-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WU3sxaMDdGcZx3e0GhScwfvne5XNqX8fpF4IuAKdc+UxV5hhInKi+qCnZqntD0o3 CSkSUQKH/m6ignIDODLLaA== 0001178913-09-000335.txt : 20090212 0001178913-09-000335.hdr.sgml : 20090212 20090212083544 ACCESSION NUMBER: 0001178913-09-000335 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20090212 DATE AS OF CHANGE: 20090212 GROUP MEMBERS: AVRAHAM LIVNAT GROUP MEMBERS: CLAL INSURANCE ENTERPRISES HOLDINGS LTD GROUP MEMBERS: IDB DEVELOPMENT CORPORATION LTD. GROUP MEMBERS: IDB HOLDING CORPORATION LTD. GROUP MEMBERS: NOCHI DANKNER GROUP MEMBERS: RUTH MANOR GROUP MEMBERS: SHELLY BERGMAN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Titanium Asset Management Corp CENTRAL INDEX KEY: 0001407161 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 208444031 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-84503 FILM NUMBER: 09591940 BUSINESS ADDRESS: STREET 1: 777 E. WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-1980 MAIL ADDRESS: STREET 1: 777 E. WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CLAL FINANCE LTD. CENTRAL INDEX KEY: 0001443953 IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: RUBINSTEIN HOUSE STREET 2: 37 MENACHEM BEGIN ROAD CITY: TEL AVIV STATE: L3 ZIP: 65220 BUSINESS PHONE: 972-3-5653501 MAIL ADDRESS: STREET 1: RUBINSTEIN HOUSE STREET 2: 37 MENACHEM BEGIN ROAD CITY: TEL AVIV STATE: L3 ZIP: 65220 SC 13G 1 zk96369.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G (RULE 13D-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b) UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. __) TITANIUM ASSET MANAGEMENT CORP. - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK, PAR VALUE $0.0001 ("COMMON STOCK") - -------------------------------------------------------------------------------- (Title of Class of Securities) N/A ------------------------------------- (CUSIP Number) DECEMBER 31, 2008 - -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the following box to designate the rule pursuant to which the Schedule is filed: [_] Rule 13d-1(b) [_] Rule 13d-1(c) [X] Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 12 pages CUSIP NO. N/A - -------------------------------------------------------------------------------- 1. Name of Reporting Persons/ I.R.S. Identification Nos. of above persons (entities only). Clal Finance Ltd. - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [X] (b) [_] - -------------------------------------------------------------------------------- 3. SEC Use only - -------------------------------------------------------------------------------- 4. Place of Organization Israel - -------------------------------------------------------------------------------- 5. Sole Voting Power 0 ------------------------------------------------------------- Number of 6. Shared Voting Power Shares 20,970,800 Common Stock* Beneficially ------------------------------------------------------------- Owned by Each 7. Sole Dispositive Power Reporting 0 Person With: ------------------------------------------------------------- 8. Shared Dispositive Power 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [_] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 66.5%** - -------------------------------------------------------------------------------- 12. Type of Reporting Person: CO - -------------------------------------------------------------------------------- *See Item 4. Includes Warrants exercisable into 10,485,400 shares of Common Stock. ** Based on 31,549,618 shares of Common Stock (including 612,716 shares of restricted stock) outstanding as of November 12, 2008 (as reported in the Issuer's Form 10Q filed with the Securities and Exchange Commission ("SEC") on November 13, 2008). Page 2 of 12 pages CUSIP NO. N/A - -------------------------------------------------------------------------------- 1. Name of Reporting Persons/ I.R.S. Identification Nos. of above persons (entities only). Clal Insurance Enterprises Holdings Ltd. - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [X] (b) [_] - -------------------------------------------------------------------------------- 3. SEC Use only - -------------------------------------------------------------------------------- 4. Place of Organization Israel - -------------------------------------------------------------------------------- 5. Sole Voting Power 0 ------------------------------------------------------------- Number of 6. Shared Voting Power Shares 20,970,800 Common Stock* Beneficially ------------------------------------------------------------- Owned by Each 7. Sole Dispositive Power Reporting 0 Person With: ------------------------------------------------------------- 8. Shared Dispositive Power 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [_] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 66.5%** - -------------------------------------------------------------------------------- 12. Type of Reporting Person: CO - -------------------------------------------------------------------------------- *See Item 4. Includes Warrants exercisable into 10,485,400 shares of Common Stock. ** Based on 31,549,618 shares of Common Stock (including 612,716 shares of restricted stock) outstanding as of November 12, 2008 (as reported in the Issuer's Form 10Q filed with the SEC on November 13, 2008). Page 3 of 12 pages CUSIP NO. N/A - -------------------------------------------------------------------------------- 1. Name of Reporting Persons/ I.R.S. Identification Nos. of above persons (entities only). IDB Development Corporation Ltd. - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [X] (b) [_] - -------------------------------------------------------------------------------- 3. SEC Use only - -------------------------------------------------------------------------------- 4. Place of Organization Israel - -------------------------------------------------------------------------------- 5. Sole Voting Power 0 ------------------------------------------------------------- Number of 6. Shared Voting Power Shares 20,970,800 Common Stock* Beneficially ------------------------------------------------------------- Owned by Each 7. Sole Dispositive Power Reporting 0 Person With: ------------------------------------------------------------- 8. Shared Dispositive Power 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [_] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 66.5%** - -------------------------------------------------------------------------------- 12. Type of Reporting Person: CO - -------------------------------------------------------------------------------- *See Item 4. Includes Warrants exercisable into 10,485,400 shares of Common Stock. ** Based on 31,549,618 shares of Common Stock (including 612,716 shares of restricted stock) outstanding as of November 12, 2008 (as reported in the Issuer's Form 10Q filed with the SEC on November 13, 2008). Page 4 of 12 pages CUSIP NO. N/A - -------------------------------------------------------------------------------- 1. Name of Reporting Persons/ I.R.S. Identification Nos. of above persons (entities only). IDB Holding Corporation Ltd. - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [X] (b) [_] - -------------------------------------------------------------------------------- 3. SEC Use only - -------------------------------------------------------------------------------- 4. Place of Organization Israel - -------------------------------------------------------------------------------- 5. Sole Voting Power 0 ------------------------------------------------------------- Number of 6. Shared Voting Power Shares 20,970,800 Common Stock* Beneficially ------------------------------------------------------------- Owned by Each 7. Sole Dispositive Power Reporting 0 Person With: ------------------------------------------------------------- 8. Shared Dispositive Power 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [_] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 66.5%** - -------------------------------------------------------------------------------- 12. Type of Reporting Person: CO - -------------------------------------------------------------------------------- *See Item 4. Includes Warrants exercisable into 10,485,400 shares of Common Stock. ** Based on 31,549,618 shares of Common Stock (including 612,716 shares of restricted stock) outstanding as of November 12, 2008 (as reported in the Issuer's Form 10Q filed with the SEC on November 13, 2008). Page 5 of 12 pages CUSIP NO. N/A - -------------------------------------------------------------------------------- 1. Name of Reporting Persons/ I.R.S. Identification Nos. of above persons (entities only). Nochi Dankner - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [X] (b) [_] - -------------------------------------------------------------------------------- 3. SEC Use only - -------------------------------------------------------------------------------- 4. Place of Organization Israel - -------------------------------------------------------------------------------- 5. Sole Voting Power 0 ------------------------------------------------------------- Number of 6. Shared Voting Power Shares 20,970,800 Common Stock* Beneficially ------------------------------------------------------------- Owned by Each 7. Sole Dispositive Power Reporting 0 Person With: ------------------------------------------------------------- 8. Shared Dispositive Power 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [_] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 66.5%** - -------------------------------------------------------------------------------- 12. Type of Reporting Person: IN - -------------------------------------------------------------------------------- *See Item 4. Includes Warrants exercisable into 10,485,400 shares of Common Stock. ** Based on 31,549,618 shares of Common Stock (including 612,716 shares of restricted stock) outstanding as of November 12, 2008 (as reported in the Issuer's Form 10Q filed with the SEC on November 13, 2008). Page 6 of 12 pages CUSIP NO. N/A - -------------------------------------------------------------------------------- 1. Name of Reporting Persons/ I.R.S. Identification Nos. of above persons (entities only). Shelly Bergman - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [X] (b) [_] - -------------------------------------------------------------------------------- 3. SEC Use only - -------------------------------------------------------------------------------- 4. Place of Organization Israel - -------------------------------------------------------------------------------- 5. Sole Voting Power 0 ------------------------------------------------------------- Number of 6. Shared Voting Power Shares 20,970,800 Common Stock* Beneficially ------------------------------------------------------------- Owned by Each 7. Sole Dispositive Power Reporting 0 Person With: ------------------------------------------------------------- 8. Shared Dispositive Power 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [_] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 66.5%** - -------------------------------------------------------------------------------- 12. Type of Reporting Person: IN - -------------------------------------------------------------------------------- *See Item 4. Includes Warrants exercisable into 10,485,400 shares of Common Stock. ** Based on 31,549,618 shares of Common Stock (including 612,716 shares of restricted stock) outstanding as of November 12, 2008 (as reported in the Issuer's Form 10Q filed with the SEC on November 13, 2008). Page 7 of 12 pages CUSIP NO. N/A - -------------------------------------------------------------------------------- 1. Name of Reporting Persons/ I.R.S. Identification Nos. of above persons (entities only). Ruth Manor - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [X] (b) [_] - -------------------------------------------------------------------------------- 3. SEC Use only - -------------------------------------------------------------------------------- 4. Place of Organization Israel - -------------------------------------------------------------------------------- 5. Sole Voting Power 0 ------------------------------------------------------------- Number of 6. Shared Voting Power Shares 20,970,800 Common Stock* Beneficially ------------------------------------------------------------- Owned by Each 7. Sole Dispositive Power Reporting 0 Person With: ------------------------------------------------------------- 8. Shared Dispositive Power 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [_] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 66.5%** - -------------------------------------------------------------------------------- 12. Type of Reporting Person: IN - -------------------------------------------------------------------------------- *See Item 4. Includes Warrants exercisable into 10,485,400 shares of Common Stock. ** Based on 31,549,618 shares of Common Stock (including 612,716 shares of restricted stock) outstanding as of November 12, 2008 (as reported in the Issuer's Form 10Q filed with the SEC on November 13, 2008). Page 8 of 12 pages CUSIP NO. N/A - -------------------------------------------------------------------------------- 1. Name of Reporting Persons/ I.R.S. Identification Nos. of above persons (entities only). Avraham Livnat - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [X] (b) [_] - -------------------------------------------------------------------------------- 3. SEC Use only - -------------------------------------------------------------------------------- 4. Place of Organization Israel - -------------------------------------------------------------------------------- 5. Sole Voting Power 0 ------------------------------------------------------------- Number of 6. Shared Voting Power Shares 20,970,800 Common Stock* Beneficially ------------------------------------------------------------- Owned by Each 7. Sole Dispositive Power Reporting 0 Person With: ------------------------------------------------------------- 8. Shared Dispositive Power 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 20,970,800 Common Stock* - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [_] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 66.5%** - -------------------------------------------------------------------------------- 12. Type of Reporting Person: IN - -------------------------------------------------------------------------------- *See Item 4. Includes Warrants exercisable into 10,485,400 shares of Common Stock. ** Based on 31,549,618 shares of Common Stock (including 612,716 shares of restricted stock) outstanding as of November 12, 2008 (as reported in the Issuer's Form 10Q filed with the SEC on November 13, 2008). Page 9 of 12 pages ITEM 1. (a) Name of Issuer: TITANIUM ASSET MANAGEMENT CORP. (the "Issuer"). (b) Address of Issuer's Principal Executive Offices: 777 E. Wisconsin Avenue, Milwaukee, Wisconsin, 53202-5310 ITEM 2. (a) Name of Person Filing: This Statement is filed by: (1) Clal Finance Ltd. (2) Clal Insurance Enterprises Holdings Ltd. (3) IDB Development Corporation Ltd. (4) IDB Holding Corporation Ltd. (5) Mr. Nochi Dankner (6) Mrs. Shelly Bergman (7) Mrs. Ruth Manor and (8) Mr. Avraham Livnat The foregoing entities and individuals are collectively referred to as the "Reporting Persons" in this Statement. (1) Clal Finance Ltd., an Israeli public corporation ("Clal Finance"), is a majority owned subsidiary of Clal Insurance Enterprises Holdings Ltd., an Israeli public corporation ("Clal"). Clal Finance is the beneficial owner of an aggregate of 20,970,800 shares of Common Stock (the "Issuer Shares"). By reason of Clal's control of Clal Finance, Clal may be deemed to be the beneficial owner of, and to share the power to vote and dispose of, the Issuer Shares owned beneficially by Clal Finance. See Item 4. (2) Clal is a majority owned subsidiary of IDB Development Corporation Ltd., an Israeli public corporation ("IDB Development"). By reason of IDB Development's control of Clal, IDB Development may be deemed to be the beneficial owner of, and to share the power to vote and dispose of, the Issuer Shares owned beneficially by Clal. See Item 4. (3) IDB Development is a majority owned subsidiary of IDB Holding Corporation Ltd., an Israeli public corporation ("IDB Holding"). By reason of IDB Holding's control (through IDB Development) of Clal, IDB Holding may be deemed beneficial owner of, and to share the power to vote and dispose of, the Issuer Shares owned beneficially by Clal. See Item 4. (4) Mr. Nochi Dankner, Mrs. Shelly Bergman, Mrs. Ruth Manor and Mr. Avraham Livnat may, by reason of their interests in, and relationships among them with respect to, IDB Holding, be deemed to control the corporations referred to in paragraphs (1) - (3) above. By reason of the control of IDB Holding by Nochi Dankner, Shelly Bergman, Ruth Manor and Avraham Livnat, and the relations among them, Nochi Dankner, Shelly Bergman, Ruth Manor and Avraham Livnat may each be deemed beneficial owner of, and to share the power to vote and dispose of, the Issuer Shares owned beneficially by Clal. See Item 4. (b) Address of Principal Business Offices or, if none, Residence: Clal Finance Ltd. - 37 Menachem Begin Street, Tel-Aviv 65220, Israel Clal Insurance Enterprises Holdings Ltd. - 48 Menachem Begin Street, Tel-Aviv 66180, Israel IDB Development Corporation Ltd. - The Triangular Tower, 44th floor, 3 Azrieli Center, Tel Aviv 67023, Israel IDB Holding Corporation Ltd. - The Triangular Tower, 44th floor, 3 Azrieli Center, Tel Aviv 67023, Israel. Mr. Nochi Dankner - The Triangular Tower, 44th floor, 3 Azrieli Center, Tel Aviv 67023, Israel. Mrs. Shelly Bergman - 9 Hamishmar Ha'Ezrachi Street, Afeka, Tel Aviv 69697, Israel. Mrs. Ruth Manor - 26 Hagderot Street, Savyon 56526, Israel. Mr. Avraham Livnat - Taavura Junction, Ramle 72102, Israel. Page 10 of 12 pages (c) Citizenship: Citizenship or place of organization of all Reporting Persons, as the case may be, is Israel. (d) Title of Class of Securities: Common Stock, par value $0.0001 per share (the "Common Stock"). (e) CUSIP Number: N/A ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.SS.240.13D-1(B) OR 240.13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A: Not Applicable. ITEM 4. OWNERSHIP Of the 20,970,800 shares of Common Stock reported in this Statement as beneficially owned by Clal Finance, 10,485,400 are Warrants which are exercisable into 10,485,400 shares of Common Stock, all of which are held for Clal Finance's own account. This Statement shall not be construed as an admission by the Reporting Persons (other than Clal Finance) that they are the beneficial owners of the 20,970,800 shares covered by this Statement. Except as set forth above, see items 5-11 of the cover pages hereto for beneficial ownership, percentage of class and dispositive power of the Reporting Persons, which are incorporated herein. ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [_]. ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON Not Applicable. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY Not Applicable. ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP Not Applicable. ITEM 9. NOTICE OF DISSOLUTION OF GROUP Not Applicable. ITEM 10. CERTIFICATIONS Not Applicable. Page 11 of 12 pages SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. February 12, 2009 CLAL FINANCE LTD. CLAL INSURANCE ENTERPRISES HOLDINGS LTD. IDB DEVELOPMENT CORPORATION LTD. IDB HOLDING CORPORATION LTD. NOCHI DANKNER SHELLY BERGMAN RUTH MANOR AVRAHAM LIVNAT BY: CLAL FINANCE LTD. BY: /s/ Yehoshua Abramovich /s/ Yoram Naveh --------------------------------------------- Yehoshua Abramovich and Yoram Naveh, authorized signatories of CLAL FINANCE LTD., for itself and on behalf of Clal Insurance Enterprises Holdings Ltd., IDB Development Corporation Ltd., IDB Holding Corporation Ltd., Nochi Dankner, Shelly Bergman, Ruth Manor and Avraham Livnat, pursuant to agreement annexed as Exhibit 1 to this Schedule 13G. Page 12 of 12 pages EX-99 2 exhibit_1.txt EXHIBIT 1 February 12, 2009 CLAL FINANCE LTD. 37 Menachem Begin Street Tel-Aviv 65220 Israel Gentlemen, Pursuant to Rule 13d-1(k)(1)(iii) promulgated under the Securities Exchange Act of 1934, as amended, each of the undersigned hereby agrees that CLAL FINANCE LTD. ("Clal Finance") may file as necessary on behalf of the undersigned with the Securities and Exchange Commission a Schedule 13G or Schedule 13D and any amendments thereto in respect of shares of TITANIUM ASSET MANAGEMENT CORP. purchased, owned or sold from time to time by the undersigned. Clal Finance is hereby authorized to file a copy of this letter as an exhibit to said Schedule 13D or Schedule 13G or any amendments thereto. Very truly yours, /s/ CLAL INSURANCE ENTERPRISES HOLDINGS LTD. -------------------------------------------- CLAL INSURANCE ENTERPRISES HOLDINGS LTD. /s/ IDB DEVELOPMENT CORPORATION LTD. ------------------------------------ IDB DEVELOPMENT CORPORATION LTD. /s/ IDB HOLDING CORPORATION LTD. -------------------------------- IDB HOLDING CORPORATION LTD. /s/ NOCHI DANKNER ----------------- NOCHI DANKNER /s/ SHELLY BERGMAN ------------------ SHELLY BERGMAN /s/ RUTH MANOR -------------- RUTH MANOR /s/ AVRAHAM LIVNAT ------------------ AVRAHAM LIVNAT Agreed: /s/ CLAL FINANCE LTD - -------------------- CLAL FINANCE LTD. -----END PRIVACY-ENHANCED MESSAGE-----