulatory or judicial actions, orders, decrees, suits,
          demands, demand letters, directives, claims, liens, investigations, proceedings
          or notices of noncompliance or violation by any governmental entity or other
          person alleging the failure to comply with any statute, law, ordinance, rule,
          regulation, order or decree of any of its subsidiaries and/or affiliates, or any
          of their respective business operations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Actions in connection with the Company&#146;s testing of products and/or in
          connection with the sale, distribution, license or use of such products. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Act or omissions resulting in the failure to maintain appropriate insurance
          and/or inadequate safety measures and/or a malpractice of risk management. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<strike>***</strike>  </FONT></P>


<p align=center>
<font size=2>8</font></p>
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<page>




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

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Ellomay Capital
Letterhead] </FONT></P>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Date] </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Name] </FONT></P>


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

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U><B><Strike>Exculpation</Strike>Exemption from <Strike>Certain </Strike>Breaches of Duty of Care</B></U> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><Strike>In consideration of your agreement to
serve as a director of</Strike><U>We, the undersigned,</U> Ellomay Capital Ltd.,<Strike> we</Strike> hereby <Strike>agree to
exculpate</Strike><U>irrevocably and unconditionally exempt</U> you<U>, in advance,</U> from <Strike>certain potential
</Strike><U>all of your </U>liabilities for <U>any and all losses, costs, fines, claims, penalties, </U>damages,
<U>expenses, payments and other amounts <B>(&#147;Liabilities</B>&#148;), </U>which may result<U>,
directly or indirectly,</U> from a breach of <Strike>certain</Strike><U>your duty</U> of <Strike>your duties</Strike><U>care</U> to the
Company<U>, as set forth herein</U>. By <Strike>signing</Strike><U>acknowledging</U> this letter<Strike> agreement</Strike>, you thereby
indicate your acceptance to the terms of this letter <Strike>agreement</Strike>. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For purposes of this letter<Strike> agreement</Strike>, references to the &#147;<B>Company</B>&#148;, &#147;<B>us</B>&#148; or
&#147;<B>we</B>&#148; refer to Ellomay Capital Ltd. and references to &#147;<B>Office
Holder</B>&#148; or &#147;<B>you</B>&#148; shall refer to you in your capacity as an
officer or director of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>Duty of Care; Obligation
to Exculpate</Strike>Exemption</U> </FONT> </H1>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><Strike>1.</Strike></FONT></TD>
          <TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><Strike>Under the provisions of the Companies Law, 5759-1999 (the &#147;<B>Companies
Law</B>&#148;), you owe a duty of care to the Company in </Strike><U>Subject to the
restrictions imposed by the Companies Law, and the limitations set forth herein,
but without derogating from any of </U>your <Strike>capacity, and as a result of your
position as Office Holder. This duty of care requires you to avoid negligent
acts and act with the same skill, prudence and acumen that a reasonably prudent
officer and/or director would act under similar circumstances. This includes,
among others, the duty to utilize reasonable means to seek out, obtain</Strike><U>rights
under applicable law, the Company hereby irrevocably</U> and <Strike>review appropriate
information regarding (a) actions which you undertake in </Strike><U>unconditionally exempts
you in advance from all of your liability for any and all Liabilities which may
result, directly or indirectly, from a breach of your duty of care towards the
Company, to </U>the <Strike>name of</Strike><U>fullest extent permitted by law (including, without
limiting</U> the <Strike>Company or in your position as an officer and/or directorgenerality
of the Company, and (b) corporate action for which your approval is sought or
which is performed by you by virtue of your position as an officer and/or
director of the Company.</Strike> </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"><U><Strike>2.</Strike>1.</U> </FONT></TD>
          <TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><Strike>Subject to the restrictions imposed by the Companies Law, the Company&#146;s
Amended and Restated Articles of Association, and the limitations set forth
herein and subject to your good faith attempt to comply with such duty, the
Company hereby undertakes to exculpate you from your liability for any and all
damages sustained by the Company as a result of a breach of your duty of care
towards the Company, including</Strike><U>foregoing,</U> damages sought through a derivative
action filed by a director or shareholder on the Company&#146;s behalf, except
for derivative actions filed by you in your capacity as a director<U>)</U>. </FONT> </TD>
          </TR>
          </TABLE>
          <BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">To
the extent you hold or will hold office as an Office Holder of any of its wholly owned
subsidiaries (the <B>&#147;Subsidiaries</B>&#148;) and subject to the applicable laws of
the Subsidiaries, the Company further undertakes to use its best efforts to cause the
Subsidiaries to <Strike>exculpate</Strike><U>exempt</U> you from breaches of your duty of care towards them under
the terms of this letter <Strike>agreement </Strike>or similar terms permitted under applicable law. </FONT> </TD>
</TR>
</TABLE>
<BR>

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

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>3.</Strike>2.</U> </FONT></TD>
          <TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">No <Strike>exculpation</Strike><U>exemption</U> under this letter <Strike>agreement </Strike>will be valid or available
in the event that: </FONT> </TD>
          </TR>
          </TABLE>
          <BR>


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

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>3.1.</Strike>2.1.</U> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>you
<Strike>are entitled to </Strike>receive payment under an insurance policy with respect to           the
breach of duty of care giving rise to such liability, other than amounts           which
are in excess of such insurance coverage; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>2.2.</U> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>you
breached your fiduciary duty towards the Company;</U> </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>3.2.</Strike>2.3.</U> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><Strike>the
</Strike><U>you</U> breach<U>ed</U> <Strike>of </Strike>your duty of care towards the Company <Strike>was committed
</Strike>intentionally or recklessly<U>, except for a breach done in negligence only</U>; or </FONT> </TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>3.3.</Strike>2.4.</U> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>you
acted with intent to make unlawful personal profit. </FONT></TD>
</TR>
</TABLE>
<BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>4.</Strike>3.</U> </FONT></TD>
          <TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">The Company&#146;s obligations hereunder shall commence on the <Strike>latter of (a) the
date on which the amendment of the Company&#146;s Amended and Restated Articles
of Association permitting the exculpation hereunder was approved, (b) the </Strike>date
on which you commenced your office or employment as an Office Holder (the
<B>&#147;Effective Date</B>&#148;) and will continue after termination of your
office or employment by the Company<Strike>, only</Strike> with respect to actions or omissions
giving rise to liability covered by the terms of this letter <Strike>agreement </Strike>and which
occur on or after the Effective Date and <Strike>prior to</Strike><U>through</U> the termination of your
office or employment<Strike>, provided, however, that any such cause of action giving
rise to the breach of your duty of care is predicated on your being or having
been an Office Holder of the Company</Strike>. </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><Strike>5.</Strike></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <Strike>In addition, as an Office Holder of the Company you will have access to the
          Company&#146;s Proprietary Information (as defined below). The confidentiality
          of the Proprietary Information is necessary and essential to protect the
          Company&#146;s business. Therefore, no exculpation will be available under this
          letter agreement with respect to any unauthorized disclosure by you of the
          Proprietary Information committed in negligence actions or omissions or willful
          misconduct.</Strike> </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<Strike>For
the purpose of this letter agreement &#147;<B>Proprietary Information</B>&#148; means
confidential information concerning the business and financial activities of the Company,
including information relating to technologies and products (actual or planned), research
and development activities, trade secrets and industrial secrets, and also confidential
commercial information such as investments, investors, employees, customers, suppliers,
marketing plans, etc.</Strike> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<Strike>Proprietary
Information shall not be deemed to include any and all information disclosed by the
Company that (a) was known to you prior to your association with the Company, (b) is or
shall become part of the public knowledge, except as a result of the breach of your
confidentiality obligations to the Company, (c) reflects information and data generally
known in the industries or trades in which the Company operates, or (d) shall be required
to be disclosed by law, governmental rule or regulation, or judicial or administrative
process, provided, however, that you will notify the Company immediately upon receipt of
such requirement.</Strike> </FONT></TD>
</TR>
</TABLE>
<BR>

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

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          <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"><Strike>This letter agreement constitutes the entire understanding and agreement between
the Company and you, and it </Strike><U>The exemption provided by this letter shall not be
deemed exclusive of or derogating from any rights to which you may be entitled
under the Company&#146;s organizational documents, any agreement, any vote of
shareholders, applicable laws, or otherwise, both as to action in your official
capacity and as to action in another capacity while holding such office.</U> </FONT> </TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>6.</Strike>5.</U> </FONT></TD>
          <TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Subject to Section 4 above, this letter </U>supersedes any and all prior
discussions, representations, agreements and correspondence with regard to the
subject matter hereof, and may not be amended, modified or supplemented in any
respect, except by a subsequent writing executed by both <Strike>parties hereto</Strike><U>the
Company and you</U>. </FONT> </TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>7.</Strike>6.</U> </FONT></TD>
          <TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">This letter <Strike>agreement </Strike>will not derogate from nor will it be deemed an amendment
of any indemnification <U>or insurance </U>commitment previously made by the Company to
you, subject to the compliance of any such commitment with the restrictions
imposed by the Companies Law and the Company&#146;s Amended and Restated
Articles of Association. </FONT> </TD>
          </TR>
          </TABLE>
          <BR>

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

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>8.</Strike>7.</U> </FONT></TD>
          <TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">The headings of the paragraphs of this letter <Strike>agreement </Strike>are inserted for
convenience only and shall not be deemed to constitute part of this
<Strike>agreement</Strike><U>letter</U> or to affect the construction thereof. </FONT> </TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>9.</Strike>8.</U> </FONT></TD>
          <TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">In the event of any change in any applicable law, statute or rule which narrows
the right of an Israeli company to <U>exempt or </U>exculpate an Office Holder, such
changes, to the extent not otherwise required by such law, statute or rule to be
applied to this letter <Strike>agreement </Strike>shall have no effect on the terms hereof or the
parties&#146; rights and obligations hereunder. </FONT> </TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>10.</Strike>9.</U> </FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If all or any part of the terms hereof is held invalid or unenforceable by local
          law and/or a court of competent jurisdiction, such invalidity or
          unenforceability will not affect any of the other provisions hereof that are
          valid and enforceable all of which shall remain in full force and effect, as
          applicable. Furthermore, if such invalid or unenforceable provision may be
          modified or amended so as to be valid and enforceable as a matter of law and to
          give effect to an outcome which is consistent with that what was intended by the
          parties hereto, such provisions will be deemed to have been automatically
          modified or amended accordingly. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>11.</Strike>10.</U> </FONT></TD>
          <TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>This letter shall be binding upon the Company and its successors and assigns.
</U>The terms of this letter <Strike>agreement </Strike>are personal and therefore you may not
assign, delegate or transfer any of its rights hereunder, and any attempt to do
so shall be null and void<U>; provided, however, that this letter shall inure to
the benefit of your administrators, executors and heirs</U>. </FONT> </TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>12.</Strike>11.</U> </FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          This letter <Strike>agreement </Strike>may be executed in any number of counterparts, each of
          which shall be deemed an original and enforceable against the parties actually
          executing such counterpart, and all of which together shall constitute one and
          the same instrument. This letter may be executed by facsimile transmission. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><Strike>13.</Strike>12.</U> </FONT></TD>
          <TD WIDTH=95%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">This letter <Strike>agreement </Strike>shall be governed by and construed and enforced in
accordance with the laws of the State of Israel, without application of the
conflict of laws principles thereof. <Strike>The parties hereby submit any</Strike><U>Any</U> dispute
arising out of or in connection with this letter <Strike>agreement</Strike><U>shall be subject</U> to
the sole and exclusive jurisdiction of the competent courts in the District of
Tel Aviv <Strike>and irrevocably waive </Strike>any claim of inconvenient forum<U> is hereby
irrevocably waived</U>. </FONT> </TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Please indicate your <Strike>acceptance
to</Strike><U>acknowledgment of</U> the terms of this letter agreement by signing and dating them and
returning a counterpart hereof to us. </FONT> </P>







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<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sincerely yours,<BR><BR>Ellomay Capital Ltd.<BR>
<BR> By:<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name:    [Name]<BR>Title:&nbsp;&nbsp; [Title]</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">I <Strike>agree to all</Strike><U>acknowledge the</U> terms
of this letter: </FONT> </P>

<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></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>
     <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=10% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Signature:</FONT></TD>
     <TD WIDTH=90% 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>Name:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>[Name]</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Date:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>[Date]</FONT></TD></TR>
</TABLE>
<BR>


<p align=center>
<font size=2>3</font></p>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>exhibit_3.htm
<TEXT>
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        \\Backup\edgar filing\Ellomay Capital Ltd\97571\a97571.eep       -->
     <!-- Control Number: 97571                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Ellomay Capital Ltd                                              -->
     <!-- Project Name:   6-K                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>6-K</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Scotch Rule Top-TNR" FSL="Workstation" -->
<HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE STYLE="margin-top: -5px">
<HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE STYLE="margin-top: -10px">

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

<div ALIGN=CENTER><FONT SIZE=2><B>PROXY CARD</B></FONT></div>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>Please
 mark<BR>
 your votes <BR>
 like his</FONT></P>
 </TD>
 <TD> <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>x</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=2% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=8% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=12% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=1% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=8% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=8% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=8% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=1% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=3% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=5% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=16% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=6% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=1% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=5% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=8% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=8% VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>FOR
 all<BR>
 Nominees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>WITHHOLD<BR>
 AUTHORITY<BR>
 for all Nominees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>FOR all
 Nominees<BR>
 except (see instructions below)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>FOR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>AGAINST</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>ABSTAIN</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>1.</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>To elect five members of
 the Board of Directors to hold office until the next annual meeting of
 shareholders and until their respective successors are duly elected and
 qualified. The nominees are:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>4.</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>To reappoint Kost Forer
 Gabbay &amp; Kasierer (a member of Ernst &amp; Young Global) as the
 independent auditors of the Company for the fiscal year ended December 31,
 2009, and to authorize our Board of Directors to approve the remuneration of
 the independent auditors in accordance with the volume and nature of their
 services.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>FOR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>AGAINST</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>ABSTAIN</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>NOMINEES:</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>01) Shlomo Nehama</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>5A.</FONT></P>
 </TD>
 <TD COLSPAN=3 ROWSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>To approve amendments to
 the indemnification and exemption letters granted to members of our Board of
 Directors and other office holders</FONT></P>
 </TD>
 <TD ROWSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD ROWSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD ROWSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD ROWSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>02) Ran Fridrich </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>03) Hemi Raphael</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>04) Oded Akselrod</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>YES</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>NO</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>05) Anita Leviant</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>5B.</FONT></P>
 </TD>
 <TD COLSPAN=3 ROWSPAN=5 VALIGN=TOP>
 <P><FONT SIZE=1>In connection with
 Proposal 5A above, please indicate whether you have a &#147;personal interest&#148; in
 the approval of the Proposal with respect to Messrs. Nehama, Fridrich and
 Raphael and, if you indicate YES, please provide details.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=6 VALIGN=TOP >
 <P><FONT SIZE=1><B>To
 withhold authority to vote for any individual nominee, mark &#147;For All Except&#148;
 and write the nominee&#146;s number on the line below.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=6 VALIGN=TOP STYLE="BORDER-BOTTOM:1PX SOLID BLACK">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>FOR
 all<BR>
 Nominees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>WITHHOLD<BR>
 AUTHORITY<BR>
 for all Nominees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>FOR all
 Nominees<BR>
 except (see instructions below)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>FOR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>AGAINST</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>ABSTAIN</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>2.</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>To elect the following
 nominees as external directors:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>6A.</FONT></P>
 </TD>
 <TD COLSPAN=3 ROWSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>To approve the extension of
 the Management Services Agreement among the Company, Meisaf Blue &amp; White
 Holdings Ltd. and Kanir Joint Investments (2005) Limited Partnership</FONT><BR><BR></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>NOMINEES:</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>01) Alon Lumbroso</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>



 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>02) Barry Ben-Zeev<BR><BR></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>YES</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>NO</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=6 ROWSPAN=2 VALIGN=TOP style="border-bottom:1px solid black">
 <P><FONT SIZE=1><B>To
 withhold authority to vote for any individual nominee, mark &#147;For All Except&#148;
 and write the nominee&#146;s number on the line below.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>6B.</FONT></P>
 </TD>
 <TD COLSPAN=3 ROWSPAN=4 VALIGN=TOP>
 <P><FONT SIZE=1>In connection with
 Proposal 6A above, please indicate whether you have a &#147;personal interest&#148; in
 the approval of the Proposal and, if you indicate YES, please provide
 details.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=16 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1><B><FONT face=webdings SIZE=2>&#054;</font>FOLD
 AND INSERT IN ENVELOPE PROVIDED<FONT face=webdings SIZE=2>&#054;</font></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-bottom:1PX DASHED BLACK">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-bottom:1PX DASHED BLACK">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>FOR</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>AGAINST</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>ABSTAIN</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>FOR</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>AGAINST</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>ABSTAIN</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>3.</FONT></P>
 </TD>
 <TD COLSPAN=2 ROWSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>To approve cash
 compensation to all current and future non-executive directors of the
 Company, including external directors, and to approve the grant of options to
 the external directors.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>7.</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>To ratify the resolutions
 approved in the prior shareholders meeting relating to the reverse share
 split of our ordinary shares at the ratio of one-for-ten.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>YES</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>NO</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>8.</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>Please indicate whether you
 are a Controlling Shareholder of the Company.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0  CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="52%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD ROWSPAN=10 VALIGN=TOP>
 <P><FONT SIZE=1>NOTE: Your signature should
 appear the same as your name appears hereon. In signing as attorney,
 administrator, executor, trustee or guardian, please indicate the capacity in
 which signing. If two or more persons are joint owners of a share, this
 instrument must be executed by the person who is registered first in the
 Company&#146;s Register of Members. When a proxy is given by a corporation, it
 should be signed by an authorized officer using the corporation&#146;s full name
 and the corporate seal affixed. When a proxy is given by a partnership, it
 should be signed by an authorized person using the partnership&#146;s full name.
 PLEASE MARK, DATE, SIGN AND RETURN THE PROXY CARD PROMPTLY USING THE
 SELF-ADDRESSED ENVELOPE ENCLOSED.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 </TABLE>

<BR>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH></TH>
     <TH></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD>
     <TD WIDTH="50%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>COMPANY ID:<BR>
 <BR>
 PROXY NUMBER:<BR>
 <BR>
 ACCOUNT NUMBER:</B></FONT></TD></TR>
</TABLE>
<BR>




<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="24%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="24%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE="2"><B>Signature&nbsp;</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP  STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE="2"><B>&nbsp;Signature&nbsp;</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE="2"><B>&nbsp;Date</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE="2"><B>, 2009.</B> </FONT></P>
 </TD>
 </TR>
</TABLE>

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

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<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 3">q</font> FOLD AND INSERT IN
ENVELOPE PROVIDED <FONT size="2" face="Wingdings 3">q</font></FONT></H1>

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<HR SIZE=1 NOSHADE WIDTH=40% ALIGN=center>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ELLOMAY CAPITAL LTD. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THIS PROXY IS SOLICITED
BY THE BOARD OF DIRECTORS </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FOR THE ANNUAL MEETING
OF SHAREHOLDERS TO BE HELD ON DECEMBER 30, 2009 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned, a shareholder of Ellomay Capital Ltd., an Israeli company (the <B>&#147;Company&#148;</B>),
revoking any previous proxies, does hereby appoint Ran Fridrich and Kalia Weintraub (each
of them hereinafter, the <B>&#147;Proxy&#148;</B>), or either one of them, with the full
power of substitution, and hereby authorizes the Proxy to represent and to vote, as
designated  on the reverse side, all ordinary
shares, NIS 1.0 nominal value per share (the <B>&#147;ordinary shares&#148;</B>), of the
Company held of record by the undersigned at the close of business on November 30, 2009,
at the Annual Meeting of Shareholders of the Company to be held at the offices of the
Company at 9 Rothschild Boulevard, 2nd Floor, Tel-Aviv 66881, Israel, on December 30,
2009, at 11:00 a.m., Israel time (the <B>&#147;Shareholders Meeting&#148;</B>), and any
adjournment( s) thereof.</FONT></P>



<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEN
PROPERLY EXECUTED, THIS PROXY WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE
UNDERSIGNED. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED &#147;FOR&#148; PROPOSALS
1, 2, 3, 4, 5A, 6A and 7.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any additional matters as may properly come before the Shareholders Meeting
and any adjournment or postponement thereof, said Proxy will vote in accordance with his
best judgment.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return
of your proxy does not deprive you of your right to attend the Shareholders Meeting, to
revoke the proxy or to vote your shares in person. All proxy instruments and powers of
attorney must be delivered to the Company no later than 48 hours prior to the
Shareholders Meeting.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(Continued, and to be marked,
dated and signed, on the other side)</B> </FONT></P>

<p align=center>
<font size=2></font></p>
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</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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