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1. Approval of the 2008 Budget

1.       (a)  The framework of the budget for operating activities of the Jewish Agency for Israel ("JAFI") for the Fiscal Year January 1, 2008 through December 31, 2008, as presented in the proposed budget attached hereto, is in the aggregate amount of $314.8M for unrestricted activities. The level of unrestricted funding may be adjusted following receipt of program participation fees not as yet budgeted.


(b)     Debt repayments from the kibbutz debt arrangement signed October 25th,           2007, will be placed in an endowment fund together with all investment income and capital gains earned thereon.  2.5% of the closing balance of the fund on May 31st and November 30th of each year, beginning May 31, 2008, shall be made available for operating use within thirty days of the date on which the amount is calculated.


(c)          The framework for the JAFI validated unfunded needs is $88.06M.


(d)          The Director General or the CFO is authorized to approve payments due to employees' retirements, above the amounts budgeted in Fiscal Year 2008. The Director-General or the CFO shall exercise this authority subject to the provisions of Article VI.A.2.(c) of the By-Laws.


2.       The framework of the budget for development activities of JAFI for the Fiscal Year, as presented in the proposed budget attached hereto, is in the aggregate amount of $18.35M for unrestricted development activities, $10.0M for designated development activities.


3.       JAFI may, during the Fiscal Year, renew existing Financial Commitments which shall mature during the fiscal year, and borrow additional sums as interim financing, so that at the end of the Fiscal Year the accumulated deficit will not exceed the total accumulated deficit at the beginning of the year.


"Financial Commitment" shall mean any loan, guarantee, indemnity or any other financial transaction and any document evidencing or constituting such financial commitment.

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