FIRST AMENDMENT TO MASTER UNDERWRITING AGREEMENT

Exhibit 4(1B)

FIRST AMENDMENT TO MASTER UNDERWRITING AGREEMENT

This First Amendment (this “Amendment”) to the Master Underwriting Agreement dated as of December 31, 2013 (the “Agreement”), by and between the State of Israel (the “State”) and Development Corporation for Israel (the “Underwriter”), is entered into as of December 31, 2014. Unless otherwise defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Agreement.

WHEREAS, pursuant to Section 15 of the Agreement, the State and the Underwriter agree to extend the termination date of the Agreement as set forth in this Amendment, subject to the provisions hereof;

NOW THEREFORE, in consideration of the premises contained herein, the parties hereby agree as follows:

1. Amendments to the Agreement.

Section 13(a) of the Agreement shall be amended as follows: The date “December 31, 2014” occurring in the first sentence shall be replaced with “December 31, 2016.”

2. Confirmation of the Agreement.

Except as herein expressly amended, the Agreement is ratified and confirmed in all respects and shall remain in full force and effect in accordance with its terms. Each reference in the Agreement to “this Agreement” shall mean the Agreement as amended by this Amendment, and as hereinafter amended, restated or otherwise modified from time to time.

3. Effectiveness.

This Amendment shall become effective immediately upon the execution and delivery to each of the parties hereto of this Amendment.

4. Counterparts.

This Amendment may be executed simultaneously in two or more counterparts by the parties hereto, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

5. Governing Law.

This Amendment will be governed by and construed in accordance with the laws of the State of New York, without regard to the principles of conflicts of laws thereof.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

	STATE OF ISRAEL
	By:	/s/ Avi Braf
	Chief Fiscal Officer of the
	Ministry of Finance for the
	Western Hemisphere
	By:	/s/ Xxxxx Xxxxx
	Deputy Chief Fiscal Officer of the
	Ministry of Finance for the
	Western Hemisphere
	DEVELOPMENT CORPORATION FOR ISRAEL
	By:	/s/ Israel Tapoohi
	Name:	Israel Tapoohi
	Title:	President and CEO