IEL

Phoenicia Glass Works Ltd. is a manufacturer of glass containers. Through its
production facility, located in Yerucham, Israel, the Company provides its
customers with a diverse range of glass containers, mainly for the food and
beverage markets.

The Company's customers include Israel's leading soft drink manufacturers, most
of Israel's wineries and beer manufacturers, as well as many other food and
beverage manufacturers in Israel.

The company employs approximately 200 people.

IEL owns 100% of the Company.