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  Terms of Use
  Effective Date: August 13th 2008

The use of the Internet site (“the Site”) of the Tel Aviv Stock Exchange Ltd (“the TASE”) is conditional upon consent to the following Terms and Conditions. By accessing the Site, you are expressing your consent to these Terms and Conditions (which are worded in the masculine gender for convenience purposes only and cover both genders):

1. The Site (www.tase.co.il) is owned and operated by the TASE.

2. All of the intellectual property rights, including copyright and distribution and presentation rights in all of the Site’s content, including all information presented in any way, text, software, pictures, clips, graphics, compilations, including indices and their names, designs, voice files, video files, picture files and other files appearing on the Site (hereinafter referred to as “the Information”) fully belong to the TASE or to third parties who have vested the TASE with use rights therein.

3. The Information is intended for the personal use of the user alone, and no other use may be made thereof, commercial or otherwise. The Information may not be made public and no product originating in the Information may be published, whether printed or stored on any magnetic or optical means, or any other means, without the TASE’s prior written approval and in accordance with its terms and conditions.

The Information may not be copied, duplicated or printed for distribution or publication in any way, without the TASE’s prior written approval and in accordance with its terms and conditions.

4. The Information presented on the Site is provided for informational and educational purposes only, and does not constitute a solicitation, offer, opinion or recommendation by the TASE to buy or sell securities.  Nothing contained on the Site should be construed as investment, tax, accounting or legal advice.  Advice from a securities professional is strongly advised.  Neither the TASE nor any of the TASE’s officers, employees, directors or agents has made any recommendations regarding the merit of any company identified on the Site, made any recommendation regarding the purchase or sale of any security, or endorsed or sponsored any company or market participant identified on this Site.

The Information was obtained by the TASE from sources believed by the TASE to be accurate and reliable.  However, because of the possibility of human and mechanical error as well as other factors, TASE is not responsible for any errors or omissions and the TASE provides no warranty with respect to the Information.  The TASE makes no representation and disclaims all express, implied and statutory warranties of any kind to any user and/or any third party, including any warranties of accuracy, timeliness, completeness, merchantability and fitness for any particular purpose.

The Site may contain information regarding exchange-traded options, futures, and other derivatives. No statement on this Site is to be construed as a recommendation to purchase or sell a security, or to provide investment advice. Options, futures, and other derivatives involve risk and are not suitable for every investor.

The Site may contain “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the Securities Litigation Reform Act of 1995. The TASE may also make written or oral “forward-looking statements” in documents filed with the Israeli Securities Authority or other Israeli or foreign governmental agencies, in press releases, and in other materials or communications describing the TASE, some of which may be described or available on the Site.  These “forward-looking statements” involve a number of risks, uncertainties, assumptions and other factors, many of which are outside of TASE's control, which could cause actual results to differ materially from such statements.  PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. The user is cautioned not to put undue reliance on any forward-looking statements.  Forward-looking statements speak only as of the date they are made, and TASE have no intention and undertake no obligation to update or revise any of them in light of new information, future events or otherwise.

UNLESS DUE TO WILLFUL TORTIOUS MISCONDUCT OR GROSS NEGLIGENCE, THE TASE SHALL HAVE NO LIABILITY IN TORT, CONTRACT, OR OTHERWISE (AND AS PERMITTED BY LAW, PRODUCT LIABILITY) TO ANY USER AND/OR ANY THIRD PARTY.

THE TASE SHALL UNDER NO CIRCUMSTANCE BE LIABLE TO ANY USER (AND/OR ANY THIRD PARTY) FOR ANY LOST PROFITS OR LOST OPPORTUNITY, INDIRECT, SPECIAL, CONSEQUENTIAL, INCIDENTAL, OR PUNITIVE DAMAGES WHATSOEVER, EVEN IF TASE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Some countries and certain U.S. states provide rights in addition to those stated here, or do not allow the exclusion or limitation of implied warranties or liability for incidental or consequential damages. Therefore, these limitations may not apply to you or there may be state provisions that supersede the above. Any clause of these Terms of Use declared invalid shall be deemed severable and shall not affect the validity or enforceability of the remainder. The Terms of Use may only be amended in a writing signed by the TASE and are governed by the laws of the State of Israel

 The aforementioned shall apply mutatis mutandis to third parties information providers and to the information provided by them.

5. The Information shall not be considered recommendation or advice to act in one way or another in connection with the making of investment, taxation or legal decisions.

6. The user acknowledges that the TASE shall not be liable for any defect, mistake, error or inaccuracy in the Information (hereinafter referred to as “defect”) and that it is not undertaking to ensure that the Information will always be up to date.

The user exempts the TASE from liability for any defect or for any damage sustained by or caused to him as a result of the use of the Site and/or the Information.

Each user agrees to indemnify and hold harmless TASE and its officers, directors, employees, and agents from any and all claims and losses imposed on, incurred by, or asserted as a result of or related to: (a) any noncompliance by user with these Terms of Use; or (b) any third-party actions related to reader’s receipt and use of the Information, whether authorized or unauthorized.  Any cooperation by TASE in such defense is without waiver of any attorney-client, work product, or other legal privileges

7. The TASE shall not be liable in any way for the content of reports (disclosures) of listed corporations that are presented on the Site. Full liability for these reports rests with the originating corporations.

8. The historical data published on the Site are as computed by the TASE and they are presented “as is”.  The TASE reserves the right to change the ways of computing or displaying the historical data at any time.

9. The TASE offers various services through the Site, such as the possibility of managing a personal portfolio to monitor securities and calculators aimed at making various computations (hereinafter referred to as “the Services”).

The use of the Services is only intended for personal use and sole liability in respect thereof shall rest with the user. The use of the Services is not a replacement for consultation with experts. The user shall be fully liable for any investment or other decision made in reliance upon the Services.

10. The links to other sites from the the Site are intended for convenience purposes only and the TASE shall not be liable for the content of these other sites, their terms of use, and privacy policies. The user alone shall be liable for accessing these sites and for using the information appearing on them.

11. (a) The Site contains, inter alia, an unofficial translation from the Hebrew language of parts of the TASE Rules, the Regulations pursuant to the Rules, Temporary Regulations, and By-Laws of the Tel-Aviv Clearing House Ltd. and of the Maof Clearing House Ltd.

(b) Additional information is presented on the site that includes, inter alia, general descriptions and explanations of subjects appearing in the Rules, Regulations, and By-Laws.

For the avoidance of doubt, the binding version is that appearing in the Hebrew version of the Rules, Regulations, and By-Laws, as the case may be, which shall apply in the event of any contradiction.

12.  The TASE reserves its right to alter the site and the information at any   time.

13.   (a) The use of the Site and any matter and dispute concerning its use shall be
governed by the laws of the State of Israel alone.

  (b) The competent courts in the District of Tel Aviv-Jaffa are vested with sole
jurisdiction to hear any matter and dispute concerning these terms and conditions
and the Site’s use.

14. Use of the Site is governed by the TASE Privacy Policy