<SEC-DOCUMENT>0001213900-21-037824.txt : 20210721
<SEC-HEADER>0001213900-21-037824.hdr.sgml : 20210721
<ACCEPTANCE-DATETIME>20210721081252
ACCESSION NUMBER:		0001213900-21-037824
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210721
FILED AS OF DATE:		20210721
DATE AS OF CHANGE:		20210721

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAPIENS INTERNATIONAL CORP N V
		CENTRAL INDEX KEY:			0000885740
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20181
		FILM NUMBER:		211102806

	BUSINESS ADDRESS:	
		STREET 1:		AZRIELI CENTER
		STREET 2:		26 HAROKMIM ST.
		CITY:			HOLON
		STATE:			L3
		ZIP:			5885800
		BUSINESS PHONE:		97289382777

	MAIL ADDRESS:	
		STREET 1:		AZRIELI CENTER
		STREET 2:		26 HAROKMIM ST.
		CITY:			HOLON
		STATE:			L3
		ZIP:			5885800
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea144545-6k_sapiensinter.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the month of July   2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">Commission File Number 000-20181</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SAPIENS INTERNATIONAL CORPORATION N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of Registrant&rsquo;s name into
English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Azrieli Center</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>26 Harokmim St.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Holon, 5885800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Form 20-F &#9746;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &#9744;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; width: 9%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 90%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title of Exhibit</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea144545ex99-1_sapiensinter.htm">Press Release</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 35.45pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>Sapiens International Corporation N.V.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; width: 35%">/s/ Roni Giladi</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD STYLE="vertical-align: top">Roni Giladi</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="vertical-align: top">Chief Financial Officer</TD></TR>
</TABLE>




<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0">Dated: July 21, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">The
following exhibits are furnished as part of this Form 6-K:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 9%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 90%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Title of Exhibit</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea144545ex99-1_sapiensinter.htm">Press Release</A></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea144545ex99-1_sapiensinter.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="ex99-1_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sapiens and Munich Re Partner to Help Insurers
Target </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Commercial Insurance Market</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The partnership will enable insurers to better
support SMEs and promotes post-pandemic economic recovery</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>July 21, 2021</B> -- Sapiens International Corporation (NASDAQ and
TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced a partnership with Munich Re,
one of the world&rsquo;s leading providers of reinsurance, primary insurance and insurance-related risk solutions, to offer technology-led
consultancy and services to enable primary insurers to better serve the commercial insurance market (small and medium sized businesses)
in the UK, thereafter expanding to the Nordics and South Africa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The commercial insurance market is one of the fastest growing insurance
sectors in the UK. Yet, until now this market has been underserved, with very few insurance packages tailored to the unique needs and
requirements of this segment. Together, Sapiens and Munich Re will work with insurers to help them better target and address this market
quickly. The joint offering aims to provide a modular, scalable technology refresh that empowers insurers to tailor offerings to the growing
SME sector and actively contribute to the post-COVID-19 recovery phase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sapiens/Munich Re partnership dovetails the surge in government-backed
and retail banking SME support initiatives including backed-loan schemes, increased infrastructure spending, tax incentives and restart
grants that are powering the recovery. According to aggregated Companies House filings, in the UK there have been more than 200,000 new
businesses formed year-to-date with the majority around retail, business services and construction. The industry drive to digital means
that coverage explanation, flexible offerings, verified self-selection and how commercial insurers adjust their customer journey are critical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Together with Sapiens, Munich Re&acute;s Global Consulting Business
department will support insurers&rsquo; efforts to implement and grow through the provision of expertise, assistance with product development
across multiple lines of business and, where appropriate, reinsurance capacity,&rdquo; said Gunther Rempel of Munich Re&acute;s Global
Consulting business advisory. &ldquo;We intend to provide a series of practical steps for strategy enablement through a consultative approach.
With our combined innovative strength, Munich Re and Sapiens have identified a common area of development and intend to play an active
role with the insurer to solve their problems and participate in the results of the joint journey.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;With
Sapiens leading-edge tech solutions, such as Sapien&rsquo;s award winning IDITSuite and IDIT Go, </FONT>the deep domain knowledge and
consulting capabilities from Munich Re and their intent to share the risk with reinsurance capacity, <FONT STYLE="font-family: Times New Roman, Times, Serif">we
are empowering insurers to contribute to the post-COVID economic recovery by supporting SMEs,&rdquo; said Roni Al-Dor, Sapiens president
and CEO. &ldquo;Sapiens solutions enable insurers to offer and distribute the right products to the right customers, enable self-selection
and recommend coverage based on similar business selections. We are very proud to partner with Munich Re starting this journey.&rdquo;
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="ex99-1_002.jpg" ALT=""><BR> www.sapiens.com</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="ex99-1_001.jpg" ALT="">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Munich Re</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Munich Re is one of the world&rsquo;s leading providers of reinsurance,
primary insurance and insurance-related risk solutions. Munich Re possesses outstanding innovative strength and is playing a key role
in driving forward the digital transformation of the insurance industry. Its tailor-made solutions and close proximity to its customers
make Munich Re one of the world&rsquo;s most sought-after risk partners for businesses, institutions, and private individuals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information: www.munichre.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Sapiens</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sapiens International Corporation empowers insurers to succeed in an
evolving industry. Sapiens offers digital software platforms, solutions and services for the property and casualty, life, pension and
annuity, reinsurance, financial and compliance, workers&rsquo; compensation and financial markets. With more than 35 years of experience
delivering to more than 600 organizations globally, Sapiens has a proven ability to satisfy customers&rsquo; core systems, data and digital
requirements. For more information: www.sapiens.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Media Contact</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shay Assaraf</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief of Marketing, Sapiens</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+44 7548 369920</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shay.assaraf@sapiens.com</P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investors Contact</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Daphna Golden</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vice President, Head of Investor Relations, Sapiens</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ir@sapiens.com</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain matters discussed in this press release that are incorporated
herein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange
Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions
and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the
words &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo;
&ldquo;plan&rdquo; and similar expressions. Such statements reflect our current views with respect to future events and are subject to
certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements
to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements,
including, but not limited to: the degree of our success in our plans to leverage our global footprint to grow our sales&#894; the degree
of our success in integrating the companies that we have acquired through the implementation of our M&amp;A growth strategy&#894; the
lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new
solutions&#894; our lengthy and complex sales cycles, which do not always result in the realization of revenues&#894; the degree of our
success in retaining our existing customers or competing effectively for greater market share&#894; difficulties in successfully planning
and managing changes in the size of our operations&#894; the frequency of the long-term, large, complex projects that we perform that
involve complex estimates of project costs and profit margins, which sometimes change mid-stream&#894; the challenges and potential liability
that heightened privacy laws and regulations pose to our business&#894; occasional disputes with clients, which may adversely impact our
results of operations and our reputation&#894; various intellectual property issues related to our business&#894; potential unanticipated
product vulnerabilities or cybersecurity breaches of our or our customers&rsquo; systems&#894; risks related to the insurance industry
in which our clients operate&#894; risks associated with our global sales and operations, such as changes in regulatory requirements,
wide-spread viruses and epidemics like the recent novel coronavirus pandemic, which adversely affected our results of operations, or fluctuations
in currency exchange rates&#894; and risks related to our principal location in Israel and our status as a Cayman Islands company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we believe such forward-looking statements are based on reasonable
assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual
results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under
the heading &ldquo;Risk Factors&rdquo; in our most recent Annual Report on Form 20-F, in order to review conditions that we believe could
cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking
statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking
statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking
statements for any reason, to conform these statements to actual results or to changes in our expectations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="ex99-1_002.jpg" ALT=""><BR> www.sapiens.com&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>ex99-1_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex99-1_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  J )X# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#YU_;G_;F_
M:]_X*=_MI:E\"OA]XX\267P]\5_%Z;X._ OX+:-XLF\(>"+ZQNO%!\,>&-4\
M7PO?Z=I&K>(_$'[C5=;USQ+)>?V9+?W6G:7+9Z+;VMC'[*O_  ;-_P#!2-E5
MC/\ L^(2H)1OBAJNY20"5;9X+=-RGAMCLN0=K,,$^K_\%(?^"!_[7/PN^//C
MKXU_L>^%[[XO_"?Q1XSU+X@>'-)\$:G::?\ %+X6:AJNJW.OG05\.S7=AJ6M
M67AW49%MO"NM^$)M7U66QALY=5L=.OH7GN/F?P__ ,%<O^"S?[&5_:^&/BIX
ML^)ZPV!2RC\)_M0_">6_O+@V1:,K+KWBW0-(^(-V'5"CS1>*LS(!(LI;;)7]
MCX7'8S&9-D]/PLS/@VCAJ.7THXG*<QHQ68/$*G0NZBI5J=:GB(M5H8IXK"5I
M5L0Y5UC)TIP4?YEQ&$PV&S3,Y^(. XGJUZF,J2H9C@JLG@_8N=6R@ZE*=.=&
M2=*6'6'Q-*-.BHT7AH5(3<OL3]D__@W._;Q^&G[3?P!^)GQ!\0_ W0_!7PU^
M,'P[^(GB6_T;QUK>NZP=*\#>*]*\475EI.E1>$K(7>I:G'I1T^R$][9VL=Q<
MI-=7,4$;D_W!>(O$&C>$O#^N^*O$>HVVD>'O#.C:GX@U[5KQ_+M-+T;1K*?4
M=4U&ZD.1';65C;3W,[X^2*)F[5_+K_P3M_X.0+'X^?%?P3\!_P!KCX7^&_A9
MXE^(>J:7X:\'?%3P%>:M#X&N_$^KW"Z?I&F>)_#'B2ZU34_#]EK.HR6UA;^)
M+'Q)K&GVVHWD*:GIVE:4EWJUG]A_\'#G[6!_9U_8&\0?#O0M1%IX]_:>U@?"
M;2DBDV7D'@:.%-7^*&II'O0RV4^@I9^"K[&XQ_\ "<V[A#C<OXUQ=@N.^)N,
M.'<@XLP>%PF.KRCA,#4R^A26$G@:^+C6QV,IUJ5:O&O]7A2K5*BFZ4J/LZ=.
M=&"JJ=3].X;Q?".1<,YUG/#F)KXG!THRQ6*ABZTY8A8NEAY4L+AI4ZE.FZ7M
MISIP@X>UC4YJDHU9.E*%/^(3]L3]JKXL_M>_M+?'G]H=M6\;-HNO^+-2US3;
M*WO=9DL? 7PY76;;PYX"T>\^SS26FCV6F:?/X=T#SV-K:WFN7*%0;[4E27^[
M7_@@O^UQ<?M4?L ^!-/\3:U-K'Q*^ -]/\%O&D]_=2W6J7VFZ%;6][\/M<NI
M+EY;NY2\\$WNE:/)J-Q++)J&L^'=;E:1I$D"_C?_ ,$;?^"?GPQ\3?\ !+K]
MK[XJ?M"ZMX>\":;^V#H.M?#/P3XS\975OING>%_"7PYN;J?P[XOM;B^\L/-)
M\:;'^TO[/ACN9M2G^&^B-:1SM,L3?"'_  3"^+O[1/\ P3FU7XGZQX6U3P=J
M4_Q7L= T;6?!&JV5_P"(]"@E\+:M=76C:^;S3M8T0-KD-MJ6M:; EL9K5+#6
MKOSWDNDM7M?V_&\#XKQ;RO/.$>#,IIPQ7 ^:Y9@<OQ^)M@LIDZ6 HX?&866:
M3PCP\9PA[3"5:%.6+KRQ&&IUZM"FJWM3\!SSQ?X4\"L1E'%7B'Q$J5+B_+\?
MBZV38*+S3B*M&IC*E7#8JAD6'Q<<9*@Y*.)6,Q"R_!0HU:E"GBZU2DJ!^IO_
M  =:Z_KNG?#?]C;1M/UK5;'2-6\8_&>]U72[34+JVT[4KW1])^&J:1>7]G#*
MEO=W6EIJFIII\\\;RV::C?K;M&MW.'_"S]C?_@C/^VO^W+\%+'X]?!?Q)\*K
M;P1J'B+7O#$$/C3X@^(M$UT:CX=DMXK]I;"P\*:S;I;,]RGV:3[<TDBAF>*,
M;=WZ[_\ !S#XQUOXA?LY?\$W?'GB3P^_A/Q!XRTWXG^*-:\-2&4MH6IZYX1^
M#6I7NF?Z0J7(6TN+EX46YCCN4156X1)Q(H^!/^"=G_!>7Q1_P3\_9MTW]G;2
M?V:] ^)UIIWB_P 4^+!XKU#XFZCX6N9W\336DS63:1;^"]<B1;,VNQ9UOSYZ
MN"88F4E_"X9H<697X9Y;AN%\)E^)S_"9WFV#Q5+$RP5;"^SPN>9OA,?.%>>(
MHX:NX5L)"-&M3Q%15::C.DZE*<&ONLVQG#.<<:5\PSK$X^CD68Y)E&8X.I3I
MXW#8IK'Y+E./P$:N&=">*PTI8;'*5;#UJ%*I0JN=*O&G6IU(G@O[4G_!,[_@
MH]_P3$\*Z/\ '?Q-XG?PWX9F\0V/AW_A8WP*^+6N_:O#NO7T-S<:1!JDMHOA
M?Q-IJWXL[J.SU*&QDTY;J**TFOH+R[L8+G]3?@U_P4C^+?[9_P#P17_X*)?#
M/XZ>)+OQ1\6_@%X)^'<4'Q F_P!%UOQK\.O'OCC2["PB\1SVJQ)JFNZ+<Z!J
M^D:SJ[+'-KFC:MHZZO'>ZG_:FIZG\%?\%'?^"[7Q=_X*#_!"/]GX_!/P;\(/
M M[XGT;Q/XGFT[Q)JOC7Q%KTWAUY[C1]-BU"]TO0;+2M,BOY8]1NUATFXO[J
MXLK)(]0MK1;RVO/:_P!C3]D+XG?"'_@C'_P4R_:1^)/AS5_"6G_'7P-\*/#O
MPQTK7;*?3=2UCPEX*^(VGZAJGC1+&Y2.X&A:]J?B*SL/#]W,D7]H1Z%J.H6B
M2Z7=Z=>WG9F%#'8CAW),9QW@,FP?%%/B_((95+ QPJK23S[*E3IPG1E5<I5,
M(\;+%T*5>O0C1I4*U2%&JHMY8*KA*.=YKA>$<9FF)R"?#>;SS".+EB'2BUE&
M8.<Y1JQII*&)6%6'K5*-&K*K4JTH2JT^9&]_P;KZEJ&D>$_^"G>IZ5?7FFZC
MIW[*$FI:??V%S+:7=CJ%AIOQ!N+&^M+B!TEM[RSG436MS$RRP2@/$ZMS7XS_
M +%/[#WQL_X*#_&/Q#\'_@EJ'@NW\::1X-UOXC:E=?$+Q!J&A:7-HVE:[H.B
MWWEWUCHVO7=QJ<E_XFT]T@-F%DA^U3R3IY)#_L7_ ,&]'_(B_P#!4?\ [-#O
M_P#TS_$.OQX_8;_:0_:P_9?^,>O?$#]CJSU6^^)^I>!];\+:K#I'P[MOB9=#
MP9?ZWX>U+4Y&T&ZT;7$MH5U;1]"#ZHMHCP,4MO/5+MXY?8H_VA'/?$V>45,#
M0S54^%5@:^8\JP5.NLBDXO%R;C:@DZK:<TE.4'N[OS*OU.64\!QS*&+JY>Y<
M0O%4L#S/%3I?VM%26'BE*]5M4TFHM\JDMM#]3_\ B&-_X*-?]!_]FO\ \.7X
MK_\ G;5];_\ !03]E#XO_L)?\$%/A1^SS\6-=\.7'C.#]L.TU3Q"O@'7-6U/
MPU=:/XBTSXK^(-+TN>\U#2]"FU%(IK+3M4N+:731:0:I;VTL1FGLX[JOF!/^
M"P__  7AWH#X>\=$%E!!_9'T< @D#&1\.@1GID$'T-?LY_P<@ZCJNL?\$M_@
M]J^NQF'6]4^.WP:U'6(6M7LFBU6^^%7Q.N=0C:RDQ):&.[EF0VL@#VY'E-\R
M&OB<9F/'"XFX$R[BC&\+8S!XWB:AB:,<A5.K6AB,OPV,:=>:JU'3IM8QN"Y/
M?G'XHNFCZO#8'A1Y%Q=C<@PG$&%Q6%R&K0JO-_:4Z<Z.,KX9-48NG#GFGAES
M/F]R+V?.[?S5?\$:_P#@I1J__!/G]I&S7Q=J.HW/[./Q=N=-\,_&308FFN(=
M#S,8-!^)^EV*;V.K^"I[J:348;6*6XUGPK=:WI45M/J;:-/8?VK?\%D_$=O?
M_P#!*3]JWQ+X4UV.ZTS7/ACX4N]*UW0-26:RU?0/$7COP1'Y]CJ-A,T-]I&N
M:+J$D320326FI:9>O&3-:W#!_P"*CX>_\$V]0^/'_!*#Q!^VS\)=,O=1^)GP
M+^.GQ'T#XJ>';-KBY?Q-\&-.\(?#C75\2Z?:%Y$CU;X<7^LZOJ6K16T<*W_A
M"_U._N)?.\,VMO?^^_L[?\%-CXK_ ."3?[7'_!/OXV>(HQXA\,?#?1M6_9M\
M0:U>A9M9\-:=\2/!NI^(/A&UQ<OOEO\ PS:17?B#P1 S2M)X=CUO0(FM+7P[
MX?L;GNXMX9P/$/$66\4Y#&-3,>'N*\KRGBG!PA'VLZ>$S'+'3QTJ24G.>'H5
MZ,Y5'%_6,MDJK;GE]50Y.',]Q>39+CN'\W;A@LZX>Q^8\/XF4G[.,\1@L<IX
M2-1VY8UJM*K%4^9>QQL73TAC:;E[U_P0H_:3N/V0OV*?^"KG[1EGID&N:G\,
M/#'P U+PYI%\\PTR\\7:Y=?%GPMX135$ADCF.E?\)+K6D/JXMI(;J338[B."
M:*4QR)^:OPH^'7_!07_@M/\ 'KQEHT7Q,O\ XH^-=)T2_P#B)KLOQ.^(,F@^
M!?"&A_VMINCI!X=\/@7&G:'8_P!H:O8V=AH7@[PVEK;+(\[6MO"LT]?J[_P;
MR?L\^%/VL/V7_P#@I_\ LZ>-KV\TOP[\5_#_ ,!O#<^L6$4=Q>Z#J07XQ:EX
M?\16EK.\<%Y<^'O$%AI>M0V5Q)'!>O8BUGD2*9V'PG\1?^"4O_!6;_@G=\5;
MOX@_!;P=\4=<;PTVH+X<^-7[+M]K'B.?4] DE=9EOM!\+,?'.EVUW:PP-K.B
M>(_#D>FRDF'S-4M(A<OZE''9+AN+>/Z%+'9)E?&-?$99_96-SVG2E0^K?V#E
MBIPHRJU<.Y0CB5B/K5##XO#XB;JX>JUB*5+V1P5<)FE?AW@ZK4PF:X_AFE0Q
MW]H87*9SC5]O_:V.<YU(TZ=:TG0]C["K6P]:C%4ZU-.C4G[0]4_XAFO^"D?_
M #\_L]_^'0U?_P"8FOV _P"",O\ P1=_:H_8?_:#^)'QA^/GB?X8V.AZ[\&]
M4^&NB:1X"\1ZOXGUB^U76_&W@7Q0^I737&A:'8V.FZ=:>#)[5PUS/=W-UJ=L
M88$AMYY&_&OX>_\ !P3_ ,%4?V?=53PS\6-0\,_$J;2)5CO_  [\<?A1#H'B
M*"!7(>WN;[P<GP]\0K<C!C%SJTE_.K ^:LI&VOZ?/^"6O_!:?X2_\%#;?Q-X
M)\6^&;;X(?'+P/H*^*-9\,7OB"'4O!WB?PNFI6.C77B/PCXAOH--G@:PU35-
M*MM5\.:Q +VR&K6$FG:EK\"ZE/IWR''6*\6L-D&94\RH\.X[(\305+&8[(L/
M&K5IX:=:@U5=.I7>(I4I3A1C*O"CBH4U-<THJ7M%])PEA_#FMG.!G@*F=83-
MJ%5U,-A,VK2IPG7A2JIT^>%)4:DXPG5E&E*I0E-P=E)QY'\B_''_ (.:_@7\
M&_C+\5/A%%^S1\4/%#?"[X@^+_AY=>(O^$Q\,:)%K5_X,U^_\.:CJ-IICZ?J
MDMK87=[IL\^GK<79NWLG@DN[>SN6EM(?$O$'_!TC^SAXKTJZT/Q1^Q9XU\2Z
M+>QM'>:-X@\9>"M8TJ\1E93'=6&H^%[JTGC8,5998)!M9AM()!_:KQ?_ ,$<
MO^":?CSQ9XG\<>+?V4_"&L^*O&7B'6?%7B;5YO%/Q*MY=5\0>(=1N=6UC49+
M>R\:VUG ][J-W<7+PVEM;VL32E(((HE5%YX?\$2/^"68((_9!\%Y!!&?%WQ2
M(R/53X[(8>H((/<&OB,-G'@Y2HX?VO"_%4L33HT%5K4\TY.;$0HT56JP<,QI
MN"E7C6J0Y5#EC*"2CRI+ZNOEGB94JUO9\0</QH3JU73I3R]3Y:,JE1TZ<^;!
M34G&DZ<)<W/S.,FW*]W_  ?^!)?$_P"VM^WW%H_[+GP.T;X?Z#\:_C-:ZOX5
M^"ND6$7B?PE\+=!N]5MI]3UN"Z&G::GAO3O"]BEWXFU?5]"MO#VFZ/%%<_8;
M*TTVVM+&/])_^"BWQ+MOVH?^"BVF?L:^+=;\=?M5>(/AG\0M.^ 7PI\5:A%H
M/AS3[?Q7XOU'1(/%NCZGHWA)](M9?[ \82/X>\2^*KR.>ZN;?PL+NYBM[&P@
MBC_KH_9JTG_@FI^SWXVU;X+?LP/^S)\._B;=:OJ_A'7/"G@?5O"<7Q'UG7O"
M\\D>M^%-5OYKVY\6Z_J_A^XTVY:_\/WFH7][IDNGWDLMG"UI=/'O_#O_ ()J
M_L-?"CXQVW[0/@']G?PCH7QCL]:UWQ':^/&U/Q;JVK0:]XE@U&WUS6$AUSQ%
MJ6G#4;^+5M1W71LC-!)=23VS0S!)%_0*/CI3RG,Z6(?#57ZKE605<'PQA.(,
MIRK-Z[QF)C"$<PQ.,S?#?7\-A/J^'PN']GEV85OK4*F*JXN5:M4I./Y?G'@%
M@>)L!6I3X@Q^ QV:9Q#$\19CP;Q3Q'PG*>&I.4I82.&X>S"&68W%NK5KUO;9
MID\:N'E##4Z%6%*G)/\ &?0_^"-7[7NMZ5X1\#^,?BU\.-&^'G@31[7P]X1T
M6W\7>-_$5CX6T*U4Q)IOAK0)O"UM8V=N%9Y7@2]T^.ZFEFGN'-Q+(\GXY_\
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M^']8U/3[BUTW7K>]@\)7&N:;=:'>S0ZM:SZ#=:9J8N;6,6>J:;.R7L/Y-?\
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M2^!OA3X8?MC?LL^-;>T^.=]H>G_ 3]H/X9^&O%:^/OV@?B%9P?%?5/&WP?\
M%W@/1O'FJ0^(_$$4,?B:SA^(=\M[X^>/PIKDF@:?IVKW,C>%_!]G8?/7@OPK
M^UE\-_@G\--5^%GBC]I/Q9\:/B]_P3&^,7BKQ?:_%KQ5XY\=I;_M4>&/#WP5
MO?AC>1:=XZ:ZT?X<?$4W7B_Q[H>G^&[*W\/67B*'3;6#7M(U&Z\,RZC#^[U%
M<]+B6O"CAJ5;"T<7[&G3I5/K4E5IXBG1J8BM2A.F\+>%-5<1*K5A3K152I%2
M]R[BMIY%2E5KU*5>IAO:SG4A]73ISHRJ0H4ZDH36(:E-TZ*IPG.G)PA)Q]ZR
MD?S]> =-^/?BWP1-H5E\1/VC+KX>^*?VF?V,?#US::(O[8?A3Q1X;T>[\3>(
M(_C]-;?%+X\G2_C VA>)_#[^%H?B79:')8^#/ NKV^LS:7JNG:IKFJ0Z5]">
M(? 'Q3\2_M#6/PIF\0?M&Z+\$XOVQ[70)Y_#/CSXL: E[\'?#_\ P3@TF]L]
M&O?B)8ZI'XA?P+J?QALXAK.KIXDCGUCXA_:XI]<;Q1>7K2_L#15UN**E2K.I
M# 8:ES0Q"II>S;IU:ZIQCB;K!1C/$4HTU&-1PUT;49)RE%/((0IPA/&5ZEIT
M7-OG2G3I.;E0L\5)QHU)3;E!2TU2<HOE7X27.K_$W3M#^"7ASX\>+?VP1\+O
M"ND_MT^%M,UKX9S?&.;XO:[\2_A]^T/'X1_9CU#XBZC\-;$^/?$T4GP3LM4N
M? OB3Q;#/X \;>*?L6L^.+O5M5U/P^]]W&M^"=?_ &A_^";_ /P3BU;Q?-\5
M?'?B^]\3_P#!.SQ?XLUS1/%_Q T[QE?+JWC3X32>/O&/BG5O!&LZ?JEQ=66E
M7>K^(-4\2WMP_P#PC.H0R>++*^TS4--M]3M^>_X+@7=UX<^&'P%\6^'KFXT'
MQ7+\4KOP%)XFT::32_$,G@7QKI"_\)EX+?6K%H-2?PGXM_L?2/\ A)O#C7)T
M?7O[+T[^U;.[^PVWE?M!X,TC2?#_ (/\*:#H.F:=HFAZ+X;T/2=&T;2+*VTW
M2M)TK3M,M;/3],TS3K.*&SL-/L+2&&UL[*UABMK6VBC@@C2)%4>MC<R>'RGA
M_.:-"G2KXG-,SQ$*=+DI0I2P5/%X2NDX86,T\34S:-><XSE&<L/!2H47"FCS
M\+@56S'.<LJ5IU*5# 8&C*=3FJ3J+%3P^(I-J5>46J$,NE2C&45**K2<:U3F
MFS\>S-\;=+_::32+34/VF&^,=A^V9X3TCP[HTL_Q9U/]GZ7]@:V\(:!::SJF
MIW=\+OX)ZE:MH0\076H>)M;U&Z^,\WQYBM+1[]TDL[.;Z!_97^&VJ?\ #OV9
MOBYIGQZ^)WCGXL_!;Q5=_%SPMXT\<^,]8^*?BJ\U;P_K^F7O@WPO:?$+Q'I]
MIX%U:_T:=?#_ (>TO3I/".GV]R^G7&I72723:L?TGHKP<7G\\3AZ%"&$HX=T
MJN"JSJTI\M6H\&XRA2C.&%I3HT/:P5:E"%2<Z-:=:I[6O*5-4?7P^30H5JM:
M>)J5U4ABJ<:=2-Z<%BDXRJ.,J]2%2M[.3I5)RA&-6E&G#V=)1FZG\\ U#XVV
M7A3Q!H_P5A^+7Q<\/?"WX&_#8:'\7M:_9?\ %OP'_:P^#GA+X<?M"? ?7-9_
M9=U#Q!IWA[P;I_QOD\1_"O1?'FHZAX:\!^%-/U2VOO!-W8ZLOB"X\=:2UYZ[
MXX^)WQ9^(_BC]H#QAHUQ^U!8_LQ7_P"U9^RY:^)+[0/"?QD\%>+(_P!G"'X"
MVP^)FJ?"W1%T?2/BGI7@J]^,$?AZ'XC:M\-M)LO$<F@'QGJ$+QVC7FI']PJ*
M[)\44YS]H\HPSJ*RC5E6O4M*I&M6J2M@52^LRJ14Z-:E1P]*A/FJ_4YU:N(=
M?ECD%2,>19E74&GS4U2M"\82ITH1OB_:>P4).-6G4J5JE6%J?UF$*=!4?PI\
M6ZCJ'_%'+XF\1_\ !1^#]FM_A!\=F^!.K>&K#XOQ_'O5/C<?C#>IX*M]57P=
M9/XTU>5/AZ-*?]EVV_:6A32O$7A5KZ[^*EO?:TMU(EOQ!>?M777[:EK9:IXN
M^+?A>"/XK_LXR_"Z&7PS\?\ 7M%USX&)X'^'5Q\7],\2Z'\+X5_91@D\0^(V
M^+.E?$_Q+X_OE\2>!M?30=8\)O\ V5IWP\M-3_<NBICQ.H\W_"9AYN6%Q.&7
MM:E.JH.O*;]O&,LMIQ5>IS_[;-W6+E&,H0P7*BI9"Y.-\?6BHXBA7_=PG3<O
M8J*]C*2QLVZ,.7_98JSPR<E*>*YF?A!X$U7XTY_:I\%6OC3]KV]UK5_A#\9M
M5N/C_;^#_P!H"Y\4_#CQ,WQ&L(O">@O^SO\ $*RC\"77Q+T[PWK^HP?#W4/V
M4O&,>F>)_A_X%U._3PWH>IWG@G49ON[]@'Q)XAUWX;^/;'5_#?Q!TW1_#_Q(
MGT_PGXI\9^*/C1XGT'Q[I%SX0\)ZC>ZY\-C^T;I.D_&_1/"&G:_=:MX>O-!\
M;-KUM8>+M*\3?\(MXIUOPY+8-;?>-%<N89]#'X;$8?\ L^C1E7G@JGM85%S0
MGA:/L924883#Q?MHI15-2AAZ,4Y4Z/MI3J2WP>42PE>C6^NU:JHPQ4/9R@[3
ACB*GM(Q<I8FLU[.3<G-J5:I)VG5]E&,(E%%%?/'M'__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>ex99-1_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex99-1_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  / (L# 2(  A$! Q$!_\0
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*J_/>K%*G%G__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
