1. OUTLINE OF SALE PROCEDURE FOR THE SALE OF THE STATE’S SHARES HELD BY THE STATE IN THE GOVERNMENT COINS AND MEDALS CORPORATION LTD. (the “MEDALS COMPANY”). THE GOVERNMENT COMPANIES AUTHORITY (the “AUTHORITY”) WILL, IN ITS SOLE AND ABSOLUTE DISCRETION, BE ENTITLED TO CHANGE THE TIME-TABLES; BY SHORTENING OR EXTENDING THEM. This information is solely for your convenience and for the purpose of illustrating the process, and does not constitute part of the Sale Procedure or the other sale documents, and will not be used for the purpose of the interpretation of the provisions contained in them.

2. 18/11/0718/10/07 Closing of the Sale Process Obtaining Approvals Determining the Preferred Offerer Data Room Screening the Participants Opening of the Sale Procedure Final date of submission of Applications to the Authority Submission of Price Proposals Signing of Sale Agreements 2.  THE SALE PROCESS IS OPENED WITH THE PUBLICATION OF THE NOTICE CONCERNING THE STATE’S INTENTION TO SELL ITS STATE’S SHARES HELD BY IT IN THE MEDALS COMPANY.  THOSE PERSONS INTERESTED IN PURCHASING THE STATE’S SHARES HELD BY THE STATE IN THE MEDALS COMPANY WILL BE ABLE TO FIND THE SALE PROCEDURE AND ITS APPENDICES ON THIS SITE, OR TO OBTAIN THEM AT THE OFFICES OF THE AUTHORITY.

3. 18/11/0718/10/07 Closing of the Sale Process Obtaining Approvals Determining the Preferred Offerer Data Room Screening the Participants Opening of the Sale Procedure Final date of submission of Applications to the Authority Submission of Price Proposals Signing of Sale Agreements 3 THOSE PERSONS BEING INTERESTED IN PARTICIPATING IN THE SALE PROCESS WILL BE REQUIRED ON THE 11/18/2007 TO SUBMIT THEIR APPLICATIONS, CONTAINING THE FOLLOWING, TO THE AUTHORITY:  APPLICATION TO THE AUTHORITY TO PARTICIPATE IN THE SALE PROCESS  THE SALE PROCEDURE AND ITS APPENDICES SIGNED AS REQUIRED  ANSWERS TO THE QUESTIONS CONTAINED IN THE QUESTIONNAIRE  NOTICE CONCERNING THE APPOINTMENT OF A REPRESENTATIVE FOR THE COMPETITORS  BANK GUARANTY IN THE SUM OF NIS 1,000,000 (ONE MILLION SHEKEL)

4. 18/11/0718/10/07 Closing of the Sale Process Obtaining Approvals Determining the Preferred Offerer Data Room Screening the Participants Opening of the Sale Procedure Final date of submission of Applications to the Authority Submission of Price Proposals Signing of Sale Agreements 4 PARTICIPANTS WHICH SHALL HAVE RECEIVED APPROVAL TO PARTICIPATE IN THE CONTINUATION OF THE SALE PROCESS WILL BE INVITED TO PERUSE THE DOCUMENTS OF THE MEDALS COMPANY WHICH WILL BE PLACED AT THEIR DISPOSAL IN THE DATA ROOM.

5. 18/11/0718/10/07 Closing of the Sale Process Obtaining Approvals Determining the Preferred Offerer Data Room Screening the Participants Opening of the Sale Procedure Final date of submission of Applications to the Authority Submission of Price Proposals Signing of Sale Agreements 5 THE AUTHORITY AND THE BANK OF ISRAEL WILL, FROM AMONG THE PARTICIPANTS, SELECT THOSE WHICH WILL BE INVITED TO PARTICIPATE IN THE CONTINUATION OF THE SALE PROCESS.

6. 18/11/0718/10/07 Closing of the Sale Process Obtaining Approvals Determining the Preferred Offerer Data Room Screening the Participants Opening of the Sale Procedure Final date of submission of Applications to the Authority Submission of Price Proposals Signing of Sale Agreements 6 AFTER THE DATA ROOM STAGE THE SALE AGREEMENT WILL BE SIGNED BY THE PARTICIPANTS.

7. 18/11/0718/10/07 Closing of the Sale Process Obtaining Approvals Determining the Preferred Offerer Data Room Screening the Participants Opening of the Sale Procedure Final date of submission of Applications to the Authority Submission of Price Proposals Signing of Sale Agreements 7 THE PARTICIPANTS WHICH HAVE BEEN APPROVED AND HAVE SIGNED THE SALE AGREEMENT, WILL SUBMIT A PRICE PROPOSAL FOR THE PURCHASE OF THE STATE’S SHARES HELD BY THE STATE IN THE GOVERNMENT MEDALS COMPANY. A SECOND BANK GUARANTEE IN THE SUM OF TWO MILLION NIS WILL BE ATTACHED TO THE PRICE PROPOSAL.

8. 18/11/0718/10/07 Closing of the Sale Process Obtaining Approvals Determining the Preferred Offerer Data Room Screening the Participants Opening of the Sale Procedure Final date of submission of Applications to the Authority Submission of Price Proposals Signing of Sale Agreements 8 AFTER THE SUBMISSION OF THE PRICE PROPOSALS THE PREFERRED OFFEROR WILL BE SELECTED BY THE STATE’S REPRESENTATIVES.

9. 18/11/0718/10/07 Closing of the Sale Process Obtaining Approvals Determining the Preferred Offerer Data Room Screening the Participants Opening of the Sale Procedure Final date of submission of Applications to the Authority Submission of Price Proposals Signing of Sale Agreements 9 AFTER THE SELECTION OF THE PREFERRED OFFEROR, THE PREFERRED OFFEROR WILL BE REQUIRED TO FURNISH TO THE AUTHORITY THE CONSENT BY THE ANTI – TRUST COMMISSIONER.

10. 18/11/0718/10/07 Closing of the Sale Process Obtaining Approvals Determining the Preferred Offerer Data Room Screening the Participants Opening of the Sale Procedure Final date of submission of Applications to the Authority Submission of Price Proposals Signing of Sale Agreements 10  UPON THE ANTI-TRUST COMMISSIONER’S CONSENT HAVING BEEN FURNISHED, THE SALE AGREEMENT WILL BE SIGNED BY REPRESENTATIVES ON BEHALF OF THE STATE.  ON THE OCCASION OF THE COMPLETION OF THE TRANSACTION (the “CLOSING”), THE STATE’S SHARES HELD BY THE STATE IN THE MEDALS COMPANY WILL BE TRANFERRED TO THE PURCHASER AGAINST PAYMENT OF THE CONSIDERATION.