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4

Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting
(Individuals)..
5
Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting
(Entities).

19 -

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!0! &2 !8'7' 2'$6 6'#!8 '- %#$,& 7,!$ 3(.!! ) ') (3&%& 8.1.20 9!27$ #'*)4
. 2'$6 6#8* %& %.'*! ')/' "8/* (!$
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8.1.5

!*! 45 1'($ '&"'$ ') ',0. )& #'*)4 %"&,% ') '-' ,%*'0 !8') (&2$ (!"'8!/
%#$,& 3(.!( )& ,#'*)% 9) &2 .3!!.2% !8& ,%"&,%% (&$6 ') '-% 3(* 02'**
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8.1.6

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8.1.7

,&"'$( )& %&'28% ') ,#7'! )& &'6!2%' ,(3&%& %&) !,.'* (#05%4) %#$,% &/ !('%*
9) &2 .3!!.2% !8& , 2'-!$ ') (&"% 02'** !*! (%/!*,' !2$#)) 45 1'( ,3!!.2% !8&
') '/5'%/ !''- ') ('/6$& 7,!$ !%/&4 !'8!# (8'6( %#$,& 3(.!( )& ,#'*)%
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8.1.8

.(3&%& %&) !,.'* (#05%4) %#$,% &/ !('%*

%!('!'$!!,(%$ ,%0*2 )& %#$,%/ ') ,0'*2( )& %#$,%/ !/** //,

!!6

8.1.9

('!'$!!,(%% 3!$ !4 #%$'* .(') %#07) $',% ('#5) !6!+,* !8&4 ('!('%*%
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8.1.10

.(2& (2* '!%! '&)/ !84 ,%!672 1!/*%& &'0,& %(.''4 &2 %2!0'%
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8.1.11

.302'*$
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8.1.12

.(" $,)" :0,!$ 3&%&) ".#$ !#)5 #* '.!% (') %#07) $',% ('#5) (68.% 02'*$ %#$,$
') %"!&/% &2$/ 38')$ ,%#$,$ %"!&/ !'.!/ "%"!&/ (#$2%" %+ 6"7 3!!.2&
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Non-) %*-2 %#$,& %#+, ('4+ )&& '.!%/ $', "2*&) $"%#) #&'0 3'!&!* 85 &2
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8.1.13

-26)& '+ %#8%' ,(&!2& 8.1.13 9!27$ '(#05%4) #,) $', '02'*$ %*&!/ )& %#$,% )

8.1.14

#/6$ ,!4 3!'-! %+ 3!!.2& .!".''&#% $',% '&/(& 2'$6% 02'*%* !*! 45 1'($ %.6'(
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8.1.15

. !8'-# !.'2$# 2 1/*$ &!2& (1)6.4

9!27$ '(#05%4 ,!&)*!.!*% 7,!%* (,8! 3+)*& ("'2!* ('!'4+ &&'4) 3'%% 7,! )
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8.1.16

!,.'*% (#05%4 ,(!&)*!.!*% ('&!+.% 17* '(,8 %#$,% &/ !&!+.% !2-*)% )

8.1.17

. !8'-# !.'2$# 2 1/*$ ,(3)6.4 9!27$

(#05%4 ,%26/%& 3"&0. &/ !&)*!.!*%

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8.1.18

. !8'-# !.'2$# 2 1/*$ &!2& (4)6.4 9!27$ !,.'*%

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8.1.19

5'#!0* 1'*.% 5'#!0& (,8'! 5'#!0% (#$, !0! &2 (') %#07) $',% ('#5) 5'#!0/ &44

8.1.20

3!$ %)''/% 3*).% !0!& %#$,% #!$2( ,5'#!0 (#$, (8&,% &/ %#6*$ .7'.!* BBB
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8.1.21

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8.1.22

-27,&!5# $'#$ (') %#07) $',% ('#5!) !6!+,* &/ 06'* #'/!) (&$6 )&& 5'+!* 2-'$

8.1.23

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2'#5& !04 %+ 9!27$ 3!) .(') %#07) $',% ('#5) !6!+,* !8&4 ('!'$!!,(%% ()
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,%#$,% &/

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8.1.24

.%&"'$ )& %!!2/%% 4&%*$ %!!2/%% 02'** !*! 60 '8&,'

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8.1.25

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8.1.26

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8.1.27

02'** !*! 14 1'($ %.6'( )& %#8%% 3'6!(& (.(!.% %#8%$ #$'0*/ %#6*$' ,)&*
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$62

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8.1.28

!*'&/(% 2'-!$ !) () ')#! %+ 3!!.2&) %#$,% ("!&/$ 3.!%/ ('$!7. ')/' ('$!7
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8.1.29

.('.*).% #"/& 4 9!27 (')#'%& 0'5!.$ ,$', ('#5) &/

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8.1.30
8.1.31

-28.%7#'$$ #,7*%* '6,*. (') %#07) $',% ('#5) )

8.1.32

(!('%* ('$!!,(% %*!'6 )& ') 302'*$ '2#8. )& (') %#07) $',% ('#5) )
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8.1.33

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8.1.34

9!27$ #'*)4 %#$,% !74. 0'$2/

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8.1.35

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8.1.36

'#5& &'4! ')/' (!('%* %2!58 %''%*% #,) 2'#!) &4 ('#6$

8.1.37

.$',% ('#5) !6!+,* ('!'4+$

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8.2.1

8.2

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8.2.2

&/ $'6.% 1#2% (#(!* (',8& (50%) !+',) !/!*,$ !6!+,* %$ ',4./ !6!+,*
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8.2.3

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8.2.4

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8.2.5

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8.2.6

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8.2.7

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8.2.8

#"/& (!/!&/% (87'($ ('2'$6% (')#'%% !8 &2 &'28& /! ,%8',0 ('5!-.

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8.2.9

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8.2.10

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14.1

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24.3

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24.4

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26.1

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26.1.1

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26.1.2

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26.1.3

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26.1.4

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-43%.!)/ ('.&/#$ '&/#(% !'8!/&

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26.1.5

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26.1.6

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26.2

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26.3

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26.4

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26.5

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26.6

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26.6.1

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26.6.2

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26.7

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26.8

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27.1
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FARARA KERINS

Barristers & Solicitors

Trade Mark & patent Agents
Notaries Public

14-1209.01

26th May, 2014

Extell Limited
c/o Blenheim Trust Company (BVI) Limited
P.O. Box 3483
Road Town, Tortola
British Virgin Islands
Shimonov & Co.- Advocates
Rogovin Tidhar Tower, 23rd Floor
11 Menachem Begin Rd.
Ramat Gan
52681, Israel
Dear Sirs
Corporate Summary Opinion
We have been asked to act as counsel as to British Virgin Islands law to Extell Limited
(the "Company") in connection of the Company's filing of an initial public offering
Prospectus to be published in Israel (the Prospectus and the "Public Offering")
according to the Israeli law and have been asked to render a legal opinion on certain
matters and provisions of British Virgin Islands ("BVI") company law.
This opinion relates to a BVI Business Company, which does not carry on an activity
which would require that the company be licenced by the British Virgin Islands
Financial Services Commission and we have not reviewed the Prospectus or any other
document relating to the Prospectus.
Set out below is a summary of certain provisions of British Virgin Islands company law
pursuant to the BVI Business Companies Act, 2004 (as amended) ( the Act) and the
Insolvency Act, 2003 and common law in some instances. The summary is not specific
to the Company or its Memorandum and Articles of Association and does not purport to
contain all applicable qualifications and exceptions or to be a complete review of all
matters of British Virgin Islands company law and taxation, which may differ from
equivalent provisions in jurisdictions with which interested parties may be more
familiar.

37 -

5.5

Having regard to such legal considerations as we deem relevant, we are of the opinion
as follows:
Summary of BVI company law
(i)

Incorporation
According to the provisions of the Act, a certificate of incorporation issued by
the Registrar of Corporate Affairs is conclusive evidence that all the
requirements of the Act as to incorporation have been complied with and that the
Company is incorporated as from the date specified in the certificate of
incorporation.
To maintain the Company in good standing under the laws of the British Virgin
Islands, annual filing fees must be paid to the Registry of Corporate Affairs.

(ii)

Shares
Subject to the Act and to the company's memorandum or articles, shares in
company may be issued, and options to acquire shares in a company granted, at
such times, to such persons, for such consideration and on such terms as the
directors may determine.
A statement of the maximum number of shares that the company is authorised to
issue or that the company is authorised to issue an unlimited number of shares,
and the classes of shares that the company is authorised to issue, and if the
company is authorised to issue two or more classes of shares, the rights,
privileges, restrictions and conditions attaching to each class of shares, must be
included in the company's memorandum of association.
Share may be issued for consideration in any form, including money, a
promissory note, or other written obligation to contribute money or property,
real property, personal property (including goodwill and know-how), services
rendered or a contract for future services. The consideration for a share with par
value shall not be less than the par value of the share.
If shares are to be issued by a company for a consideration other than money,
then the directors are required to pass a resolution stating (a) the amount to be
credited for the issue of the shares; (b) their determination of the reasonable
present cash value of the non-money consideration for the issue; and (c) that, in
their opinion, the present cash value of the non-money consideration for the
issue is not less than the amount to be credited for the issue of the shares.

38 -

(iii)

Transfer of Shares
The transfer of a registered share under the Act is by a written instrument of
transfer signed by the transferor and containing the name of the transferee.
However, the instrument must also be signed by the transferee if registration
would impose a liability on the transferee to the company. The instrument of
transfer must be sent to the company for registration. Subject to the company
memorandum or articles the company shall on receipt of an instrument of
transfer, enter the name of the transferee of the share in the register of members
unless the directors resolve to refuse or delay registration of the transfer for
reasons that should be specified in a resolution of directors. The transfer of a
registered share is effective when the name of the transferee is entered in the
register of members. The entry of the name of a person in the companys register
of members is prima facie evidence that legal title in the share vests in that
person.

(iv)

Financial assistance to purchase shares of a company

The Act specifically provides that, subject to the memorandum and articles of
the company, a company may give financial assistance to any person in
connection with the acquisition of the company's own shares.

(v)

Purchase of shares and warrants by a company and its subsidiaries

The Act provides that a company may purchase, redeem or otherwise acquire its
own shares, either in accordance with the procedures set out in the Act, or any
other procedure as provided for in the company's memorandum and articles of
association. The statutory provisions do not apply to a company to the extent
that they are negated, modified or inconsistent with the provisions contained in a
company's memorandum and articles.
Under the statutory provisions, the directors may make an offer to purchase,
redeem or otherwise acquire the shares in a company provided that the offer is
either made: (a) to all shareholders and would, if successful, leave the relative
voting and distribution rights unaffected, and affords each shareholder a
reasonable opportunity to accept the offer; or (b) to one or more shareholders
and consented to in writing by all shareholders, or otherwise permitted by the
memorandum or articles of association. Where the offer is to one or more
shareholders, the directors must have passed a resolution to the effect that in
their opinion the purchase, redemption or other acquisition would (i) benefit the
remaining shareholders, and (ii) that the proposed offer is fair and reasonable to
the company and the remaining shareholders. A shareholder may apply to the
High Court in the British Virgin Islands (the "Court" or "court") for an order
restraining the proposed purchase, redemption or other acquisition on the
grounds that (a) the purchase, redemption or other acquisition is not in the best
interests of the remaining shareholders; or (b) the terms of the offer and the
consideration offered for the shares are not fair and reasonable to the company
or the remaining shareholders.
Subject to the memorandum and articles of the company and the Act, a company
may only acquire its own shares if the directors, by resolution of directors are

39 -

satisfied, on reasonable grounds, that a company will, immediately after the

distribution, satisfy the solvency test i.e. that the value of the companys assets
exceeds its liabilities and the company is able to pay its debts as they fall due.
Shares in the company can be redeemed otherwise than at the option of the
company if such share is redeemable at the option of the shareholder and the
shareholder gives proper notice to the company of his intention to redeem the
share.
Under British Virgin Islands law a company may hold shares that have been
purchased, redeemed or otherwise acquired as treasury shares if the
memorandum or articles of the company do not prohibit it from holding treasury
shares; the directors resolve that shares to be purchased, redeemed or otherwise
acquired shall be held as treasury shares; and the number of shares purchased,
redeemed or otherwise acquired, when aggregated with shares of the same class
already held by the company as treasury shares, does not exceed 50% of the
shares of that class previously issued by the company, excluding shares that
have been cancelled. All the rights and obligations attaching to a treasury share
are suspended and cannot be exercised by or against the company while it holds
a share as a treasury share.
A company is not prohibited from purchasing and may purchase its own
warrants subject to and in accordance with the terms and conditions of the
relevant warrant instrument or certificate. There is no requirement under British
Virgin Islands law that a company's memorandum or articles of association
contain a specific provision enabling such purchases and the directors of a
company may rely upon the general power contained in its memorandum of
association.
(vi)

Dividends and distributions

Subject to the memorandum and articles of the company, the directors of a
company may, by resolution of directors, authorise a distribution by the
company to members at such time and of such an amount, as the directors think
fit if they are satisfied, on reasonable grounds, that the company will,
immediately after the distribution, satisfy the solvency test. A company satisfies
the solvency test if (i) the value of the companys assets exceeds its liabilities,
and (ii) the company is able to pay its debts as they fall due. The resolution of
the directors must contain a statement that, in the opinion of the directors, the
company will, immediately after the distribution, satisfy the solvency test. BVI
case law has determined that failure by a company to pay even a single
unchallenged debt may be taken as evidence of an inability to pay debts as they
fall due. Further, the similar UK statute and case law decided on the matter are
likely to be of some guidance to the Court in determining the meaning of a
company is able to pay its debts as they fall due. The Supreme Court was called
on in BNY Corporate Trustee Services Ltd. v Eurosail- UK Plc14 to tell us what
the phrase a company is able to pay its debts as they fall due actually means. It
was held that a comparison of present assets with present and future liabilities
(discounted for contingencies and deferment) was the only sensible test and the
burden of proof must be on the party which asserted balance-sheet insolvency.

14

2007-3BL Plc [2013] UKSC 28; [2013] B.C.C. 397

40 -

The test would involve a consideration of the overall context and facts
applicable to the company in question. Such an exercise includes taking into
account when any prospective liabilities fall due, whether such liabilities are
denominated in a foreign currency, what assets are available or will become
available to meet any future liabilities and if any provisions have been made for
the allocation of losses.
Distribution, in relation to a distribution by a company to a member, means (i)
the direct or indirect transfer of an asset, other than the companys own shares,
to or for the benefit of the member, or (ii) the incurring of a debt to or for the
benefit of a member, in relation to shares held by a shareholder, or the
entitlements to distributions of a member who is not a shareholder, and whether
by means of the purchase of an asset, the purchase, redemption or other
acquisition of shares, a transfer of indebtedness or otherwise, and includes a
dividend.
A distribution made to a member at a time when the company did not,
immediately after the distribution, satisfy the solvency test may be recovered by
the company from the member unless:. (a) the member received it in good faith
and without knowledge of the companys failure to satisfy the solvency test; (b)
the member has altered its position in reliance on the validity of the distribution;
and (c) it would be unfair to require repayment. If, after a distribution is
authorized and before it is made, the directors cease to be satisfied on reasonable
grounds that a company will, immediately after the distribution is made, satisfy
the solvency test, any distribution made by the company is deemed not to have
been authorized. If a distribution is deemed not to have been authorized a
director who (a) ceased, after authorization but before the making of the
distribution, to be satisfied on reasonable grounds for believing that the
company would satisfy the solvency test immediately after distribution is made;
and failed to take reasonable steps to prevent the distribution being made, is
personal liable to the company to repay to the company so much of the
distribution as is not recovered from members.
If, in an action brought against a director or member under the aforementioned
paragraph, the High Court of the British Virgin Islands is satisfied that the
company could, by making a distribution of a lesser account, have satisfied the
solvency test, the Court may (a) permit the member to retain; or relieve the
director from liability in respect of, an amount equal to the value of any
distribution that could properly have been made.
(vii)

Rights of Shareholders and Protection of minorities

Under the provisions of the Act the memorandum and articles of a company are
binding as between the company and its shareholders and between the
shareholders. In general, shareholders are bound by the decision of the majority
or special majorities as set out in the articles of association or in the Act. As for
voting, the usual rule is that with respect to normal commercial matters
shareholders may act from self interest when exercising the right to vote
attached to their shares.
If the majority shareholders have infringed a minority shareholders rights, the
minority may seek to enforce its rights either by derivative action or by personal

41 -

action. A derivative action concerns the infringement of the companys rights

where the wrongdoers are in control of the company and are preventing it from
taking action, whereas a personal action concerns the infringement of a right that
is personal to the particular shareholder concerned.
The Act has introduced a series of remedies available to members. Where a
company incorporated under the Act conducts some activity which breaches the
Act or the Company's memorandum and articles of association, the court can
issue a restraining or compliance order. Members can now also bring derivative,
personal and representative actions under certain circumstances.
Under the Act, a Representative Action is defined as :
Where a member of a company brings proceedings against the company and
other members have the same or substantially the same interest in relation to the
proceedings, the Court may appoint that member to represent all or some of the
members having the same interest and may, for that purpose, make such
order as it thinks fit including an order to (a) as to the control and conduct of the
proceedings; (b) as to the costs of the proceedings; and (c) directing the
distribution of any amount ordered to be paid by the defendant in the
proceedings among the members represented.
Therefore, this action is only available to members and not any other party such
as creditors.
The traditional English basis for members' remedies have also been
incorporated into the Act - where a member of a company considers that the
affairs of the company have been, are being or are likely to be conducted in a
manner likely to be oppressive, unfairly discriminating or unfairly prejudicial to
him, he may now apply to the court for an order on such conduct.

Any member of a company may apply to court for the appointment of a

liquidator for the company and the court may appoint a liquidator for the
company if it is of the opinion that it is just and equitable to do so.
The Act provides that any member of a company is entitled to payment of the
fair value of his shares upon dissenting from any of the following:
(a)

a merger;

(b)

a consolidation;

(c)

any sale, transfer, lease, exchange or other disposition of more than 50

per cent in value of the assets or business of the company if not made in
the usual or regular course of the business carried on by the company but
not including (i) a disposition pursuant to an order of the court having
jurisdiction in the matter, (ii) a disposition for money on terms requiring
all or substantially all net proceeds to be distributed to the members in
accordance with their respective interest within one year after the date of
disposition, or (iii) a transfer pursuant to the power of the directors to
transfer assets for the protection thereof;
42 -

(d)

a redemption of 10 per cent, or fewer of the issued shares of the company

required by the holders of 90 percent, or more of the shares of the
company pursuant to the terms of the Act; and

(e)

an arrangement, if permitted by the court.

Generally any other claims against a company by its shareholders must be based
on the general laws of contract or tort applicable in the British Virgin Islands or
their individual rights as shareholders as established by the company's
memorandum and articles of association.
The Act provides that if a company or a director of a company engages in,
proposes to engage in or has engaged in, conduct that contravenes the Act or the
memorandum or articles of the company, the Court may, on the application of a
member or a director of the company, make an order directing the company or
director to comply with, or restraining the company or director from engaging in
conduct that contravenes the Act or the memorandum or articles.

(viii) Management
The Act provides that, subject to the memorandum or articles of a company, any
sale, transfer, lease, exchange or other disposition, other than a mortgage, charge
or other encumbrance or the enforcement thereof, of more than 50 per cent in
value of the assets of the company, if not made in the usual or regular course of
the business carried on by the company, must be approved by a resolution of
members. The Act contains no other specific restrictions on the power of
directors to dispose of assets of a company.
Fiduciary duties of directors have been enshrined in the Act, giving statutory
standing to the duties to act honestly and in good faith, in what the relevant
director believes to be the best interests of a company. The Act also permits a
director of a subsidiary company to exercise his duty by acting in the best
interests of a holding company, even though it may not be in the best interests of
the company of which he is a director (if so authorised by the memorandum or
articles of association and where the company is not a wholly-owned
subsidiary with the prior agreement of the shareholders).
The Act reflects the English common law duties of due care, diligence and skill
and imposes on directors the duty to act for a proper purpose and not in a
manner which contravenes either the Act or the company's memorandum or
articles of association.
A director is also obliged to disclose any interests he may have in a transaction
to be entered into by the company (although he remains entitled to vote on the
transaction, attend meetings in relation to it and be counted for the purposes of
the quorum). Should he fail to do so, the transaction will be voidable by the
company, unless the material facts of the interest are disclosed to the members
and the members nevertheless ratify or approve the transaction, or the company
receives fair value for it.

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(ix)

Chairman of the Board Serving as CEO

There is no prohibition in the Act which prevents an individual to act as
Chairman and CEO of a BVI Company.
The matters listed in this paragraph are subject to the companys memorandum
and articles of association and Act regarding disclose of interests.

(x)

Transactions with related parties and conflicts of interest

Directors must not place themselves in a position in which there is a conflict
between their duty to the company and their personal interests. This means that,
strictly speaking, a director should not participate in a decision in circumstances
where he has a potential conflict. That is, he should declare his interest and
abstain. Indeed, the Act provides that a director shall, forthwith after becoming
aware of the fact that he is interested in a transaction entered into or to be
entered into by the company, disclose the interest to the board of the company.
The failure of a director to so disclose an interest does not affect the validity of a
transaction entered into by the director or the company, provided that the
directors interest was disclosed to the board prior to the companys entry into
the transaction or was not required to be disclosed (for example where the
transaction is between the company and the director himself or is otherwise in
the ordinary course of business and on usual terms and conditions).
Under BVI law, a transaction entered into by the company in respect of which a
director is interested will not be voidable by the company where the
shareholders have approved the transaction in knowledge of the interest, or if the
company received fair value for the transaction.
Typically a BVI companys memorandum and articles of association will allow
a director interested in a particular transaction to vote on it, attend meetings at
which it is considered, and sign documents on behalf of the company which
relate to the transaction.
In a departure from the previous corporate legislation in the British Virgin
Islands, the Act permits a director of a company to exercise his powers and
perform his duties in the best interests of that companys holding company even
in circumstances where it may not be in the best interests of the company itself.
This provision is subject to there being an express permission in the companys
memorandum and articles of association. Unless the company is wholly owned
by such parent, the director would also need the approval of the shareholders.
Common law rules that preclude a fiduciary from profiting from his position
apply to directors of the Company and a director may not take advantage of
business opportunities of which he becomes aware by virtue of his position as
director even though the Act does not explicitly place restrictions on a director
taking advantage of such opportunities.

(xi)

Accounting requirements

44 -

A company must keep such records that are sufficient to show and explain the
company's transactions and will, at any time, enable the financial position of the
company to be determined with reasonable accuracy.

(xii)

Inspection of corporate records

Members of the general public, on payment of a nominal fee, can inspect the
public records of a company available at the office of the British Virgin Islands
Registrar of Corporate Affairs which will include the company's certificate of
incorporation, its Memorandum and Articles of Association (with any
amendments) and records of licence fees paid to date and will also disclose any
articles of dissolution, articles of merger and a register of charges if the company
has elected to file such a register.
A member of a company is entitled, on giving written notice to the company, to
inspect (i) the memorandum and articles; (ii) the register of members; (iii) the
register of directors; and (iv) the minutes of meetings and resolutions of
members and of those classes of members of which he is a member; and to make
copies of or take extracts from the documents and records. Subject to the
memorandum and articles, the directors may, if they are satisfied that it would
be contrary to the companys interests to allow a member to inspect any
document, or part of a document, specified in (ii), (iii) and (iv) above, refuse to
permit the member to inspect the document or limit the inspection of the
document, including limiting the making of copies or the taking of extracts from
the records.
Where a company fails or refuses to permit a member to inspect a document or
permits a member to inspect a document subject to limitations, that member may
apply to the Court for an order that he should be permitted to inspect the
document or to inspect the document without limitation.
A company is required to keep at the office of its registered agent the
memorandum and articles of the company; the register of members maintained
or a copy of the register of members; the register of directors or a copy of the
register of directors; and copies of all notices and other documents filed by the
company in the previous ten years.
Where a company keeps a copy of the register of members or the register of
directors at the office of its registered agent, it is required to notify any changes
to such registers to the registered agent, in writing, within 15 days of any
change; and to provide the registered agent with a written record of the physical
address of the place or places at which the original register of members or the
original register of directors is kept. Where the place at which the original
register of members or the original register of directors is changed, the company
is required to provide the registered agent with the physical address of the new
location of the records within fourteen days of the change of location.
A company is also required to keep at the office of its registered agent or at such
other place or places, within or outside the Virgin Islands, as the directors
determine the minutes of meetings and resolutions of members and of classes of
members; and the minutes of meetings and resolutions of directors and

45 -

committees of directors. If such records are kept at a place other than at the
office of the companys registered agent, the company is required to provide the
registered agent with a written record of the physical address of the place or
places at which the records are kept and to notify the registered agent, within 14
days, of the physical address of any new location where such records may be
kept.
(xiii) The right to compromise or settle
If the directors of a company determine that it is in the best interests of the
company or the creditors or members, there are statutory provisions which
facilitate arrangements which involve a plan of arrangement being approved by
a resolution of directors of the company and application being made to the court
for approval of the proposed arrangement to restructure a companys affairs
which may involve:
(a) an amendment to the memorandum and articles;
(b) a reorganisation or reconstruction of a company;
(c) a merger or consolidation of one or more companies that are companies
registered under the Act with one or more other companies, if the
surviving company or the consolidated company is a company
incorporated under the Act;
(d) a separation of two or more businesses carried on by a company;
(e) any sale, transfer, exchange or other disposition of any part of the assets
or business of a company to any person in exchange for shares, debt
obligations or other securities of that other person, or money or other
assets, or a combination thereof;
(f) any sale, transfer, exchange or other disposition of shares, debt
obligations or other securities in a company held by the holders thereof
for shares, debt obligations or other securities in the company or money
or other property, or a combination thereof;
(g) a dissolution of a company; and
(h) any combination of the things specified in paragraphs (a) to (g).
Once the directors have resolved to approve a plan of arrangement, they must
then make an application to the BVI court for approval of the proposed
arrangement. The court may, upon an application make an interim or final order
that is not subject to an appeal unless a question of law is involved and in which
case notice of appeal would be given within the period of twenty days
immediately following the date of the order, and in making the order the court
may:
(a) determine what notice, if any, of the proposed arrangement is to be
given to any person;
(b) determine whether approval of the proposed arraignment by any
person should be obtained and the manner of obtaining the approval;
(c) determine whether any holder of shares, debt obligations or other
securities in the company may dissent from the proposed
arrangement and receive payment of the fair value of his shares, debt
obligations or other securities;
(d) conduct a hearing and permit any interested person to appear; and

46 -

(e) approve or reject the plan of arrangement as proposed or with such

amendments as it may direct.
Where the court makes an order approving a plan of arrangement, the directors
of the company, if they are still desirous of executing the plan, shall confirm the
plan of arrangement as approved by the Court whether or not the Court has
directed any amendments to be made thereto.
The directors of the company, upon confirming the plan of arrangement shall (a)
give notice to the persons to whom the order of the Court requires notice to be
given; and (b) submit the plan of arrangement to those person for such approval,
if any, as the Court requires.
After the plan of arrangement has been approved by those person by whom the
order of the Court may require approval, articles of arraignment shall be
executed by the company and shall contain (a) the plan of arrangement, (b) the
order of the Court approving the plan of arrangement; and (c) the manner in
which the plan of arrangement was approved, if approval was required by the
order of the Court. The articles of arrangement shall be filed with the Registrar
who shall register them. Upon registration of the articles of arrangement, the
Registrar shall issue a certificate in the approved form certifying that the articles
of arrangement have been registered.
An arrangement is effective on the date the articles of arrangement are registered
by the Registrar or such date subsequent thereto, not exceeding thirty days, as is
stated in the articles of arrangement.
A voluntary liquidator of the company may approve a plan of arrangement if a
company is in liquidation, in which case the voluntary liquidator will carry out
the functions of the director listed above and will be subject to such other
modifications as are appropriate.
(xiv)

Compulsory acquisition
Subject to the memorandum or articles of association of a company, members of
the company holding 90 per cent of the votes of the outstanding shares entitled
to vote may give a written instruction to a company directing the company to
redeem the shares held by the remaining members. Upon receipt of the written
instruction, the company is required to redeem the shares specified in the written
instruction irrespective of whether or not the shares are by their terms
redeemable and give written notice to each member
whose shares are to be redeemed stating the redemption price and the manner in
which the redemption is to be effected.

(xv)

Indemnification
British Virgin Islands law does not limit the extent to which a company's articles
of association may provide for indemnification of officers and directors, except
to the extent any such provision may be held by the court to be contrary to
public policy (e.g. for purporting to provide indemnification against the
consequences of committing a crime). An indemnity will be void and of no
effect and will not apply to a person unless the person acted honestly and in

47 -

good faith and in what he believed to be in the best interests of the company and,
in the case of criminal proceedings, the person had no reasonable cause to
believe that his conduct was unlawful.
(xvi)

Insurance
Under the Act, the company may purchase and maintain insurance in relation to
any person who is or was a director of the company, or who at the request of the
company is or was serving as a director of, or in any other capacity is or was
acting for, another body corporate or a partnership, joint venture, trust or other
enterprise, against any liability asserted against the person and incurred by the
person in that capacity, whether or not the company has or would have had the
power to indemnify the person against liability.

(xvii) Enforcement of Foreign Judgments

No foreign judgment has any direct operation in the British Virgin Islands, but it
may be enforced by action at common law or in the case of judgments from
certain jurisdictions by registration under the Foreign Judgments Reciprocal
Enforcement Ordinance or the Reciprocal Enforcement of Judgments Act in the
BVI. It should be noted that not every foreign judgment is capable of
enforcement. Some may lend themselves only to recognition by the British
Virgin Islands courts. The Reciprocal Enforcement of Judgements Act 1922 and
the Foreign Judgements (Reciprocal Enforcement) Act 1964 does not extend to
Israel or the United States of America and thus enforcement by common law is
applicable. Under common law, any final and conclusive money judgment for a
definite sum obtained against the debtor in the courts of a foreign jurisdiction is
treated by the British Virgin Islands courts as a cause of action for debt itself so
that no retrial of the issues is necessary. Accordingly, where the judgment debt
arises in a country other than the ones regulated by the Reciprocal Enforcement
of Judgments Act, it is possible to enforce the judgment debt by suing upon it as
a cause of action at common law. The claimant must therefore commence new
proceedings on the defendant in accordance with Parts 5 and 7 of the Civil
Procedure Rules. To be enforceable the judgment must be (a) for a debt or
definite sum of money ( not being a sum payable in respect of taxes or other
charges of a like nature, or in respect of a fine or penalty); (b) final and
conclusive. Importantly, at common law a foreign judgment is final and
conclusive even though it is subject to appeal, an appeal is actually pending in
the foreign country where it was given; and (c) from a foreign courts which had
jurisdiction to give the judgement; must not be impeachable; and must be
conclusive on the merits.
Under BVI law a judgement or order for payment of a sum of money other than
an order for payment of money into a court may be enforced by (i) a charging
order; (ii) a garnishee order; (iii) a judgement summons; (iv) an order for seizure
of sale of goods; and (v) the appointment of a receiver
The BVI Court plays a supportive role to facilitate arbitration procedures and
will recognise and enforce foreign arbitral awards made in any of the contracting
states to the New York Convention under the terms of the Convention.

48 -

(xviii) Liquidation
Under BVI law, a company can be liquidated, other than by way of a voluntary
liquidation, as follows: (i) by court order following an application for the
appointment of a liquidator for the company by a creditor of the company; (ii) if
the court is of the opinion that it would be just and equitable to appoint a
liquidator for the company; and
(iii) where a company has been struck off the Register of Companies under the
Act continuously for a period of 10 years it is deemed to be dissolved.

A liquidator is appointed for the purpose of collecting in and realising the assets
of a company and distributing proceeds to creditors. Liquidation marks the end
of a company's business and does not have a rescue function.
If the liquidation is a solvent liquidation, the provisions of the Act governs the
liquidation. . A company may only be liquidated under the Act as a solvent
liquidation if it has no liabilities or it is able to pay its debts as they fall due and
the value of its assets exceeds its liabilities. Subject to the memorandum and
articles of association of a company, a liquidator may be appointed by a
resolution of directors or resolution of members but if the directors have
commenced liquidation by a resolution of directors the members must approve
the liquidation plan by a resolution of members. The Insolvency Act, 2003 (the
Insolvency Act) governs an insolvent liquidation. Pursuant to the Insolvency
Act, a company is insolvent if (a) it fails to comply with the requirements of a
statutory demand that has not be seen aside pursuant to the Insolvency Act,
execution or other process issued on a judgement, decree or order of Virgin
Islands court in favour of a creditor of the company is returned wholly or partly
unsatisfied or either the value of the companys liabilities exceeds its assets or
the company is unable to pay its debts as they fall due. The liquidator must be
either the Official Receiver in BVI or a BVI licensed insolvency practitioner. An
individual resident outside the BVI may be appointed to act as liquidator jointly
with a BVI licensed insolvency practitioner or the Official Receiver. The
members of the company may appoint an insolvency practitioner as liquidator of
the company or the Court may appoint an Official Receiver or an eligible
insolvency practitioner. The application to the Court can be made by one or
more of the following: (a) the company (b) a creditor (c) a member (d), the
supervisor of a creditors arrangement in respect of the company, the
Commission and the Attorney General in the BVI. The court may appoint a
liquidator if :
(a)
(b)
(c)

the company is insolvent;

if the court is of the opinion that it is just and equitable that a liquidator
should be appointed or;
the court is of the opinion that it is in the public interest for a liquidation
to be appointed .

An application under (a) above by a member may only be made with leave of
the court, which shall not be granted unless the court is satisfied that there is
prima facie case that the company is insolvent. An application under (c) above
may only be made by the Commission or the Attorney General and the
Commission may only make an application under (c) above if the company
49 -

concerned is, or at any time has been, as regulated a person or the company is
carrying on, or at any time has carried on , unlicensed financial services
business.
Upon the insolvent liquidation of a company, the assets of a company shall be
applied in accordance with the following priorities: (a) in paying, in priority to
all other claims, the costs and expenses properly incurred in the liquidation in
accordance with the prescribed priority; (b) after payment of the costs and
expenses of the liquidation, in paying the preferential claims admitted by the
liquidator (wages and salary, amounts to the BVI Social Security Board, pension
contributions, government taxes) - preferential claims rank equally between
themselves and, if the assets of the company are insufficient to meet the claims
in full, they shall be paid rateably; (c) after the payment of preferential claims, in
paying all other claims admitted by the liquidator, including those of nonsecured creditors - the claims of non-secured creditors of the Company shall
rank equally among themselves and if the assets of the company are insufficient
to meet the claims in full, such non-secured creditors shall be paid rateably; (d)
after paying all admitted claims, paying any interest payable under the BVI
Insolvency Act; and finally (e) any surplus assets remaining after payment of the
costs, expenses and claims above shall be distributed to the members in
accordance with their rights and interests in the Company.
Part VIII of the Insolvency Act provides for various applications which may be
made by a liquidator to set aside transactions which have unfairly diminished the
assets which are available to creditors. There are four types of voidable
transactions provided for under the Insolvency Act namely:
(i)

unfair preferences - any transaction which is entered into during the

vulnerability period and is an insolvency transaction which has the
effect of putting the creditor into a position, which, in the event of the
company going into insolvent liquidation, will be better than the
position he would have been in if the transaction had not be entered into;

(ii)

undervalue transactions - if the company either gives a gift or receives

no consideration, or the consideration which the company receives the
value of which, in money or moneys worth, of the consideration
provided by the company then the transaction potential may be
vulnerable as an undervalue transaction provided that it is also an
insolvency transaction and entered into during the vulnerability period;

(iii)

voidable floating charges every floating charge entered into within the
vulnerability period and which is an insolvency transaction is a voidable
floating charge; and

extortionate credit transactions where a company enters into a transaction

during the vulnerability period for the provision of credit to the company and (a)
the terms of the transaction are such as to require grossly exorbitant payments to
be made (including conditional payments), or the transaction otherwise grossly
contravenes ordinary principles of fair trading, then the transaction will be
susceptible to challenge by a liquidator as an extortionate credit transaction.

50 -

(xix)

External Directors
There is no requirement under the Act for a company to appoint external
directors/non-executive directors to the board of a company. The Act does not
distinguish between a company's directors and independent directors.

(xx)

Alternate Directors
Subject to the memorandum and articles of a company, a director of the
company may appoint as an alternate any other director or any other person who
is not disqualified for appointment as a director under the Act to (a) exercise the
appointing directors powers, and (b) carry out the appointing directors
responsibilities, in relation to the taking of decisions by the directors in the
absence of the appointing director.
The appointing director may, at any time, terminate the alternates appointment.
The appointment of an alternate director and its termination shall be in writing
and written notice of the appointment and termination shall be given by the
appointing director to the company (a) within such period as may be specified in
the memorandum or articles; or (b) if no period is specified in the
memorandum or articles, as soon as reasonably practicable.
The termination of the appointment of an alternate director does not take effect
until written notice of the termination has been given to the company.
An Alternate director has no power to appoint an alternate, whether of the
appointing director or of the alternate director; and does not act as an agent of or
for the appointing director.
An alternate director has the same rights as the appointing director in relation to
any directors meeting and any written resolution circulated for written consent.
Any exercise by the alternate director of the appointing directors powers in
relation to the taking of decisions by the directors, is as effective as if the powers
were exercised by the appointing director. An Alternate director is liable for his
own acts and omissions as an alternate director and Division 3 of the Act applies
to a person appointed as an alternate director, when acting as such.

(xxi)

Audit Committee
There is no requirement under the Act for a company to appoint an audit
committee.

(xxii) Remuneration Committee

There is no requirement under the Act for a company to appoint a remuneration
committee.
(xxiii) Limitation on appointment and termination of position as Company Directors
and Officers

51 -

A person shall not be appointed as director or alternate director of a company, or

nominated as a reserve director, unless, he has consented in writing to be a
director or alternate director or to be nominated as a reserve director.
The Act states that the following are disqualified for appointment as the director
of a company:
(a) an individual who is under eighteen years of age;
(b) a person who is a disqualified person within the meaning of section 260(4) of
the Insolvency Act;
(c) a person who is a restricted person within the meaning of section 409 of the
Insolvency Act;
(d) an undischarged bankrupt; and
(e) a person who, in respect of a particular company, is disqualified by the
memorandum or articles from being a director of the company;
A director of a company shall resign forthwith if he is, or becomes disqualified
to act as director pursuant to the above section.
There is no requirement under the Act for a company to appoint officers. It is at
the discretion of a BVI company whether they wish to appoint officers of the
company. The Act does not contain provisions for disqualification for
appointment or removal as officer of a BVI Company.
(xxiv) Remuneration Policy
Subject to the memorandum and articles of a company, the directors of the
company may fix the emoluments of directors in respect of services to be
rendered in any capacity to the company.
There is no requirement under the Act for a company to maintain a remuneration
policy for Directors and/or Officers.
(xxv) Internal Auditor and External Auditor
There is no requirement under the Act for a company to appoint an internal
auditor. There is also no requirement under the Act for a company to appoint an
external auditor unless the company is a public mutual fund or is carrying out
certain activities within the BVI which require the company to be licensed and
have an auditor e.g. insurance company. It is at the discretion of the directors of
a BVI company whether they should call for the company's accounts to be
audited. The Act requires a company to keep records that are sufficient to show
and explain the company's transactions and will, at any time, enable the financial
position of the company to be determined with reasonable accuracy.
(xxvi) Jursdiction
Subject to the memorandum or articles of association of a company, a company
can enter into documents governed by Israeli law and can submit to the
jurisdiction of the courts of Israel contained in such documents and such a
submission is a valid one and will be upheld by the courts of the British Virgin
Islands.

52 -

This opinion is given only as to, and based on, circumstances and matters of fact
existing and known to us on the date of this opinion. This opinion only relates to the
laws of the British Virgin Islands which are in force on the date of this opinion.
This opinion may be relied on by the addresses only. It may not be relied upon by any
other person except with our prior written consent. This opinion may be disclosed to
those who will buy the Securities from the Company and anyone who sells or acquires
the Securities of the Company in the course of trading on the stock exchange or over the
counter for information purposes only. This opinion is limited to the matters detailed
herein and is not to be read as an opinion with respect to any other matter.
We consent to the filing of this opinion and its Hebrew translation with the Israeli
Securities Authority and the Tel Aviv Stock Exchange Ltd. as part of the Prospectus.
Yours faithfully,

FARARA KERINS

53 -

Shimonov & Co.

A D V O C A T E S

+(972) 3 611 1000

+(972) 3 613 3355
mail@is-adv.com

Telephone
Fax
e-mail

Israel Shimonov
Oren Elkabetz
Jonathan Robinson
Nir Cohen Sasson
Igor Katz
Noa Shefer
Liron Azriel
Corinne Bitton
Dudi Berland
Shiran manor
Ran Felder
Barak Baruch
Hila Hefetz
Eyal Natanyan

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--

--

--

------

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Street NY
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AGE 680 Madison Parent LLC
Extell Times Square Hotel
LLC

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Extell Boston Holdings LLC
80 West End Partners LLC
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AGE 680 Madison

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Extell Boston Holdings
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New York, NY 10022
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48

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Extell Limited
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------------------F:\W2000\W2000\61093813\M\13\12-EXTELL.DOCX

49

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Marc Kwestel
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Gary Barnett
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------------

- :3 *&+,

EXTELL 57 TOWER LLC

CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2013 (AUDITED)

EXTELL 57 TOWER LLC

CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013

U.S. DOLLARS IN THOUSANDS

INDEX

Page
Auditors' Report

Consolidated Statements of Financial Position

Consolidated Statements of Comprehensive Income

Consolidated Statements of Changes in Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

7-22

-----------

Kost Forer Gabbay & Kasierer

3 Aminadav St.
Tel-Aviv 6706703, Israel

Tel: +972-3-6232525
Fax: +972-3-5622555
ey.com

AUDITORS' REPORT
To the Shareholders of
Extell 57 Tower LLC

We have audited the accompanying consolidated statements of financial position of Extell 57 Tower
LLC ("the Company") as of December 31, 2013 and 2012 and the related consolidated statements of profit or
loss, comprehensive income, changes in equity and cash flows for each of the years then ended. These
financial statements are the responsibility of the Company's board of directors and management. Our
responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards in Israel, including
those prescribed by the Auditor's Regulations (Auditor's Mode of Performance), 1973. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by the board of directors and management, as well
as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the Company and its subsidiaries as of December 31, 2013 and 2012, and the results of
their operations, changes in equity and cash flows for each of the years then ended, in conformity with
International Financial Reporting Standards (IFRS).
This report is based on our reports for the financial statements for said periods the latest of which for the year
ended December 31, 2013 was dated March 31, 2014.
We consent to the inclusion of our opinion in the prospectus of Extell Limited that is intended to be published in
May 2014.

Tel-Aviv, Israel

KOST FORER GABBAY & KASIERER

May 26, 2014

A Member of Ernst & Young Global

- 2 -

Extell 57 Tower LLC

Consolidated Statements Of Financial Position
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

December 31,
Note

2013

2012

4
5
6

1,359,656
2,747
6,497
148
2,429

1,126,417
4,066
7,075
23
3,048

1,371,477

1,140,629

732,714
44,511
8,204

507,918
44,618
1,165

Total liabilities

785,429

553,701

EQUITY
Capital and reserves attributable to the Companys equity holders
Share capital and paid-in capital
Accumulate deficit

599,303
(13,255)

599,303
(12,375)

Total equity

586,048

586,928

1,371,477

1,140,629

ASSETS
Inventory - real estate under development for sale
Property plant and equipment
Prepaid expenses and other assets
Restricted cash
Cash
Total assets

LIABILITIES
Borrowings, net
Accounts payable and accrued liabilities
Advances from customers

7
8
9

Total equity and liabilities

Approved on May 26, 2014 by:

Gary Barnett President and Manager

Marc Kwestel Vice President

The accompanying notes are an integral part of consolidated financial statements.

- 3 -

Extell 57 Tower LLC

Consolidated statements of comprehensive income
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

Note
Revenues
Cost of revenues

4
4

Gross profit
General, administrative, and marketing expenses

10

For the year ended

December 31,
2013
2012
7,283
(4,216)

3,067

(3,942)

(5,665)

(875)

(5,665)

(5)

(444)

Loss for the year

(880)

(6,109)

Total comprehensive loss

(880)

(6,109)

Operating loss
Finance expense, net

The accompanying notes are an integral part of these consolidated financial statements.

- 4 -

Extell 57 Tower LLC

Consolidated statements of changes in equity
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

Share capital
and paid-in
capital
Balance at January 1, 2012
Total comprehensive loss
Balance at December 31, 2012
Total comprehensive loss
Balance at December 31, 2013

Retained
earnings

599,303

(6,266)

(6,109)

599,303

(12,375)

(880)

599,303

(13,255)

Total equity
593,037
(6,109)
586,928
(880)
586,048

The accompanying notes are an integral part of these consolidated financial statements.

- 5 -

Extell 57 Tower LLC

Consolidated statements of cash flows
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

Year ended
December 31,
2013
2012
Cash flows from operating activities
Loss for the year

(880)

(6,109)

Adjustments to reconcile loss to net cash provided by operating activities:

Finance expense, net
Depreciation

Changes in operating assets and liabilities:

Increase in inventory real estate under development
Decrease (increase) in prepaid expenses and other assets
Increase in accrued Mez loan interest
Increase (decrease) in accounts payable and accrued liabilities
Increase in advances from customers

10
1,319

447
989

1,329

1,436

(209,038)
568
19,901
(106)
7,039

(208,628)
(3,500)
16,294
5,342
1,165

(181,636)

(189,327)

(181,187)

(194,000)

Cash flows used in investing activities

Purchase of property, plant and equipment
Change in restricted cash, net

(126)

(1,899)
4,980

Net cash used in investing activities

(126)

3,081

Cash flows from financing activities

Interest paid
Proceeds from borrowings
Repayment of borrowings

(16,616)
204,207
(6,897)

(9,448)
202,448
-

Net cash generated from financing activities

180,694

193,000

Net cash used in operating activities

Increase (decrease) in cash

Cash, beginning of the year

(619)
3,048

2,081
967

Cash, end of the year

2,429

3,048

The accompanying notes are an integral part of these consolidated financial statements.

- 6 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 1:- GENERAL INFORMATION

Extell 57 Tower LLC and its subsidiaries were formed as limited liability companies in 2007 under the
laws of the State of Delaware. Although limited liability companies are unincorporated associations, their
members do not generally have liability for the obligations or debts of the entity, similar to stockholders
of a corporation.
Extell 57 Tower LLC and its subsidiaries (the Company) operate in the United States and are primarily
involved in developing and constructing residential and retail condominium units for sale.
The Company is owned 88.31% by 57 Tower Investor Corp. and 11.69% by Extell 57 Tower Member
LLC.
Definitions:
In these financial statements:
The Company

- Extell 57 Tower LLC and Subsidiaries.

The Group

- The Company and its investees, as detailed in note 14.

Subsidiaries

- Companies that are controlled by the Company (as defined in IFRS 10) and
whose accounts are consolidated with the Company's financial statements.

Associates

- Companies in which the Company has significant influence are accounted for in
the consolidated financial statements of the Company using the equity method.

Related parties

- As defined in IAS 24.

Interested parties and - As defined in the Israeli Securities Regulations (Annual Financial Statements),
controlling
2010.
shareholder
Dollar

- U.S. dollar.

NOTE 2:- BASIS OF PREPARATION

The following accounting policies have been applied consistently in the financial statements for all
periods presented, unless otherwise stated.
a.

Basis of preparation:
The consolidated financial statements are prepared in accordance with International Financial
Reporting Standards (IFRS).
The basis of preparation and accounting policies used in preparing the consolidated financial
statements for the years ended December 31, 2013 and 2012 are set out below. These accounting
policies have been consistently applied to the periods presented unless otherwise stated.
The consolidated financial statements have been prepared on a cost basis, except for financial
assets, Companies in which the Company has significant influence are accounted for in the
consolidated financial statements of the Company using the equity method and investment in
associates companies. The consolidated financial statements are presented in United States Dollars
(USD) and all values are rounded to the nearest thousands, except when otherwise indicated.

- 7 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 2:- BASIS OF PREPARATION (Cont.)

b.

The operating cycle:

The operating cycle of development projects exceeds one year and may continue for between three
to five years. When the operating cycle exceeds one year, the assets and liabilities directly
attributable to this activity are classified in the statement of financial position as current assets and
liabilities based on the operating cycle.

c.

Consolidated financial statements:

The consolidated financial statements comprise the financial statements of companies that are
controlled by the Company (subsidiaries). Control is achieved when the Company is exposed, or
has rights, to variable returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee. Potential voting rights are considered when
assessing whether an entity has control. The consolidation of the financial statements commences
on the date on which control is obtained and ends when such control ceases.
The financial statements of the Company and of the subsidiaries are prepared as of the same dates
and periods. The consolidated financial statements are prepared using uniform accounting policies
by all companies in the Group. Significant intragroup balances and transactions and gains or losses
resulting from intragroup transactions are eliminated in full in the consolidated financial
statements.

d.

Functional currency, presentation currency and foreign currency:

The functional and presentation currency of the financial statements is the US dollar.
The Group determines the functional currency of each Group entity, including companies
accounted for at equity.

e.

Cash equivalents:
Cash equivalents are considered as highly liquid investments, including unrestricted short-term
bank deposits with an original maturity of three months or less from the date of investment.

f.

Short-term deposits and restricted cash:

Short-term deposits and restricted cash are deposits with an original maturity of more than three
months from the date of investment and when the Company has restrictions on the uses of their
cash and which do not meet the definition of cash equivalents.

g.

Allowance for doubtful debts:

The allowance for doubtful debts is determined in respect of specific debts whose collection, in the
opinion of the Company's management, is doubtful. The Company also recognizes a provision for
groups of customers that are collectively assessed for impairment based on their credit risk
characteristics.

h.

Inventories of land, inventories of buildings and apartments for sale:

Cost of inventories of buildings and apartments for sale includes identifiable direct costs
attributable to the land such as taxes, fees and duties, planning and construction costs. The
Company also capitalizes borrowing costs as part of the cost of inventories of buildings and
apartments for sale from the period in which the Company commenced development of the land.

- 8 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 2:- BASIS OF PREPARATION (Cont.)

Real estate under construction is measured at cost. Cost of real estate includes borrowing costs
relating to the financing of the construction of the assets until their completion, planning and
design costs, indirect costs attributable to construction and other related costs.
Inventories of buildings and apartments for sale are measured at the lower of cost and net
realizable value. Net realizable value is the estimated selling price in the ordinary course of
business less estimated costs of completion and estimated selling costs.
i.

Revenue recognition:
Revenues are recognized in profit or loss when the revenues can be measured reliably, it is
probable that the economic benefits associated with the transaction will flow to the Company and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenues are measured at the fair value of the consideration less any trade discounts, volume
rebates and returns.
Following are the specific revenue recognition criteria which must be met before revenue is
recognized:
Condominium sales:
Revenue from sales of residential retail units included in inventory real estate under development
is recognized when the significant risks and rewards of ownership have passed to the buyer and
when the revenue can be measured reliably. This is typically when the parties are bound by the
terms of a sales contract, all consideration has been exchanged, and title is conveyed to the buyer
or when the transfer of the asset to the buyer is unconditional, the costs in respect of the asset can
be measured reliably and the collectability of the remaining proceeds is reasonably assured.

j.

Borrowing costs:
The Group capitalizes borrowing costs that are attributable to the acquisition, construction or
production of qualifying assets which necessarily take a substantial period of time to get ready for
their intended use or sale.
The capitalization of borrowing costs commences when expenditures for the asset are incurred, the
activities to prepare the asset are in progress and borrowing costs are incurred and ceases when
substantially all the activities to prepare the qualifying asset for its intended use or sale are
complete. The amount of borrowing costs capitalized in the reporting period includes specific
borrowing costs and general borrowing costs based on a weighted capitalization rate.

k.

Selling and marketing expenses

Selling and marketing expenses consist of condominium marketing and advertising of investment
and inventory properties. Costs related to a specific condominium sale, such as commissions, are
capitalized and charged to cost of sales when the corresponding revenue is recognized.
Advertising consist primarily of newspaper, direct mail, billboard, brochures, sales office and
other media advertising programs. The Company expenses advertising costs as incurred.

l.

Impairment of non-financial assets:

The Company evaluates the need to record an impairment of non-financial assets whenever events
or changes in circumstances indicate that the carrying amount is not recoverable.

- 9 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 2:-

BASIS OF PREPARATION (CONT.)

If the carrying amount of non-financial assets exceeds their recoverable amount, the assets are
reduced to their recoverable amount. The recoverable amount is the higher of fair value less costs
of sale and value in use. In measuring value in use, the expected future cash flows are discounted
using a pre-tax discount rate that reflects the risks specific to the asset.
m.

Financial instruments:
1.

Financial assets:
Financial assets within the scope of IAS 39 are initially recognized at fair value plus
directly attributable transaction costs, except for financial assets measured at fair value
through profit or loss in respect of which transaction costs are recorded in profit or loss.
After initial recognition, the accounting treatment of financial assets is based on their
classification as follows:
Loans and receivables:
Loans and receivables are investments with fixed or determinable payments that are not
quoted in an active market. After initial recognition, loans are measured based on their
terms at amortized cost less directly attributable transaction costs using the effective
interest method, and less any impairment losses. Short-term borrowings are measured based
on their terms, normally at face value.

2.

Financial liabilities:
Financial liabilities are initially recognized at fair value. Loans and other liabilities
measured at amortized cost are presented net of directly attributable transaction costs.
After initial recognition, the accounting treatment of financial liabilities is based on their
classification as follows:
a)

Financial liabilities at amortized cost:

After initial recognition, loans and other liabilities are measured based on their terms
at cost less directly attributable transaction costs using the effective interest method.

b)

3.

Financial guarantee contracts:

Financial guarantee contracts are initially recognized at fair value, taking into
account transaction costs that are directly attributable to the issue of the guarantee.
After initial recognition, the liability is measured at the higher of the amount initially
recognized (less, if appropriate, cumulative amortization over the period of the
guarantee) and the estimate of any obligation to be recorded at the reporting date in
accordance with IAS 37.

Offsetting financial instruments:

Financial assets and financial liabilities are offset and the net amount is presented in the
statement of financial position if there is a legally enforceable right to set off the recognized
amounts and there is an intention either to settle on a net basis or to realize the asset and
settle the liability simultaneously.

- 10 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 2:- BASIS OF PREPARATION (Cont.)

4.

De-recognition of financial instruments:

a)

Financial assets:
A financial asset is derecognized when the contractual rights to the cash flows from
the financial asset expire or the Company has transferred its contractual rights to
receive cash flows from the financial asset or assumes an obligation to pay the cash
flows in full without material delay to a third party and has transferred substantially
all the risks and rewards of the asset, or has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the
asset.

b)

Financial liabilities:
A financial liability is derecognized when it is extinguished, that is when the
obligation is discharged or cancelled or expires. A financial liability is extinguished
when the debtor (the Group) discharges the liability by paying in cash, other
financial assets, goods or services; or is legally released from the liability.

5.

Impairment of financial assets:

The Group assesses at the end of each reporting period whether there is any objective
evidence of impairment of a financial asset or group of financial assets as follows.
Financial assets carried at amortized cost:
Objective evidence of impairment exists when one or more events that have
occurred after initial recognition of the asset have a negative impact on the estimated
future cash flows

n.

Fair value measurement:

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date.
All assets and liabilities measured at fair value or for which fair value is disclosed are categorized
into levels within the fair value hierarchy based on the lowest level input that is significant to the
entire fair value measurement:

o.

Level 1

- quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2

- inputs other than quoted prices included within Level 1 that are observable
either directly or indirectly.

Level 3

- inputs that are not based on observable market data (valuation techniques which
use inputs that are not based on observable market data).

Provisions:
A provision in accordance with IAS 37 is recognized when the Group has a present obligation
(legal or constructive) as a result of a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation.

- 11 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 2:- BASIS OF PREPARATION (Cont.)

Following are the types of provisions included in the financial statements:
Legal claims:

p.

A provision for claims is recognized when the Group has a present legal or constructive obligation
as a result of a past event, it is more likely than not that an outflow of resources embodying
economic benefits will be required by the Group to settle the obligation and a reliable estimate can
be made of the amount of the obligation.
Taxes
According to the relevant tax laws in the U.S.A, the companies in the Group are considered as a
"pass through" entities. Accordingly, no provision has been made for federal and state income
taxes or income tax benefits in the accompanying financial statements as taxable income and
losses are reported in the tax return of the shareholders. The Company does provide for city
income taxes as required at a rate of 4% on trade or business income (sale of condominium
units).

q.

Derivative financial instruments designated as hedges:

The Group enters into contracts for derivative financial instruments such as forward currency
contracts and interest rate swaps to hedge risks associated with foreign exchange rates and interest
rate fluctuations.
Any gains or losses arising from changes in the fair values of derivatives that do not qualify for
hedge accounting are recorded immediately in profit or loss.
Hedges which meet the criteria for hedge accounting are accounted for as follows:
Cash flow hedges:
The effective portion of the gain or loss on the hedging instrument is recognized directly in equity
as other comprehensive income (loss), while any ineffective portion is recognized immediately in
profit or loss.
Amounts recognized as other comprehensive income (loss) are reclassified to profit or loss when
the hedged transaction affects profit or loss, such as when the hedged income or expense is
recognized or when a forecasted transaction occurs. Where the hedged item is a non-financial asset
or liability, their cost also includes the gain (loss) from the hedging instrument.
If the forecast transaction or firm commitment is no longer expected to occur, amounts previously
recognized in other comprehensive income (loss) are reclassified to profit or loss.

r.

Property, plant and equipment

Assets related to the sales offices are stated at cost, net of accumulated depreciation and/or
accumulated impairment losses, if any. An item of property, plant and equipment is derecognized
upon disposal or when no future economic benefits are expected from its use or disposal.
The assets residual values, useful lives and methods of depreciation are reviewed at each financial
year-end, and adjusted prospectively, if appropriate.
Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as
follows:
Category
Condominium sales office

Term
Estimated operating period of the sales office

- 12 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 3:- SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS

USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS AND
DISCLOSURE OF NEW STANDARDS IN THE PERIOD PRIOR TO THEIR
ADOPTION
Significant accounting judgments, estimates and assumptions used in the preparation of the financial
statements:
In the process of applying the significant accounting policies, the Group has made the following
judgments which have the most significant effect on the amounts recognized in the financial statements:
a.

Estimates and assumptions:

The preparation of the financial statements requires management to make estimates and
assumptions that have an effect on the application of the accounting policies and on the reported
amounts of assets, liabilities, revenues and expenses. Changes in accounting estimates are reported
in the period of the change in estimate.
The key assumptions made in the financial statements concerning uncertainties at the reporting
date and the critical estimates computed by the Group that may result in a material adjustment to
the carrying amounts of assets and liabilities within the next financial year are discussed below.
-

Estimation of net realizable value for inventory real estate under development:
Inventory real estate under development is recognized at the lower of cost or net
realizable value. Net realizable value is the estimated selling price in the ordinary course of
the business, based on market prices at the reporting date and discounted for the time value
of money if material, less costs to completion and the estimated costs of sale.

b.

Disclosure of new standards in the period prior to their adoption:

Amendments to IAS 32, "Financial Instruments: Presentation regarding Offsetting Financial
Assets and Financial Liabilities":
The IASB issued amendments to IAS 32 regarding the offsetting of financial assets and financial
liabilities. The amendments to IAS 32 clarify, among others, the meaning of "currently has a
legally enforceable right of set-off".
The amendments to IAS 32 are to be applied retrospectively from the financial statements for
annual periods beginning on January 1, 2014 or thereafter.
The Company believes that the amendments to IAS 32 are not expected to have a material impact
on the financial statements.

2.

IFRS 9, "Financial Instruments":

a.

The IASB issued IFRS 9, "Financial Instruments", the first part of Phase 1 of a project to
replace IAS 39, "Financial Instruments: Recognition and Measurement
According to IFRS 9, all financial should be measured at fair value upon initial recognition.
In subsequent periods, debt instruments should be measured at amortized cost only if both
of the following conditions are met:
-

the asset is held within a business model whose objective is to hold assets in order to
collect the contractual cash flows.
- 13 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 3:- SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS

USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS AND
DISCLOSURE OF NEW STANDARDS IN THE PERIOD PRIOR TO THEIR
ADOPTION (CONT.)
-

the contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount
outstanding.

Subsequent measurement of all other debt instruments and financial assets should be at fair
value.

Financial assets that are equity instruments should be measured in subsequent

periods at fair value and the changes recognized in profit or loss or in other
comprehensive income (loss), in accordance with the election by the Company on
an instrument-by-instrument basis.
The IASB did not set a mandatory effective date for IFRS 9. Early application is permitted.
b.

Amendments regarding derecognition and financial liabilities (Phase 2) were published.

According to those amendments, the provisions of IAS 39 will continue to apply to
derecognition and to financial liabilities for which the fair value option has not been
elected. Pursuant to the amendments, the amount of the adjustment to the liability's fair
value that is attributable to changes in credit risk should be presented in other
comprehensive income. All other fair value adjustments should be presented in profit or
loss.
The IASB did not set a mandatory effective date for IFRS 9. Early application is permitted.

c.

In November 2013, the IASB issued Phase 3 of IFRS 9 ("Phase 3 of IFRS 9") as part of the
complete version of IFRS 9. Phase 3 of IFRS 9 includes the new hedge accounting
requirements and related amendments to IFRS 9, IFRS 7 and IAS 39.
The IASB did not set a mandatory effective date for Phase 3 of IFRS 9. Entities may apply
Phase 3 of IFRS 9 early provided that they also adopt the other provisions of IFRS 9.

The Company believes that IFRS 9 (including all its phases) is not expected to have a material
impact on the financial statements.
3.

Amendments to IAS 36, "Impairment of Assets":

In May 2013, the IASB issued amendments to IAS 36, "Impairment of Assets" ("the
amendments") regarding the disclosure requirements of fair value less costs of disposal. The
amendments include additional disclosure requirements of the recoverable amount and fair value.
The amendments are effective for annual periods beginning on January 1, 2014 or thereafter.
The appropriate disclosures will be included in the Company's financial statements upon the firsttime adoption of the amendments.

- 14 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 4:- INVENTORY REAL ESTATE UNDER DEVELOPMENT FOR SALE

December 31,
2013
2012
Opening balance
Disposals
Construction and related costs
Borrowing costs capitalized

1,126,417
(4,216)
182,125
55,330

Total

1,359,656

1,126,417

181,748

126,418

Total capitalized finance costs included

900,756
181,213
43,448

As for a specific pledge that was placed on inventories to collateralize liabilities, see Note 7.

The Company is developing a condominium known as One57 consisting of 132 residential units
which 94 are currently offered for sale, a hotel unit, a retail unit and a garage unit. As of
December 31, 2013, the Company has closed on the sale of 2 residential units for a total sales price
of $7.3 million and has signed agreements for the sale of 65 residential units for a total sales price
of $1,468 million. The buyers have deposited $357 million in an escrow account which is held by
a trustee. The Company cannot access and/or use these funds until delivery of the units. The
company has also entered into an agreement to sell the hotel unit to HyEx 57 Hotel LLC (HyEx)
for $375 million. As of December 31, 2013 no amounts have been paid. The company owns a
33.33% interest in HyEx. The remaining 66.67% is owned by Hyatt Hotels Corporation.

NOTE 5:-

PROPERTY, PLANT AND EQUIPMENT

December 31,
2013
2012
Cost:
Balance as of January 1,
Additions during the year

5,055
-

3,156
1,899

Balance as of December 31,

5,055

5,055

Accumulated depreciation:
Balance as of January 1,
Additions during the year

989
1,319

989

Balance as of December 31,

2,308

989

Depreciated cost as of December 31,

2,747

4,066

The property, plant and equipment represents amounts paid by the company in relation to the One 57
project sales office.

- 15 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 6:- PREPAID EXPENSES AND OTHER ASSETS

The components of prepaid expenses and other assets are as follows:
December 31,
2013
2012
Hyatt pre-opening costs (a)
Advances paid to suppliers
Accounts receivable
Other

1,711
3,778
623
385

6,057
623
395

Total

6,497

7,075

(a)

Hyatt pre-opening costs are to be reimbursed with the closing of the hotel unit sale as described in
Note 4.

- 16 -

149,034

732,714

149,034

(13,906)

195,654

550,966

Unused
Facility

Pledge of interest
subsidiary
owning
inventory property

in
the

letter of credit of 100,000

provided by the Mezzanine
Lender *)

First mortgage lien on the

inventory property and a

Security

17%

LIBOR plus 3.5%

Interest Rate

2013

1/1/17

10/27/15

Maturity

N/A

Two 6 month
periods with an
extension fee of
0.25% of the
outstanding
principal amount
plus any unused
commitments

Extension
Options

Unamortized Borrowing
Costs:

Mezzanine loan

328,828

507,918

328,828

Unused
Facility

(21,491)

165,134

364,275

Current
Borrowings

- 17 -

Pledge of interest in
subsidiary owning the
inventory property

letter of credit of 100,000

provided by the Mezzanine
Lender

First mortgage lien on the

inventory property and a

Security

17%

LIBOR plus 3.5%

Interest Rate

2012

1/1/17

10/27/15

Maturity

N/A

Two 6 month
periods with an
extension fee of
0.25% of the
outstanding
principal amount
plus any unused
commitments

Extension
Options

On March 27, 2014 the letter of credit was reduced to 30,000 with a 70,000 guarantee from the Mezzanine Lender.

Construction loan

Loans

*)

Unamortized Borrowing
Costs:

Mezzanine loan

Construction loan

Loans

Current
Borrowings

The terms of the loans were as follows:

NOTE 7:- BORROWINGS

Notes to consolidated financial statements

As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

Extell 57 Tower LLC

Additional funds to develop

inventory property

Funds to develop the inventory

property

Purpose

Additional funds to develop

inventory property

Funds to develop the inventory

property

Purpose

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 7:- BORROWINGS (cont.)

The maturity *) of the carrying amounts of borrowings is as follows:

December 31,
2013
2012
Within one year
Between 1 and 2 years

746,620
-

529,409

Total

746,620

529,409

The maturity *) of the principal and interest payments of the borrowings is as follows:
December 31,
2013
2012
Within one year
Between 1 and 2 years

782,620
-

13,622
591,187

Total

782,620

604,809

*)

According to the loan documents, as the condo units are sold the loans are to be repaid.
This amount represents managements estimate of the total debt service payments and the
timing of those payments.

The fair value of borrowings approximates their carrying amount, as market interest rates
approximate the borrowing interest rate.
As for liens, guarantees and financial covenants see note 12.

NOTE 8:- ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

December 31,
2013
2012
Trade payables
Accrued expenses
Accrued interest

11,443
31,340
1,728

11,965
31,534
1,119

Total

44,511

44,618

Trade payables are interest free and have settlement dates within one year.

NOTE 9:- ADVANCES FROM CUSTOMRES

The Company entered into agreements with several purchasers of condominium units for custom work
outside of the standard condominium finishes. The purchasers have advanced amounts of 8,204 and 1,165
in connection with these agreements as of December 31, 2013 and 2012 respectively.

- 18 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 10:- SUPPLEMENTARY INFORMATION TO THE STATEMENTS OF

COMPREHENSIVE INCOME
General, administrative and marketing expenses:
Year ended
December 31,
2013
2012
Selling and advertising
Depreciation of sales office
Insurance
Other

1,849
1,319
393
381

4,504
989
180

Total

3,942

5,673

NOTE 11:- RELATED PARTY TRANSACTIONS AND BALANCES

The Company entered into the following related party transactions which were measured at the exchange
amounts:
December 31, 2013
Description of
Name of related party
Service / Fee
Terms
Extell Marketing Group
LLC
Sales Commissions 2% of unit sales price

Amount
Due
146

Amount
Paid
146

December 31, 2012

Name of related party

Extell Development
Company

Description of
Service / Fee
Developer Fee

Terms
3.5% of total hard
costs. Expires
3/31/2012

Amount
Due
1,511

Amount
Paid
1,511

NOTE 12:- COMMITMENTS AND CONTINGENCIES

Litigation
In March 2014, a subcontractor filed a claim for 27,000 against the Company in New York State Supreme
Court seeking additional compensation for construction delays and change orders caused by the hurricane
that occurred in New York in October 2012. Management believes that it is more likely than not that the
subcontractor will not prevail on issues of liability. Accordingly, no provision had been provided in the
financial statements. There are ongoing efforts to resolve this matter.
The Company from time to time is also subject to routine claims and lawsuits in the ordinary course of
business. In the opinion of management the ultimate disposition of these claims will not have a material
adverse effect, if any on the Company.
Guarantees
In relation to the construction project, Gary Barnett has provided a completion guarantee to the
Construction Loan lender. This guarantee cannot be called upon unless the $100,000 letter of credit
described above is used in full.

- 19 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 13:- FINANCIAL INSTRUMENTS

The fair value of cash, deposits, accounts payable and accrued liabilities approximates their carrying
amounts due to their short term nature. The fair value of borrowings is described in Note 7.
Credit quality of financial assets
The carrying amount of accounts receivable represents the maximum credit exposure.
Accounts receivable do not have a significant concentration risk.
Credit risk from balances with banks and financial institutions is immaterial.
Regarding real estate sales (condo units or retail spaces), since the unit is transferred to the buyer after the
company receive all sale proceeds, there is no credit risk.
Financial risk management
The Group's activities expose it to various financial risks such as market risk (interest rate risk and price
risk), credit risk and liquidity risk. The Group's comprehensive risk management plan focuses on
activities that reduce to a minimum any possible adverse effects on the Group's financial performance.
The accounting policy with respect to these financial instruments is described in Note 2. The Companys
senior management oversees the management of these risks.
Financial risk factors
The Group's activities expose it to various financial risks such as market risk (interest rate risk and price
risk), credit risk and liquidity risk. The Group's comprehensive risk management plan focuses on
activities that reduce to a minimum any possible adverse effects on the Group's financial performance.
The accounting policy with respect to these financial instruments is described in Note 2. The Companys
senior management oversees the management of these risks.
Interest rate risk:
The Group is exposed to the risk of changes in the market interest rates on loans with floating interest
rates. The Group's policy is to manage the finance expenses relating to the interest by entering into
interest rate caps and swaps as deemed prudent or as required by lenders. In connection with the
Construction Loan, the Group entered into two rate caps with effective periods from September 1, 2011 to
September 1, 2014. The rate caps have a combined maximum notional of 700,000 and a cap rate of 3%.
Credit risk:
The Group has no significant concentrations of credit risk. The Group has a policy to ensure collection by
only transacting with customers with appropriate credit histories.
The Company maintains cash, short-term deposits in various financial institutions. These financial
institutions are located in the United States. The Company's policy is to diversify its investments among
the various institutions. According to the Company's policy, the relative credit stability of the various
financial institutions is evaluated on a regular basis.
As of December 31, 2013, cash totaled 2,429 (December 31, 2012 3,048). All deposits are invested with
high quality financial corporations in the United States.
The Company has no significant concentrations of credit risk because the proceeds from the sales of
residential units are generally received by the seller simultaneously with transferring title to the buyer.

- 20 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 13:- FINANCIAL INSTRUMENTS (cont.)

Liquidity risk
The Group monitors its risk to a shortage of funds using monthly and daily budget tools.
The Group's objective is to maintain a balance between continuity of funding and flexibility through the
use of overdrafts and bank loans. The Group monitors the maturity of borrowings closely in order to
ensure that all borrowings due within the next 12 months will either be refinanced or repaid. 0% of the
debts will mature in less than one year as of December 31, 2013 (December 31, 2012 0%), based on the
carrying amount of borrowing costs reflected in the financial statements.
Market risk
Price risk
The Company is exposed to property price and property sales risk. The Company is not exposed to the
market risk with respect to financial instruments as it does not hold any equity securities.
Cash flow and fair value interest rate risk
As the Company has no significant variable rate interest-bearing assets, its income and operating cash
flows are substantially independent of changes in market interest rates.
The Companys interest rate risk arises from borrowings (Note 7). Borrowings issued at variable rates
expose the Company to cash flow interest rate risk.
The Companys cash flow and fair value interest rate risk is periodically monitored by the Companys
management. The Company analyses the effects of fluctuations in the prevailing levels of market interest
rates on its financial position and cash flows. Interest costs may increase as a result of such changes. They
may reduce or create losses in the event that unexpected movements arise. Various scenarios are
simulated taking into consideration refinancing, renewal of existing positions, alternative financing and
hedging. Based on these scenarios, the Company calculates the impact on profit and loss of a defined
interest rate shift. The scenarios are run only for liabilities that represent the major interest-bearing
positions.
Accounts payable and accrued liabilities are interest-free and have settlement dates within one year.

The sensitivity analyses below are based on a change in an assumption while holding all other
assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may
be correlated for example, change in interest rate and change in market values.
A 1.0% increase in prevailing interest rates would decrease profit by approximately 14 for the year ended
December 31, 2013 (the year ended December 31, 2012 0).
Capital risk management
The Companys capital consists of borrowings and shareholders equity. The Company manages capital
to ensure it covers potential cost overruns and remains within its debt covenants. The Company monitors
capital primarily by reviewing the project budget and projecting cash flows from the sale of condominium
units.

- 21 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at December 31, 2013 (Audited)
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 14:- INVESTMENT IN INVESTEES

Additional information about the joint venture held by the Company:
Equity interest
/ voting rights
%

Amounts made available to

the associate
Loans
Guarantees

Total amount
invested in
associate

2013:
HyEx 57 Hotel LLC

33.33% / 50%

2012:
HyEx 57 Hotel LLC

33.33% / 50%

----------------------

F:\W2000\w2000\61093813\m\13\e12-One 57.docx

- 22 -

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Chief Financial Officer

Marc Kwestel
Vice President and director

Gary Barnett
President and chairman of the
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Marc Kwestel
Vice President and director

Gary Barnett
President and chairman of the board

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-----------F:\W2000\w2000\61093813\m\14\3-Extell-SOLO.docx

EXTELL 57 TOWER LLC

INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2014 (UNAUDITED)

EXTELL 57 TOWER LLC

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2014

(UNAUDITED)
U.S. DOLLARS IN THOUSANDS

INDEX

Page
Review Report

Consolidated Statements of Financial Position

Consolidated Statements of Comprehensive Income

Consolidated Statements of Changes in Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

-----------

Kost Forer Gabbay & Kasierer

3 Aminadav St.
Tel-Aviv 6706703, Israel

Tel: +972-3-6232525
Fax: +972-3-5622555
ey.com

The Board of Directors

EXTELL 57 TOWER LLC

Re:

Review of unaudited interim financial statements

for the three-month period ended March 31, 2014

We have reviewed the accompanying financial information of Extell 57 Tower LLC ("the Company") which
comprises the condensed consolidated statement of financial position as of March 31, 2014 and the related condensed
consolidated comprehensive income, changes in equity and cash flows for the three months period then ended. The
Company's board of directors and management are responsible for the preparation and presentation of interim financial
information for this period in accordance with IAS 34, "Interim Financial Reporting". Our responsibility is to express a
conclusion on this interim financial information based on our review.
We conducted our review in accordance with Review Standard 1 of the Institute of Certified Public Accountants in
Israel, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of
interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards in Israel and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying financial
information is not prepared, in all material respects, in accordance with IAS 34.

This review report is based on our review report of the financial information for said periods which was dated May 22,
2014. We consent to the inclusion of our review in the prospectus that is intended to be published in May 2014.

Tel-Aviv, Israel

KOST FORER GABBAY & KASIERER

May 26, 2014

A Member of Ernst & Young Global

- 2 -

Extell 57 Tower LLC

Consolidated Statements Of Financial Position
As at March 31, 2014
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

March 31,
2014
2013
Unaudited

ASSETS

December 31,
2013
Audited

Inventory - real estate under development for sale

Property plant and equipment
Prepaid expenses and other assets
Restricted cash
Cash

1,353,237
2,418
5,469
6,333
3,416

1,184,225
3,736
6,488
23
1,087

1,359,656
2,747
6,497
148
2,429

Total assets

1,370,873

1,195,559

1,371,477

Borrowings, net
Accounts payable and accrued liabilities
Advances from customers

671,592
56,272
17,328

562,452
45,348
1,556

732,714
44,511
8,204

Total liabilities

745,192

609,356

785,429

EQUITY
Capital and reserves attributable to the Companys equity
holders
Share capital and paid-in capital
Retained earnings (Accumulate deficit)

599,303
26,378

599,303
(13,100)

599,303
(13,255)

Total equity

625,681

586,203

586,048

1,370,873

1,195,559

1,371,477

LIABILITIES

Total equity and liabilities

May 26, 2014

Date of approval of the
financial statements

Gary Barnett
President and Manager

The accompanying notes are an integral part of interim consolidated financial statements.

- 3 -

Marc Kwestel
Vice President

Extell 57 Tower LLC

Consolidated statements of comprehensive income
As at March 31, 2014
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

Three months ended

March 31,
2014
2013
Unaudited

Year ended
December 31,
2013
Audited

Revenues

109,533

7,283

Cost of revenues

(67,039)

(4,216)

Gross profit

42,494

3,067

General, administrative, and marketing expenses

(1,219)

(726)

(3,942)

Operating profit (loss)

41,275

(726)

(875)

Finance income (expense), net

Profit (Loss) before taxes on income

41,284

Taxes on income

(1,651)

Net income (loss)

39,633

(725)

(880)

Total comprehensive income (loss)

39,633

(725)

(880)

The accompanying notes are an integral part of these interim consolidated financial statements.

- 4 -

(725)

(5)

(880)
-

Extell 57 Tower LLC

Consolidated statements of changes in equity
As at March 31, 2014
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

Share capital
and paid-in
capital

Retained
earnings
(deficit)

Total equity

Unaudited

Balance at January 1, 2014

599,303

(13,255)

586,048

Total comprehensive income

39,633

39,633

Balance at March 31, 2014

599,303

26,378

625,681

Share capital
and paid-in
capital

Deficit

Total equity

Unaudited

Balance at January 1, 2013

Total comprehensive loss
Balance at March 31, 2013

599,303

(12,375)

(725)

599,303

(13,100)

Share capital
and paid-in
capital

Deficit

586,928
(725)
586,203

Total equity

Audited

Balance at January 1, 2013

Total comprehensive loss
Balance at December 31, 2013

599,303

(12,375)

(880)

599,303

(13,255)

The accompanying notes are an integral part of these interim consolidated financial statements.

- 5 -

586,928
(880)
586,048

Extell 57 Tower LLC

Consolidated statements of cash flows
As at March 31, 2014
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

Three months ended

March 31,
2014
2013
Unaudited
Cash flows from operating activities
Net income (Loss)

39,633

(725)

Year ended
December 31,
2013
Audited

(880)

Adjustments to reconcile loss to net cash provided by operating

activities:
Finance expense, net
Depreciation

Changes in operating assets and liabilities:

Decrease (increase) in inventory real estate under development
Decrease in prepaid expenses and other assets
Increase in accrued Mezzanine loan interest
Increase (decrease) in accounts payable and accrued liabilities
Increase in advances from customers

329

330

10
1,319

329

330

1,329

16,206
1,028
5,450
11,761
9,124

(52,350)
587
4,600
730
391

(209,038)
568
19,901
(106)
7,039

43,569

(46,042)

(181,636)

Net cash provided by (used in) operating activities

83,531

(46,437)

(181,187)

Cash flows used in investing activities

Change in restricted cash, net

(6,185)

(126)

Net cash used in investing activities

(6,185)

(126)

Cash flows from financing activities

Interest paid
Proceeds from borrowings
Repayment of borrowings

(7,891)
34,618
(103,086)

(3,562)
48,038
-

(16,616)
204,207
(6,897)

(76,359)

44,476

180,694

Increase (decrease) in cash

Cash, at the beginning of the period

987
2,429

(1,961)
3,048

(619)
3,048

Cash, at the end of the period

3,416

1,087

2,429

Net cash provided by (used in) financing activities

The accompanying notes are an integral part of these interim consolidated financial statements.

- 6 -

Extell 57 Tower LLC

Notes to consolidated financial statements
As at March 31, 2014
(All amounts in thousands of United States Dollars (USD) unless otherwise stated)

NOTE 1:- GENERAL INFORMATION

These financial statements have been prepared in a condensed format as of March 31, 2014 and
for the three months period then ended ("interim consolidated financial statements"). These
financial statements should be read in conjunction with the Company's annual financial
statements as of December 31, 2013 and for the year then ended and the accompanying notes
("annual consolidated financial statements").

NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES

a.

Basis of preparation of the interim consolidated financial statements:

The interim consolidated financial statements have been prepared in accordance with IAS 34,
"Interim Financial Reporting".

b.

The significant accounting policies and methods of computation adopted in the preparation of the
interim consolidated financial statements are consistent with those followed in the preparation of
the annual financial statements.

---------------------F:\W2000\w2000\61093813\m\14\e3-One 57.docx

- 7 -

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Shimonov & Co.

Israel Shimonov
Oren Elkabetz
Jonathan Robinson
Nir Cohen Sasson
Igor Katz
Noa Shefer
Liron Azriel
Corinne Bitton
Dudi Berland
Shiran manor
Ran Felder
Barak Baruch
Hila Hefetz
Eyal Natanyan

'() (*+"% - ' !" " #"$"%&

A D V O C A T E S

Telephone
Fax
e-mail

(*09
+/*
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+(972) 3 611 1000

+(972) 3 613 3355
mail@is-adv.com

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&0. 5$3 "($%%) "(4/10 1'%%7"1 &0( 1"4/1 &0 1$'71 ,2014 $&($'* .6(7' 1"#/1 2&#
: 010 9$(*#- 93#0 ,,%)#(2#0 1$(#"'
1$6+) '(71 "($!& 0. 1+$('' $7+#0 ,(.%$0 ,6(/ %- ,'%%7"1 ,9)$' %$&! ,1$'7' 19%0.1 03'
,%/%27#1 ,LLC %6%!&" 19-' "(%(-21 "& 1$'70 $%'3% ,12 8%/." %* 03 $('%40 "(34(#1 ('&
"06) "('$0) 13/.10 "06) %+-)'( /$(% (%) $%3' ,%%#2% ,%9/%($*' 1$%-7( "(03' "(%(-2' $(.$.'
%6% 03 "(/27(#1 "(0(0- "($'7 "(34#&' "('$0 , (9+(' $%3' ,/(##1 (0#' -( (1#/1' 13/.10
Extell -0 1$'71 0. "(%)# 50,000 "/*)1 6!)- , 010 12 8%/."' 9$(*#- ,%*"(. ,3 67% 9)$' %$&!
.9)$' %$&! %6% 03 (100%) %*(+ $(.$.' /27(#1 6%!&" ,Holdings
.0%30 7.1.7 8%3+' (&$ "($'3(#1 "(%(-21 "(6(& ,%9$*0
(&/( "($'3(#1 "(%(-20 $(./1 0-' (1.0- %(*%. 1$'70 ""0 '%%7"1 &0( ") &0 %$&! %- %(4%
.Where Is-( AS-IS 1. "(#- "(& .(-$" 1$'71( "($'3(#1 "($'71

3-&%

2*40:0( !*% 11.6

"($%%) "(.$ 0. &")!#1 $"&' 1$'71 0. "(6!&"11 ()/"'( "(6!&"11 $%-2"' ,8%/."' %%30 "%)
%'(!($ 06!# ,11 %!' ,7)# 5$6 , %6 %-$(3 '"(.( '()(3#. %6$.#'( www.magna.isa.gov.il 5$3
."(0'(/#1 16('31 "(3.' , ! "#$ ,$16"
1)%& (2 "36 "((7 .,%%9%$'1 10("'1 %%&' 1$'71 0. ,%%9*.#1 1%43(% 0. "36 "((7 "&'(# 010
:1968-7"-."1 ,5$3 "($%%) /(70 (3)(')17 8%3+ %%)30 %6 5$(3 0. "36 "((7 $6!'

4-&%

11.7

FARARA KERINS

Barristers & Solicitors

Trade Mark & patent Agents
Notaries Public

14-1209.01
26th May, 2014
Extell Limited
c/o Blenheim Trust Company (BVI) Limited
P.O. Box 3483
Road Town, Tortola
British Virgin Islands
The Tel Aviv Stock Exchange Ltd
54 Ahad Haam Street
Tel Aviv
Israel
Shimonov & Co. - Advocates
Rogovin Tidhar Tower, 23rd floor
11 Menachem Begin Rd.
Ramat Gan 52681
Israel

Dear Sirs
Re: Public Offering in Israel
We act as counsel as to British Virgin Islands law to Extell Limited. (the "Company") and have
been requested to render a legal opinion as to certain legal matters relating to the Company's
registration, ownership, control and business.
We have been advised that our opinion has been requested in connection with the Company's (i)
intended public offering of non-convertible Bonds (Series A) to be offered to persons in Israel (the
"Securities"" and the "Public Offering"), (ii) the listing and trading of the Securities on the Tel
Aviv Stock Exchange Ltd. (hereinafter - TASE) and (iii) the filing by the Company of the
Public Offering Prospectus (the "Prospectus") to be published in Israel according to the Israeli
Law.
1

DOCUMENTS REVIEWED

We have reviewed originals, copies, drafts or conformed copies of the following documents:
1.1

A registered agents certificate dated 22nd May, 2014 issued by Blenheim Trust (BVI)
Limited, the Companys registered agent (a copy of which is attached as Annexure A) (the
"Registered Agents Certificate").

1.2

The public records of the Company on file and available for public inspection at the
Registry of Corporate Affairs in the British Virgin Islands (the "Registry of Corporate
Affairs") on 26 May, 2014..
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1.3

The records of proceedings on file with and available for inspection on 26 May, 2014 at
the British Virgin Islands High Court Registry (the "High Court Registry").

1.4

Certified copies of the Companys Certificate of Incorporation and Memorandum and

Articles of Association of the Company (the "Company's Articles") certified by the
Blenheim Trust Company (BVI) Limited, the Companys registered agent on 22nd May,
2014.

1.5

The minutes of the meeting of the Companys Board of directors containing written
resolutions of the Directors of the Company held on 26 May, 2014 (the "Resolutions").

1.6

Certified copies of the Companys Register of Members, Register of Directors and Register
of Officers, certified by Blenheim Trust (BVI) Limited, the Companys registered agent on
the 22nd May, 2014 (the Registers).
The above are the only documents or records we have examined and only enquiries we
have carried out. In particular we have made no enquiries as to matters of fact other than
searches at 1.2 and 1.3 above and we have not reviewed the Prospectus or any other
document relating to the Public Offering in Israel.

ASSUMPTIONS

In giving this opinion we have assumed (without further verification) the completeness and
accuracy of the Registered Agents Certificate and the Registers. We have also relied upon the
following assumptions, which we have not independently verified:
2.1

Copy documents, conformed copies or drafts of documents provided to us are true and
complete copies of, or in the final forms of, the originals.

2.2

All signatures, initials and seals are genuine.

2.3

The accuracy and completeness of all factual representations expressed in or implied by the
documents we have examined.

2.4

That all public records of the Company which we have examined are accurate and that the
information disclosed by the searches which we conducted against the Company at the
Registry of Corporate Affairs and the High Court Registry is true and complete and that
such information has not since then been altered and that such searches did not fail to
disclose any information which had been delivered for registration but did not appear on
the public records at the date of our searches.

2.5

That the correct procedure was carried out for the Resolutions and The Resolutions remain in
full force and effect and the Public Offering of the Securities is in the ordinary course of the
Companys business and does not exceed 50% of the Companys assets and that the
Company has sufficient Securities to make the Public Offering.

2.6

That no resolution of the shareholders of the Company has been passed limiting the powers
of the directors.

2.7

That the Company is not dealing in investments, arranging deals in investments, managing
investments, providing investments advice, providing custodial services with respect to
investments, providing administration services with respect to investments or operating an
investments exchange within the meaning of the Securities and Investment Business Act
(2010) or any other activity which would require the Company to be licenced by the British
Virgin Islands Financial Services Commission.
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2.8

There is nothing under any law (other than the law of the British Virgin Islands) which
would or might affect the opinions hereinafter appearing. Specifically, we have made no
independent investigation of the laws of Israel.

2.9

The Company does not hold any real property in the British Virgin Islands.

OPINIONS

Based upon, and subject to, the foregoing assumptions and the qualifications set out below, and
having regard to such legal considerations as we deem relevant, we are of the opinion that:
3.1

The Company is a limited liability company registered under the BVI Business Companies
Act, 2004 (the "Act"), in good standing at the Registry of Corporate Affairs and validly
existing under the laws of the British Virgin Islands, and possesses the capacity to sue and
be sued in its own name. The Company was incorporated under the laws of the British
Virgin Islands on 10th February, 2014.

3.2

Relying solely on the Registered Agent's Certificate and the Register of Directors: the
directors of the Company are - Gershon Barnett, appointed on 10th February, 2014, Marc
Kwestel appointed on 3rd March, 2014, Ahuva Genack appointed on 25th March, 2014 and
Julie Long appointed on 25th March, 2014 .

3.1

Relying solely on the Registered Agent Certificate and Register of Officers: the officers of
the Company are Gershon Barnett, the chairman and president appointed on 3rd March,
2014, Mark Heller, the chief financial officer appointed on 27th March, 2014 and Ahuva
Genack, the legal advisor appointed on 27th March, 2014.

3.3

Under the Act and the Company's Memorandum and Articles of Association, the directors
have all the powers necessary for managing, and for directing and supervising, the business
and affairs of the Company.

3.4

Pursuant to the Company Articles, The Company is authorised to issue a maximum of no

more than 500,000 registered shares, of no par value. The shares in the Company comprise
one class and series but the Company may amend its Memorandum and Articles of
Association to provide for more than one class and series of shares.

3.5

Relying solely on the Registered Agents Certificate and the Register of Members, 50,000
shares were issued to Extell Holding LLC on 10th February, 2014..

3.6

Relying solely on the Resolutions, the Company has approved the offering of Public
Offering.

3.7

The description relating to the rights attached to the Company's shares in the form
substantially set out in Annexure B at paragraphs 4.1 -4.6 and which, to our knowledge,
will appear in the Prospectus at Chapter 4, is an accurate summary, in all material aspects
in so far as it relates the provisions contained in the Companys Amended Articles only.

3.8

The description relating to the appointment, activities and replacement of directors in the
form substantially set out in Annexure B at paragraphs 8.3.1 8.3.11 and which, to our
knowledge, will appear in the Prospectus at Chapter 8, is an accurate summary, in all
material aspects in so far as it relates to the provisions contained in the Companys
Amended Articles only.

3.9

No regulatory consents, filings or notices are required under British Virgin Islands law or
the Company's Memorandum and Articles of Association for (i) the consummation of the
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Public Offering of the Securities in Israel; or (ii) the listing of the Securities on TASE
except that the Company may not issue the Securities to members of the Public in the
British Virgin Islands without holding a licence under the Securities and Investment
Business Act (2010).
3.10

Relying solely on the Resolutions, The Securities to be issued by the Company in the
public offering in Israel are not subject to any restrictions on transfer under British Virgin
Islands law or the Company's Memorandum and Articles of Association, and following the
completion of the public offering of the Securities in Israel (under applicable Israeli
securities laws) and the listing of the Securities on the TASE, the Securities may be resold
freely on TASE and cleared by the TASE Clearing House without the imposition of any
holding period or other restriction under British Virgin Islands law or the Company's
Memorandum and Articles of Association, except that the Company may not transfer or
resell the Securities to members of the public in the British Virgin Islands without holding
a licence under the Securities and Investment Business Act (2010).

3.11

As of the date of this Opinion, the Company is exempt from all provisions of the Income
Tax Act of the British Virgin Islands, including with respect to all dividends, interest,
royalties, compensation and other amounts payable by the Company to persons who are
resident or not resident in the BVI. Capital gains realized with respect to any Shares, debt
obligation or other securities of the Company by persons who are resident or not resident in
the BVI are also exempt from all provisions of the Income Tax Act of the British Virgin
Islands. No estate, inheritance, succession or gift tax, rate, duty, levy or other charges are
payable by persons who are resident or not resident in the BVI with respect to any Share,
debt obligations or other securities of the Company.

QUALIFICATIONS
The opinions expressed above are subject to the following qualifications:

4.1

To maintain the Company in good standing under the laws of the British Virgin Islands,
annual filing fees must be paid to the Registry of Corporate Affairs.

4.2

Wherever we have qualified our opinion by the phrase to our knowledge or similar
language, it means that during the course of reviewing the Documents specially listed in
paragraph 1 herein and conducting our company searches at paragraphs 1.4 and 1.6 above,
no information has come to our attention which has given us actual knowledge of the facts
or circumstances referred to. However, we have not undertaken any special or independent
investigation to determine the existence or absence of such facts or circumstances and no
inference as to our knowledge in that regard to the fact that we may have acted on behalf of
the Company in other transactions may be drawn.

4.3

Where obligations are to be performed in a jurisdiction outside the British Virgin Islands
they may not be enforceable under the laws of the British Virgin Islands to the extent that
such performance would be contrary to public policy under the laws of that jurisdiction or
contrary to mandatory laws or public policy of that jurisdiction.

4.4

This opinion is given only as to, and based on, circumstances and matters of fact existing
and known to us on the date of this opinion. This opinion only relates to the laws of the
British Virgin Islands which are in force on the date of this opinion.

This opinion may be relied on by the addressees only. It may not be relied upon by any other
person except with our prior written consent. This opinion may be disclosed to those who will buy
the Securities from the Company and anyone who sells or acquires the Securities of the Company
in the course of trading on the stock exchange or over the counter for information purposes only.
8-&%

This opinion is limited to the matters detailed herein and is not to be read as an opinion with
respect to any other matter.
We consent to the filing of this opinion and its Hebrew translation with the Israeli Securities
Authority and The Tel Aviv Stock Exchange as a part of the Prospectus.

Yours faithfully,

FARARA KERINS

9-&%

ANNEXURE A
REGISTERED AGENTS CERTIFICATE

10-&%

ANNEXURE B
4.1

The rights which are attached to the Company's shares

4.1.1

The Shares shall be divided into such number of classes and series as the Directors shall by
resolution from time to time determine and until so divided shall comprise one class and
series.

4.1.2

Each Share in the Company confers upon the Shareholder:

(a)

the right to one vote at a meeting of the Shareholders of the Company or on any
Resolution of Shareholders;

(b)

the right to an equal share in any dividend paid by the Company; and

(c)

the right to an equal share in the distribution of the surplus assets of the Company
on its liquidation.

4.1.3 Shares and other Securities may be issued at such times, to such Persons, for such
consideration and on such terms as the directors may by a Resolution of Directors determine.
A Share may be issued for consideration in any form, including money, a promissory note,
real property, personal property (including goodwill and know-how) or a contract for future
services.

4.1.4 No Shares may be issued for a consideration other than money unless the Directors have
passed a resolution stating:
(a)

the amount to be credited for the issue of the Shares;

(b)

their determination of the reasonable present cash value of the non-money

consideration for the issue; and

(c)

that, in their opinion, the present cash value of the non-money consideration for the
issue is not less than the amount to be credited for the issue of the Shares.

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4.2 Distributions by way of Dividend

4.2.1

The Directors of the Company may, by Resolution of Directors, authorise a distribution by

way of dividend at a time and of an amount they think fit if they are satisfied, on
reasonable grounds, that, immediately after the distribution, the value of the Companys
assets will exceed its liabilities and the Company will be able to pay its debts as they fall
due.

4.2.2 Dividends may be paid in money, shares, or other property.

4.2.3

Notice of any dividend that may have been declared shall be given to each Shareholder by
personal service or by mail addressed to each Shareholder at the address shown in the
register of members and all dividends unclaimed for 3 years after having been declared
may be forfeited by Resolution of Directors for the benefit of the Company.

4.2.4 No dividend shall bear interest as against the Company and no dividend shall be paid on
Treasury Shares.

4.3

Directors

As to the Articles of Association which concern the Directors' appointment and activities see
subsection 8.3 in Chapter 8.

4.4

Meetings of and Consents Shareholders

4.4.1

Any Director of the Company may convene meetings of the Shareholders at such times and
in such manner and places within or outside the British Virgin Islands as the Director
considers necessary or desirable.

4.4.2

Upon the written request of Shareholders entitled to exercise 30 per cent or more of the
voting rights in respect of the matter for which the meeting is requested the Directors shall
convene a meeting of Shareholders.

4.4.3

The Director convening a meeting shall give not less than 7 days notice of a meeting of
Shareholders to those Shareholders whose names on the date the notice is given appear as
Shareholders in the register of members of the Company and are entitled to vote at the
meeting and to the other Directors.

4.4.4 The Director convening a meeting of Shareholders may fix as the record date for
determining those Shareholders that are entitled to vote at the meeting the date notice is
12-&%

given of the meeting, or such other date as may be specified in the notice, being a date not
earlier than the date of the notice.
4.4.5

A meeting of Shareholders held in contravention of the requirement to give notice is valid

if Shareholders holding at least 90 per cent of the total voting rights on all the matters to be
considered at the meeting have waived notice of the meeting and, for this purpose, the
presence of a Shareholder at the meeting shall constitute waiver in relation to all the Shares
which that Shareholder holds.

4.4.6

The inadvertent failure of a Director who convenes a meeting to give notice of a meeting to
a Shareholder or another Director, or the fact that a Shareholder or another Director has not
received notice, does not invalidate the meeting.

4.4.7

A Shareholder may be represented at a meeting of Shareholders by a proxy who may speak

and vote on behalf of the Shareholder.

4.4.8

A Shareholder shall be deemed to be present at a meeting of Shareholders if he participates

by telephone or other electronic means and all Shareholders participating in the meeting are
able to hear each other

4.4.9

A meeting of Shareholders is duly constituted if, at the commencement of the meeting,

there are present in person or by proxy not less than 50 per cent of the votes of the Shares
or class or series of Shares entitled to vote on Resolutions of Shareholders to be considered
at the meeting. A quorum may comprise a single Shareholder or proxy and then such
person may pass a Resolution of Shareholders and a certificate signed by such person
accompanied where such person be a proxy by a copy of the proxy instrument shall
constitute a valid Resolution of Shareholders.

4.4.10 If within two hours from the time appointed for the meeting a quorum is not present, the
meeting, if convened upon the requisition of Shareholders, shall be dissolved; in any other
case it shall stand adjourned to the next business day in the jurisdiction in which the
meeting was to have been held at the same time and place or to such other time and place
as the Directors may determine, and if at the adjourned meeting there are present within
one hour from the time appointed for the meeting in person or by proxy not less than one
third of the votes of the Shares or each class or series of Shares entitled to vote on the
matters to be considered by the meeting, those present shall constitute a quorum but
otherwise the meeting shall be dissolved.
4.4.11 At every meeting of Shareholders, the Chairman of the Board shall preside as chairman of
the meeting. If there is no Chairman of the Board or if the Chairman of the Board is not
13-&%

present at the meeting, the Shareholders present shall choose one of their number to be the
chairman. If the Shareholders are unable to choose a chairman for any reason, then the
person representing the greatest number of voting Shares present in person or by proxy at
the meeting shall preside as chairman failing which the oldest individual Shareholder or
representative of a Shareholder present shall take the chair.
4.4.12 The Chairman may, with the consent of the meeting, adjourn any meeting from time to
time, and from place to place, but no business shall be transacted at any adjourned meeting
other than the business left unfinished at the meeting from which the adjournment took
place.
4.4.13 Directors of the Company may attend and speak at any meeting of Shareholders and at
any separate meeting of the holders of any class or series of Shares.
4.5

Transfer of Shares

4.5.1

Shares may be transferred by a written instrument of transfer signed by the transferor and
containing the name and address of the transferee, which shall be sent to the Company at
the office of its registered agent1 for registration.

4.5.2 The Company shall, on receipt of an instrument of transfer complying with Section 4.5.1
above enter the name of the transferee of a Share in the register of members unless the
Directors resolve to refuse or delay the registration of the transfer for reasons that shall be
specified in a resolution of Directors. The Directors may not resolve to refuse or delay the
transfer of a Share unless the Shareholder has failed to pay an amount due in respect of the
Share.
4.5.3

The transfer of a Share is effective when the name of the transferee is entered on the
register of members.

4.5.4 If the Directors are satisfied that an instrument of transfer relating to Shares has been
signed but that the instrument has been lost or destroyed, they may resolve by a Resolution
of Directors:
(a)

to accept such evidence of the transfer of Shares as they consider appropriate; and

According to the law in the British Virgin Islands, every registered company in The British Virgin Islands must have
a registered agent present in The British Virgin Islands. No person shall be, or agree to be the registered agent of a
company incorporated in the British Virgin Islands unless that person holds a licence under either the Company
Management Act 1990 or the Banks and Trust Companies Act 1990 of the British Virgin Islands that authorizes it to
provide registered agent services. The first registered agent of the Company is Blenheim Trust (BVI) Limited, P.O.
Box 3483, Road Town, Tortola, British Virgin Islands.

14-&%

(b)

that the transferees name should be entered in the register of members

notwithstanding the absence of the instrument of transfer.

4.5.5

Subject to the Memorandum, the personal representative of a deceased Shareholder may

transfer a Share even though the personal representative is not a Shareholder at the time of
the transfer.

4.6
4.6.1

Voluntary Winding Up and Dissolution

The Company may by a Resolution of Shareholders or by a Resolution of Directors appoint
a voluntary liquidator.

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8.3.2

Appointment of Directors, Termination of tenure and Alternate Directors

8.3.2.1 The first Directors of the Company shall be appointed by the first registered agent1 within
180 days of the incorporation of the Company and thereafter, the Directors shall be elected
by Resolution of Shareholders or by Resolution of Directors. The minimum number of
Directors shall be four (4) and the maximum number shall be twelve (12). The Company
shall at all times have at least two External Directors.

8.3.2.2 Subject to Section 8.3.2.1, no person shall be appointed as a director of the Company
unless the following is disclosed to the Directors of the Company if appointment is to take
place by way of Resolution of Directors or the Shareholders of the Company if the
appointment shall take place by way of Resolution of Shareholders in the form of a written
declaration (the "Declaration") :
(a)

whether the Person has been convicted by a Judgment of an offense stated in Section
8.3.2.3(a) where the period has not yet passed in which the person is prevented from being
appointed as a director under Section 8.3.2.3(a);

(b)

whether the Person has been convicted by a Judgment of an offense as stated in Section
8.3.2.3(b), where the period determined by the court under the same Regulation 8.3.2.3(b)
has not yet passed;

(c)

whether the Administrative Enforcement Committee imposed Enforcement Measures

which prohibits the Person from serving as a director of any Public Company or any
Private Company which is a Debentures Company and the period determined by the
Administrative Enforcement Committee as stated has not yet passed under Section
8.3.2.3(c).

The Declaration shall be kept at the registered office of the Company.

8.3.2.3 (a) A person convicted by a Judgment of one of the following offenses shall not hold
office as a director in the Company unless five years have passed since the date on which
the Judgment by which he was convicted was given:
1

According to the law in the British Virgin Islands, every registered company in The British Virgin Islands
must have a registered agent present in The British Virgin Islands. No person shall be, or agree to be the registered
agent of a company incorporated in the British Virgin Islands unless that person holds a licence under either the
Company Management Act 1990 or the Banks and Trust Companies Act 1990 of the British Virgin Islands that
authorizes it to provide registered agent services. It should be mentioned that on February 10th 2014 the registered agent
of the Company appointed Mr. Gershon Barnett as first director of the Company.

16-&%

(i) Offenses of: (1) bribery , (2) theft of company property by a manager of the company, (3)
obtaining anything by deceit, (4) forgery, (5) use of a forged document, (6) inducement by deceit,
(7) false registration in documents of a company,(8) offenses by managers or employees of a
company, (9) failure to disclose information and misleading publication by an officer of a
company, (10) deceit and breach of trust in a company, (11) deceitful concealment (12) blackmail
with use of force, (13) blackmail by threats, (14) use of information by an insider, (15) use of
inside information the source of which is an insider, (16) offer and sale of securities to the public
in Israel not in accordance to a prospectus or a draft prospectus, (17) causing a misleading item to
be included in a draft prospectus or in a prospectus, (18) causing a misleading item to be included
in information presented at a meeting of the company's employees, (19) issuing an opinion, report
or certification which is subsequently included or referred to in a prospectus, report, notice or
purchase offer specification, knowing that the opinion , report or certification contained a
misleading item, (20) causing a report, notice, registration document or purchase offer
specification, submitted to Israel Securities Authority or TASE to contain a misleading item, (21)
including a misleading item in one of its reports, publications or in other information provided by
it (22) fraud in connection with securities; or

(ii) Conviction by a court anywhere in the world of the offenses of bribery, deceit, offenses by
managers of a corporate body or offenses involving misuse of inside information.

(b) A person convicted by a Judgment which is not listed in Section 8.3.2.3 (a) above shall not
hold office as a director in the Company, if a court has determined that by virtue of the substance,
severity or circumstances, the Person is not permitted to serve as a director of a Public Company
or a Private Company which is a Debentures Company for a period determined by the court which
shall not exceed five years from the date on which the Judgment was given.

(c) Where the Administrative Enforcement Committee has imposed a means of enforcement on a
Person preventing the said Person from serving as a director of a Public Company or a Private
Company which is a Debentures Company, the same person shall not be appointed as director of
the Company in which the person is prohibited from serving as a director based on the same
decision.

8.3.2.4 Each Director holds office for the term, if any, fixed by the resolution appointing him , or
until his earlier death, resignation or removal save for External Directors whose term in
17-&%

office is outlined in Section 8.3.3.9 and Non-External Independent Directors will not serve
as Directors in the Company for a period longer than nine years, and in regards to this ceasing to serve as Director for a period which isn't longer than two years will not be
considered as stopping the sequence of directorship. If no term is fixed on the appointment
of a Director, the Director serves indefinitely until his earlier death, resignation or removal.

8.3.2.5 No person shall be appointed as a Director of the Company unless he has consented in
writing to act as a Director.

8.3.2.6 A director may be removed from office,

(a)

with or without cause, by a resolution passed at a meeting of Shareholders called

for purposes including the removal of the Director or by a written resolution passed
by a least seventy five per cent of the Shareholders of the Company entitled to vote;
or

(b)

with cause, by a resolution passed at a meeting of Directors called for purposes

including the removal of the Director.

8.3.2.7 If the Company becomes aware that a Director was appointed contrary to the provisions of
Sections 8.3.2.2-8.3.2.3, or that a Director has breached the provisions of Sections 8.3.2.3
or 8.3.2.8, the Directors or Shareholders shall terminate the office of such Director in the
manner described in Section 8.3.2.6 above, if it finds that the said conditions are fulfilled,
and such office shall expire on the date of such resolution. Additional requirements for the
removal of an External Director are outlined in Sections 8.3.3.10-8.3.3.14.

8.3.2.8 If after his appointment as a director of the Company, a Director has been convicted of an
offense provided in Sections 8.3.2.3(a) or 8.3.2.3(b), the Person shall inform the Company
as soon as is reasonably practicable and the Persons office shall be terminated by the
Directors or Shareholders of the Company in accordance with Section 8.3.2.6, and it shall
not be possible to reappoint the said person as a Director unless the time period during
which the Person is prohibited from serving as a Director, as provided in Section 8.3.2.3,
has passed.

8.3.2.9 If after his appointment as a director of the Company, the Administrative Enforcement
Committee has resolved to impose means of enforcement on a Person preventing the
Person from being appointed as a director in any Public Company, any Private Company
18-&%

which is a Debentures Company or in the company in which the person is appointed as

provided in Section 8.3.2.3(c), the said Person shall notify the Company as soon as is
reasonably practicable thereof and the Persons office shall be terminated by the Directors
or Shareholders of the Company in accordance with Section 8.3.2.6, and the Person will
not be permitted to be reappointed as a Director in the Company in which the said
prohibition applies, unless the prohibition period as stated by the Administrative
Enforcement Committee has passed.

8.3.2.10 A Director may resign his office by giving written notice of his resignation to the
Company and the resignation has effect from the date the notice is received by the
Company from such later date as may be specified in the notice. In addition to the
requirements outlined in Sections 8.3.2.3, 8.3.2.7, 8.3.2.8 and 8.3.2.9, a Director shall
resign forthwith as a Director if he is, or becomes, disqualified from acting as a Director
under the Act.

8.3.2.11 The Directors may at any time appoint any person to be a Director either to fill a vacancy
or as an addition to the existing Directors. Where the Directors appoint a person as
Director to fill a vacancy, the term shall not exceed the term that remained when the
Person who has ceased to be a Director ceased to hold office.

8.3.2.12 A vacancy in relation to directors occurs if a director dies or otherwise ceases to hold
office prior to the expiration of his term of office.

8.3.2.13 A Director may by a written instrument appoint an alternate who need not be a Director
and the alternate shall be entitled to attend meetings in the absence of the Director who
appointed him and to vote or consent in place of the Director until the appointment lapses
or is terminated.

8.3.3 External Directors

8.3.3.1

If on the date of appointment of an External Director, all members of the Board of

Directors of the Company which are not Controlling Shareholders or Relatives thereof
are of one gender, the External Director appointed shall be of the other gender.

19-&%

8.3.3.2

The first External Directors shall be appointed no later than three months from the date in
which the Company became a Debentures Company.

8.3.3.3

An External Director will be appointed by Resolution of Shareholders or by Resolution

of Directors only after the date on which the said nominee has provided a written
declaration in accordance with Section 8.3.2.2 and the Audit Committee has confirmed
that all of the conditions stated in Sections 8.3.3.4, 8.3.3.5 and 8.3.3.6 have been met.

8.3.3.4

Only an individual who is a resident of Israel and who is qualified for appointment as a
director (in accordance to Sections 8.3.2.2 and 8.3.2.3 above) shall be appointed as an
External Director and that individual shall either possess Professional Qualifications or
Accounting and Financial Expertise. At least one of the External Directors shall possess
Accounting and Financial Expertise.

8.3.3.5 The following individuals shall not be appointed as an External Director of the Company:

(a)

An individual may not be appointed as an External Director where the individual himself,
or whose Relative, partner, employer, person who he is directly or indirectly subject to or
a corporation in which he has Control, has a Connection with the Company or with a
Controlling Shareholder of the Company or a Relative thereof on the date of appointment
or during the two years prior thereto, or to another body corporate, and for a corporation
which does not have a Controlling Shareholder or a person holding a Control Block
any Connection to a Person who is, on the date of appointment, the chairman of the
Board of Directors of the Company , the general manager, the president, a Substantial
Shareholder or the most senior financial Officer.

(b)

An individual may not be appointed as an External Director if the said individuals other
position or business does or may give rise to a conflict of interest with the role of director
of the Company , or if this might harm the individuals ability to act as a Director;

(c)

A director of a company shall not be appointed as an External Director of another company

if at such time, a director of the other company is acting as an External Director of the
Company;

20-&%

(d)

An individual shall not be appointed as an External Director if the said individual is an

employee of ISA or TASE.

8.3.3.6

Without derogating from the provisions of Section 8.3.3.5 above, an individual shall not
be appointed as an External Director where the individual himself, or whose Relative,
partner, employer, person who he is directly or indirectly subject to or a corporation in
which he has Control, has business or professional relationship to a Person which is
prohibited from having a connection thereto under the provisions of Section 8.3.3.5
above, even if such relationships are not general, with the exception of negligible
Connections, and an individual who has received consideration in violation with the
provisions of Section 8.3.3.8. Where the said relationship exists or where consideration,
as stated, was received during the tenure of the External Director, the foregoing shall be
considered, for the purpose of Sections 8.3.3.11- 8.3.3.14 to be a breach of one of the
conditions required for the appointment or tenure as an External Director.

8.3.3.7

On each and every committee authorized to exercise any of the powers of the Board of
Directors (in so far as the Act or these Articles permit) at least one External Director
shall serve.

8.3.3.8

An External Director is entitled to remuneration and to a refund of expenses. An External

Director shall not receive, in addition to the remuneration to which he is entitled and
refund of expenses, any other consideration, directly or indirectly, for acting as a director
of the Company. For the purposes of this Regulation, consideration shall not include the
grant of an exemption, an undertaking to indemnify, indemnification or insurance.

8.3.3.9

The term of office of an External Director shall be three years, and the Company may,
notwithstanding the provisions of Section 8.3.3.5 above, appoint the External Director
for two additional terms of three years each.

8.3.3.10 An External Director shall only be dismissed and his tenure shall only expire in
accordance with the provisions of Sections 8.3.3.11-8.3.3.12 furthermore and the Court
may, on the request of the Company, a Director, Shareholder or creditor, order the
termination of the tenure of an External Director if it has found that one of the following
prevails: (1) the External Director is permanently unable to fulfill his function; (2) during

21-&%

the term of his tenure he was found guilty in a court outside Israel of offenses referred to
in Section 8.3.2.3;

8.3.3.11 An External Director to which the conditions required by Sections 8.3.3.3 8.3.3.6 to
serve as an External Director no longer apply shall immediately notify the Company
thereof, and his tenure shall be terminated by the Directors or Shareholders of the
Company in accordance with Section 8.3.2.6.

8.3.3.12 Where the Board of Directors becomes aware that there is a suspicion that an External
Director no longer complies with one of the conditions required under Sections 8.3.3.3 8.3.3.6 above for appointment as an External Director, or that there is a suspicion that the
Director has breached a fiduciary duty to the Company, the Board of Directors or
Shareholders shall discuss such matter at the first meeting to be convened after becoming
so aware.

8.3.3.13 Where the Board of Directors or Shareholders finds, after giving the External Director a
reasonable opportunity to present his position, that the External Director no longer
complies with one of the conditions required under Regulations 8.3.3.3 - 8.3.3.6 for his
appointment or that he has breached a fiduciary duty, the Board of Directors or
Shareholders shall convene a meeting to terminate the tenure of the External Director in
accordance with Regulation 8.3.2.6.

8.3.3.14 The Court may, on the request of either a Director or a Shareholder, instruct for
termination of the tenure of an External Director if it has found that the External Director
no longer fulfills one of the conditions required under Regulations 8.3.3.3 - 8.3.3.6 for
his appointment as an External Director or that he has breached a fiduciary duty to the
Company.

8.3.3.15 Where the position of External Director becomes vacant and there are no longer two
External Directors serving in the Company, the Board of Directors shall fill such vacancy
by Resolution of Directors.

8.3.4

The Board of Directors' Authority

Subject to the Articles' Regulations, The business and affairs of the Company shall be
managed by, or under the direction or supervision of, the Directors of the Company. The
22-&%

Directors of the Company have all the powers necessary for managing, and for directing
and supervising, the business and affairs of the Company. The Directors may pay all
expenses incurred preliminary to and in connection with the incorporation of the
Company and may exercise all such powers of the Company as are not by the Act or by
the Memorandum or the Articles required to be exercised by the Shareholders.

8.3.5

The Board of Directors' meetings

The Directors of the Company or any committee thereof may meet at such times and in
such manner and places within or outside the British Virgin Islands as the Directors may
determine to be necessary or desirable.
A Director is deemed to be present at a meeting of directors if he participates by
telephone or other electronic means and all Directors participating in the meeting are able
to hear each other.
An action that may be taken by the Directors or a committee of Directors at a meeting
may also be taken by a Resolution of Directors or a Resolution of a committee of
Directors consented to in writing by all Directors or by all members of the committee, as
the case may be, without the need for any notice. The consent may be in the form of
counterparts each counterpart being signed by one or more Directors. If the consent is in
one or more counterparts, and the counterparts bear different dates, then the resolution
shall take effect on the date upon which the last Director has consented to the resolution
by signed counterparts.

8.3.6 Quorum
A meeting of Directors is duly constituted for all purposes if at the commencement of the
meeting there are present in person or by alternate not less than one-half of the total
number of Directors.
For the purpose of termination of an Internal Auditor's tenure, the quorum required to open
a meeting of the Board of Directors shall be no less than a majority of the members of the
Board of Directors, notwithstanding the provisions of any other Regulation of the Articles.

8.3.7 Chairman of the Board

At meetings of Directors at which the Chairman of the Board is present, he shall preside as
chairman of the meeting. If there is no Chairman of the Board or if the Chairman of the
23-&%

Board is not present, the Directors present shall choose one of their number to be chairman
of the meeting.

8.3.8 Board Committees

The Directors may by resolution designate one or more committees, each consisting of one
or more Directors, and delegate one or more of their powers, including the power to affix
the Seal, to the committee.

The Directors have no power to delegate to a committee of Directors any of the following
powers:
(a)

to amend the Memorandum or the Articles;

(b)

to designate committees of directors;

(c)

to delegate powers to a committee of directors;

(d)

to appoint Directors;

(e)

to appoint an agent;

(f)

to approve a plan of merger, consolidation or arrangement; or

(g)

to make a declaration of solvency or to approve a liquidation plan.

(b) and (c) above do not prevent a committee of Directors, where authorised by the
Resolution of Directors appointing such committee or by a subsequent Resolution of
Directors, from appointing a sub-committee and delegating powers exercisable by the
committee to the sub-committee.

The meetings and proceedings of each committee of Directors consisting of 2 or more

Directors shall be governed mutatis mutandis by the provisions of the Articles regulating
the proceedings of Directors so far as the same are not superseded by any provisions in the
resolution of Directors establishing the committee.

8.3.9

Audit Committee

8.3.10.1 The Board of Directors shall by a Resolution of Directors appoint an Audit Committee.
8.3.10.2 There shall be not less than three (3) Persons on the Audit Committee. The members of
the Audit Committee shall be chosen from Board of Directors and shall at all times comprise of all
appointed External Directors. The majority of Audit Committee members shall be either External
Directors or Non-External Independent Directors.
24-&%

8.3.10.3 The chairman of the Audit Committee shall be an External Director.

8.3.10 Remuneration Committee

8.3.11.1 The Board of Directors shall by Resolution of Directors appoint a Remuneration

Committee.
8.3.11.2 There shall be not less than three (3) Persons on the Remuneration Committee. The
members of the Remuneration Committee shall be chosen from Board of Directors and shall at all
times comprise of all appointed External Directors. The majority of members of the Remuneration
Committee shall be External Directors and the rest of the members shall be Directors whose terms
of tenure and employment are pursuant to the provisions set forth under Section 8.3.3.8.
8.3.11.3 The chairman of the Remuneration Committee shall be an External Director.

8.3.11 Indemnification

The Articles of Association of the Company state that the Company shall indemnify against all
expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and
reasonably incurred in connection with legal, administrative or investigative proceedings any
person who:
(a)

is or was a party or is threatened to be made a party to any threatened, pending or

completed proceedings, whether civil, criminal, administrative or investigative, by
reason of the fact that the person is or was a director of the Company; or

(b)

is or was, at the request of the Company, serving as a director of, or in any other
capacity is or was acting for, another company or a partnership, joint venture, trust
or other enterprise.

The abovementioned indemnity only applies if the person acted honestly and in good faith with a
view to the best interests of the Company and, in the case of criminal proceedings, the person had
no reasonable cause to believe that their conduct was unlawful.

The Company may purchase and maintain insurance in relation to any person who is or was a
director, officer or liquidator of the Company, or who at the request of the Company is or was
serving as a director, officer or liquidator of, or in any other capacity is or was acting for, another
company or a partnership, joint venture, trust or other enterprise, against any liability asserted

25-&%

against the person and incurred by the person in that capacity, whether or not the Company has or
would have had the power to indemnify the person against the liability as provided in the Articles.

Subject to the abovementioned, the Company shall indemnify and insure Officers of the Company
with respect to payments they are required to pay as an Enforcement Measure to parties who were
injured by a violation in accordance to the resolution of the Administrative Enforcement
Committee, or with respect to a payment of expenses incurred in connection with an
Administrative Enforcement proceeding that was conducted regarding such person's matter,
including reasonable litigation expenses including attorney's fees, and including by way of an
advance indemnification.

26-&%

Shimonov & Co.

Israel Shimonov
Oren Elkabetz
Jonathan Robinson
Nir Cohen Sasson
Igor Katz
Noa Shefer
Liron Azriel
Corinne Bitton
Dudi Berland
Shiran manor
Ran Felder
Barak Baruch
Hila Hefetz
Eyal Natanyan

A D V O C A T E S

Telephone
Fax
e-mail

'() (*+"% - '!" " #"$"%&

+(972) 3 611 1000

+(972) 3 613 3355
mail@is-adv.com

(*09
+/*
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