Phoenix (PXGPE) SC 13GELBIT SYSTEMS / Phoenix ownership change

The signature of the Chairman of the Board of Directors (and / or the CEO (Mr. Eyal Ben Simon) of the Company together, or the signature of one of them with the  additional signature of an officer from Group A, shall bind the Company in any matter for an unlimited amount.

The signatures of two officers from Group A (that are not subject to one another, apart from the CEO) shall bind the Company in any matter up to a sum of NIS 400,000,000.