SUMMARY OF PERPETUAL DEPOSIT AGREEMENT

SUMMARY OF PERPETUAL DEPOSIT AGREEMENT                               EXHIBIT 4.4

     Pursuant to agreements (by way of exchange of letters) that were entered

into at various times between us and the Israeli Treasury, we deposited with the

Israeli Treasury the capital from the offerings of our preferred shares (C, CC,

CC1, D and DD). The total principal amount of perpetual deposits with the

Treasury was NIS 806.5 million, as of December 31, 2004, as compared with NIS

799.3 million, as of December 31, 2003. Pursuant to these agreements, we are

entitled, regarding the amounts so deposited, to receive dollar-interest at the

annual rate of 7.5% of the dollar value of the deposits (as of the date of their

deposit), which will be paid net to us by the Treasury, on the dates that we

will declare the payment of a dividend for the above preferred shares, in such

manner that after the payment of taxes and ot