MINUTES OF ANNUAL GENERAL MEETING OF THE SHAREHOLDERS
OF NOVE MEASURING INSTRUMENTS LTD (THE "COMPANY")

Held on October 31, 2002 at 17:00 at the Company's Registered Offices at Building
22 Weitzmann Science Park Rehovoth, Israel

The following Shareholders were present at the meeting in person or by Proxy:

Name Amount of Ordinary Shares Voted Remarks
Mellon Investor Services 4,339,262 Present by Proxy
Clal Electronic Industries, Ltd. 3,079,084 Present by Proxy
Inventech Investments Ltd. 2,081,102 Present by Proxy
Teuza - a Fairchild Technologies Venture Ltd. 1,900,200 Present by Proxy
Moshe Finarov 646,942 Present in Person
Giora Dishon 646,941 Present by Proxy
PIA Olamit 44,500 Present by Proxy
PIA Gmisha Agressivit 20,000 Present by Proxy
PIA Menayot Vezu 16,200 Present by Proxy
PIA Agressivit 15,000 Present by Proxy
PIA Nivcheret Menayot 61,450 Present by Proxy
PIA Strategy 16,500 Present by Proxy
Psagot Gmisha 20,500 Present by Proxy
Psagot Focus 19,800 Present by Proxy
Psagot Hitec 18,300 Present by Proxy
Psagot Erech 10,250 Present by Proxy
Total 12,936,031¹ 

The number of Shares present in person or by Proxy is sufficient to constitute a legal quorum.

Also Present: Adv. Ephraim Schmeidler counsel to the Company, Moshe Finarov Director of the Company, Dror David

Moshe Finarov is elected to chairperson the meeting.


On the Agenda:

Item no. 1 the Shareholders have reviewed the Company’s Annual Financial Statements for the period ending on December 31, 2001. As no comments were received from the Shareholders present in the meeting to Shareholders move to the following issues on the agenda.

SHAREHOLDERS OF THE COMPANY HAVE RESOLVED AS FOLLOWS:


1 Other than in respect to proposal no. 4 in which the total number of shares for the determination of quorum is 9,109,474 shares and proposal no. 5E in which the total number of shares for the determination of quorum is 12,887,631 shares both of which also constitutes legal quorum.

1.       RESOLVED, to elect Joseph Ciechanover, Avi Kerbs, Meir Shannie, Giora Dishon, Moshe Finarov and Alon Dumanis as Directors to serve for a period of one year or until their respective successors are duly elected and shall qualify.

2.        RESOLVED, to appoint Brightman Almagor & Co. as the independent auditors of the Company for the year ending December 31, 2002, and to authorize the Board of Directors to fix the remuneration of such auditors in accordance with the volume and nature of their services.

3.       RESOLVED, to approve the terms of indemnification of and insurance for the directors and officers of the Company, to the extent such terms concern the directors of the Company, as set forth in Item No. 4 of the Company's Proxy Statement and ancillary documents (the "Proxy Statement").

4.       RESOLVED, to approve the terms of Option Plan No. 6.as set forth in Item no. 5 of the Proxy Statement

5.       RESOLVED, to approve the grant of options to certain Directors of the Company as set forth in Item No. 6 to the Proxy Statement.



Signed on this 3rd day of November, 2002



_____________
Moshe Finarov
Chairperson of the Meeting

Minutes were prepared by Ephraim Schmeidler adv., Counsel to the Company

Attached herein:

  1. Voting Table with respect to each particular proposal;
  2. Proxy Statement of the Annual Meeting filed on Form 6-K for the month of September 2002.

VOTING TABLE

1.             Proposal no. 1:

Name Amount of
Shares Voted		 For Against Abstain Non
Vote
Mellon Investor Services 4,339,262 4,334,962 4,300  
Clal Electronic Industries,
Ltd.		 3,079,084 +   
Inventech Investments Ltd. 2,081,102 +   
Teuza - a Fairchild
Technologies Venture Ltd.		 1,900,200 +   
Moshe Finarov 646,942 +   
Giora Dishon 646,941 +   
PIA Olamit 44,500 +   +
PIA Gmisha Agressivit 20,000 +    +
PIA Menayot Vezu 16,200 +   +
PIA Agressivit 15,000 +    +
PIA Nivcheret Menayot 61,450 +   +
PIA Strategy 16,500 +   +
Psagot Gmisha 20,500 +   +
Psagot Focus 19,800 +   +
Psagot Hitec 18,300 +   +
Psagot Erech 10,250 +   +
Total 12,936,031 12,689,231 4,300  242,500

 

2.             Proposal no. 2:

Name Amount of
Shares Voted		 For Against Abstain Non
Vote
Mellon Investor Services 4,339,262 4,336,912 1,750600 
Clal Electronic Industries,
Ltd.		 3,079,084 +   
Inventech Investments Ltd. 2,081,102 +   
Teuza - a Fairchild
Technologies Venture Ltd.		 1,900,200 +   
Moshe Finarov 646,942 +   
Giora Dishon 646,941 +   
PIA Olamit 44,500     +
PIA Gmisha Agressivit 20,000      +
PIA Menayot Vezu 16,200     +
PIA Agressivit 15,000      +
PIA Nivcheret Menayot 61,450     +
PIA Strategy 16,500     +
Psagot Gmisha 20,500     +
Psagot Focus 19,800     +
Psagot Hitec 18,300     +
Psagot Erech 10,250     +
Total 12,936,031 12,448,681 1,750600 242,500

 

3.             Proposal no. 3:

Name Amount of
Shares Voted		 For Against Abstain Non
Vote
Mellon Investor Services 4,339,262 4,297,742 41,020500 
Clal Electronic Industries,
Ltd.		 3,079,084 +   
Inventech Investments Ltd. 2,081,102 +   
Teuza - a Fairchild
Technologies Venture Ltd.		 1,900,200 +   
Moshe Finarov 646,942+   
Giora Dishon 646,941+   
PIA Olamit 44,500* +   
PIA Gmisha Agressivit 20,000*  +   
PIA Menayot Vezu 16,200* +   
PIA Agressivit 15,000* +   
PIA Nivcheret Menayot 61,450* +   
PIA Strategy 16,500* +   
Psagot Gmisha 20,500* +   
Psagot Focus 19,800* +   
Psagot Hitec 18,300* +   
Psagot Erech 10,250* +   
Total 12,936,031 12,652,011 283,520500  

* Will support the proposal if the word "Exculpation" be removed from the title of the Indemnification letter attached to the Proxy Statement Exhibit A, and that the amount of indemnification be limited to not more than 25% of the Shareholders' Equity as determined by the Company's most recent financial statements known before the actual indemnification.

 

4.             Proposal no. 4:

Name Amount of
Shares Voted		 For Against Abstain Non
Vote
Mellon Investor Services 512,978 467,282 45,696  
Clal Electronic Industries,
Ltd.		 3,079,084 +   
Inventech Investments Ltd. 2,081,102 +   
Teuza - a Fairchild
Technologies Venture Ltd.		 1,900,200 +   
Moshe Finarov 646,942 +   
Giora Dishon 646,941 +   
PIA Olamit 44,500     +
PIA Gmisha Agressivit 20,000      +
PIA Menayot Vezu 16,200      +
PIA Agressivit 15,000      +
PIA Nivcheret Menayot 61,450      +
PIA Strategy 16,500     +
Psagot Gmisha 20,500   +   
Psagot Focus 19,800   +   
Psagot Hitec 18,300   +   
Psagot Erech 10,250   +   
Total 9,109,747 8,821,551 114,546  173,650

 

5.             Proposal no. 5A:
Proposal to grant options to Joseph Ceichanover

Name Amount of
Shares Voted		 For Against Abstain Non
Vote
Mellon Investor Services 4,339,262 4,296,166 43,096  
Clal Electronic Industries,
Ltd.		 3,079,084 +   
Inventech Investments Ltd. 2,081,102 +   
Teuza - a Fairchild
Technologies Venture Ltd.		 1,900,200 +   
Moshe Finarov 646,942 +   
Giora Dishon 646,941 +   
PIA Olamit 44,500   +  
PIA Gmisha Agressivit 20,000    +  
PIA Menayot Vezu 16,200    +  
PIA Agressivit 15,000    +  
PIA Nivcheret Menayot 61,450    +  
PIA Strategy 16,500    + 
Psagot Gmisha 20,500   +   
Psagot Focus 19,800   +   
Psagot Hitec 18,300   +   
Psagot Erech 10,250   +   
Total 12,936,031 12,650,435 111,946173,650  

 

6.             Proposal no. 5B:
Proposal to grant options to Avi Kerbs:

Name Amount of
Shares Voted		 For Against Abstain Non
Vote
Mellon Investor Services 4,339,262 4,296,166 43,096  
Clal Electronic Industries,
Ltd.		 3,079,084 +   
Inventech Investments Ltd. 2,081,102 +   
Teuza - a Fairchild
Technologies Venture Ltd.		 1,900,200 +   
Moshe Finarov 646,942 +   
Giora Dishon 646,941 +   
PIA Olamit 44,500   +  
PIA Gmisha Agressivit 20,000    +  
PIA Menayot Vezu 16,200    +  
PIA Agressivit 15,000    +  
PIA Nivcheret Menayot 61,450    +  
PIA Strategy 16,500    + 
Psagot Gmisha 20,500   +   
Psagot Focus 19,800   +   
Psagot Hitec 18,300   +   
Psagot Erech 10,250   +   
Total 12,936,031 12,650,435 111,946173,650  

 

7.             Proposal no. 5C:
Proposal to grant options to Meir Shannie

Name Amount of
Shares Voted		 For Against Abstain Non
Vote
Mellon Investor Services 4,339,262 4,296,166 43,096  
Clal Electronic Industries,
Ltd.		 3,079,084 +   
Inventech Investments Ltd. 2,081,102 +   
Teuza - a Fairchild
Technologies Venture Ltd.		 1,900,200 +   
Moshe Finarov 646,942 +   
Giora Dishon 646,941 +   
PIA Olamit 44,500   +  
PIA Gmisha Agressivit 20,000    +  
PIA Menayot Vezu 16,200    +  
PIA Agressivit 15,000    +  
PIA Nivcheret Menayot 61,450    +  
PIA Strategy 16,500    + 
Psagot Gmisha 20,500   +   
Psagot Focus 19,800   +   
Psagot Hitec 18,300   +   
Psagot Erech 10,250   +   
Total 12,936,031 12,650,435 111,946173,650  

 

8.              Proposal no. 5D:
Proposal to grant options to Giora Dishon

Name Amount of
Shares Voted		 For Against Abstain Non
Vote
Mellon Investor Services 4,339,262 4,296,166 43,096  
Clal Electronic Industries,
Ltd.		 3,079,084 +   
Inventech Investments Ltd. 2,081,102 +   
Teuza - a Fairchild
Technologies Venture Ltd.		 1,900,200 +   
Moshe Finarov 646,942 +   
Giora Dishon 646,941 +   
PIA Olamit 44,500   +  
PIA Gmisha Agressivit 20,000    +  
PIA Menayot Vezu 16,200    +  
PIA Agressivit 15,000    +  
PIA Nivcheret Menayot 61,450    +  
PIA Strategy 16,500    + 
Psagot Gmisha 20,500   +   
Psagot Focus 19,800   +   
Psagot Hitec 18,300   +   
Psagot Erech 10,250   +   
Total 12,936,031 12,650,435 111,946173,650  

 

9.             Proposal no. 5E:
Proposal to grant options to Moshe Finarov

Name Amount of
Shares Voted		 For Against Abstain Non
Vote
Mellon Investor Services 4,290,862 4,245,392 45,470  
Clal Electronic Industries,
Ltd.		 3,079,084 +   
Inventech Investments Ltd. 2,081,102 +   
Teuza - a Fairchild
Technologies Venture Ltd.		 1,900,200 +   
Moshe Finarov 646,942 +   
Giora Dishon 646,941 +   
PIA Olamit 44,500   +  
PIA Gmisha Agressivit 20,000    +  
PIA Menayot Vezu 16,200    +  
PIA Agressivit 15,000    +  
PIA Nivcheret Menayot 61,450    +  
PIA Strategy 16,500    + 
Psagot Gmisha 20,500   +   
Psagot Focus 19,800   +   
Psagot Hitec 18,300   +   
Psagot Erech 10,250   +   
Total 12,887,631 12,599,661 114,320173,650