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</head>
<body lang=EN-US link=blue vlink=purple>
<div class=Section1>
<p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
<div align=center>
<table able border=0 cellspacing=0 cellpadding=0
  Style="margin:0cm;border-collapse:collapse;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=top style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>As filed with the Securities and Exchange Commission
  on August 11, 2005</b></p>
  </td>
 </tr>
 <tr>
  <td width=213 colspan=4 valign=top style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=213 colspan=4 valign=top style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=213 colspan=2 valign=bottom style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=top style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p  Style="margin:0cm;font-weight:bold;margin-bottom:.0001pt;text-align:center;line-height:12.0pt;border:none;padding:0cm;font-size:12.0pt;font-family:Times"><i style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=top style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-top:12.0pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>SECURITIES AND EXCHANGE COMMISSION</b></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">WASHINGTON, D.C. 20549</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:14.0pt'>FORM S-8</b></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>REGISTRATION STATEMENT</b></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i style='font-size:8.0pt'>UNDER</i></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i style='font-size:8.0pt'>THE SECURITIES ACT OF 1933</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">M-SYSTEMS FLASH DISK PIONEERS LTD.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">(Exact name of registrant as specified in its
  charter)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=319 colspan=6 valign=bottom style='width:239.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>Israel</b></p>
  </td>
  <td width=319 colspan=4 valign=bottom style='width:239.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>Not Applicable</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=319 colspan=6 valign=bottom style='width:239.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">(State or other jurisdiction of incorporation or
  organization)</p>
  </td>
  <td width=319 colspan=4 valign=bottom style='width:239.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">(I.R.S. Employer Identification No.)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=319 colspan=6 valign=bottom style='width:239.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=319 colspan=4 valign=bottom style='width:239.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=319 colspan=6 valign=bottom style='width:239.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>7 Atir Yeda Street, Kfar Saba, Israel</b></p>
  </td>
  <td width=319 colspan=4 valign=bottom style='width:239.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>44425</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=319 colspan=6 valign=bottom style='width:239.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">(Address of Principal Executive Offices)</p>
  </td>
  <td width=319 colspan=4 valign=bottom style='width:239.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">(Zip Code)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b><i
  style='font-size:8.0pt'>&nbsp;</i></b></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>2003 STOCK OPTION AND RESTRICTED STOCK INCENTIVE PLAN</b></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">(Full title of the plan)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b><i
  style='font-size:8.0pt'>&nbsp;</i></b></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>M-Systems, Inc.</b></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>555 Mathilda Avenue, Suite 220</b><b style='font-size:8.0pt'>, Sunnyvale, CA 94560</b></p>
  </td>
 </tr>
 <tr>
  <td width=213 colspan=4 valign=bottom style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 colspan=4 valign=bottom style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">(Name and address of agent for service)</p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 colspan=2 valign=bottom style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>(510) 494-2090</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">(Telephone number, including area code, of agent for
  service)</p>
  </td>
 </tr>
 <tr>
  <td width=213 colspan=4 valign=bottom style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 colspan=4 valign=bottom style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">Copies to:</p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 colspan=2 valign=bottom style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>Clifford M.J. Felig</b></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>Meitar Geva Liquornik &amp; Leshem Brandwein</b></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>16 Aba Hillel Silver Road</b></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>Ramat Gan</b><b style='font-size:8.0pt'>
   52506, Israel</b></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>Telephone No.:&nbsp;&nbsp;(972-3) 610-3100</b></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b style='font-size:8.0pt'>Telecopier No.:&nbsp;&nbsp;(972-3) 610-3111</b></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times"><b style='font-size:8.0pt'>Approximate date of commencement of proposed sale to
  public: </b>From time to time after the
  effective date of this Registration Statement.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=bottom style='width:478.8pt;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0cm 0cm 1.0pt 0cm'>
  <p Style="margin:0cm;font-weight:bold;margin-bottom:.0001pt;text-align:center;line-height:12.0pt;border:none;padding:0cm;font-size:8.0pt;font-family:Times">CALCULATION OF
  REGISTRATION FEE</p>
  </div>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:14.0pt'>
  <td width=175 colspan=3 valign=bottom style='width:131.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">Title of Each Class of Securities to be Registered</p>
  </td>
  <td width=98 colspan=2 valign=bottom style='width:73.35pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">Amount to be Registered<sup>(1)</sup></p>
  </td>
  <td width=122 colspan=2 valign=bottom style='width:91.35pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">Proposed Maximum Offering Price per Share</p>
  </td>
  <td width=128 colspan=2 valign=bottom style='width:96.3pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">Proposed Maximum Aggregate Offering Price</p>
  </td>
  <td width=115 valign=bottom style='width:86.4pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">Amount of Registration Fee</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:14.0pt'>
  <td width=175 colspan=3 valign=top style='width:131.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i style='font-size:8.0pt'>&nbsp;</i></p>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">Ordinary Shares, NIS 0.001 par value of <br>
  M-Systems Flash Disk Pioneers Ltd. </p>
  </td>
  <td width=98 colspan=2 valign=bottom style='width:73.35pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin-top:0cm;margin-bottom:0cm;margin-left:2.85pt;margin-bottom:.0001pt;text-align:right;line-height:12.0pt;font-size:8.0pt;font-family:Times">4,562,705<sup>(2)</sup></p>
  </td>
  <td width=122 colspan=2 valign=bottom style='width:91.35pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin-top:0cm;margin-bottom:0cm;margin-left:2.85pt;margin-bottom:.0001pt;text-align:right;line-height:12.0pt;font-size:8.0pt;font-family:Times">$13.88<sup>(3)</sup></p>
  </td>
  <td width=128 colspan=2 valign=bottom style='width:96.3pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin-top:0cm;margin-bottom:0cm;margin-left:2.85pt;margin-bottom:.0001pt;text-align:right;line-height:12.0pt;font-size:8.0pt;font-family:Times">$63,330,346<sup>(3)</sup></p>
  </td>
  <td width=115 valign=bottom style='width:86.4pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin-top:0cm;margin-bottom:0cm;margin-left:2.85pt;margin-bottom:.0001pt;text-align:right;line-height:12.0pt;font-size:8.0pt;font-family:Times">$7,454</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:14.0pt'>
  <td width=175 colspan=3 valign=top style='width:131.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i style='font-size:8.0pt'>&nbsp;</i></p>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">Ordinary Shares, NIS 0.001 par value of <br>
  M-Systems Flash Disk Pioneers Ltd.</p>
  </td>
  <td width=98 colspan=2 valign=bottom style='width:73.35pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin-top:0cm;margin-bottom:0cm;margin-left:2.85pt;margin-bottom:.0001pt;text-align:right;line-height:12.0pt;font-size:8.0pt;font-family:Times">3,437,295</p>
  </td>
  <td width=122 colspan=2 valign=bottom style='width:91.35pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin-top:0cm;margin-bottom:0cm;margin-left:2.85pt;margin-bottom:.0001pt;text-align:right;line-height:12.0pt;font-size:8.0pt;font-family:Times">$25.21<sup>(4)</sup></p>
  </td>
  <td width=128 colspan=2 valign=bottom style='width:96.3pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin-top:0cm;margin-bottom:0cm;margin-left:2.85pt;margin-bottom:.0001pt;text-align:right;line-height:12.0pt;font-size:8.0pt;font-family:Times">$86,654,207<sup>(4)</sup></p>
  </td>
  <td width=115 valign=bottom style='width:86.4pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin-top:0cm;margin-bottom:0cm;margin-left:2.85pt;margin-bottom:.0001pt;text-align:right;line-height:12.0pt;font-size:8.0pt;font-family:Times">$10,200</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:14.0pt'>
  <td width=175 colspan=3 valign=top style='width:131.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i style='font-size:8.0pt'>&nbsp;</i></p>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">Total</p>
  </td>
  <td width=98 colspan=2 valign=bottom style='width:73.35pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin-top:0cm;margin-bottom:0cm;margin-left:2.85pt;margin-bottom:.0001pt;text-align:right;line-height:12.0pt;font-size:8.0pt;font-family:Times">8,000,000</p>
  </td>
  <td width=122 colspan=2 valign=bottom style='width:91.35pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin-top:0cm;margin-bottom:0cm;margin-left:2.85pt;margin-bottom:.0001pt;text-align:right;line-height:12.0pt;font-size:8.0pt;font-family:Times">$18.748</p>
  </td>
  <td width=128 colspan=2 valign=bottom style='width:96.3pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin-top:0cm;margin-bottom:0cm;margin-left:2.85pt;margin-bottom:.0001pt;text-align:right;line-height:12.0pt;font-size:8.0pt;font-family:Times">$149,984,553</p>
  </td>
  <td width=115 valign=bottom style='width:86.4pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p Style="margin-top:0cm;margin-bottom:0cm;margin-left:2.85pt;margin-bottom:.0001pt;text-align:right;line-height:12.0pt;font-size:8.0pt;font-family:Times">$17,654</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:14.0pt'>
  <td width=43 valign=bottom style='width:32.4pt;border:none;padding:0cm 5.4pt 0cm 5.4pt;
  height:14.0pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;border:none;padding:0cm 5.4pt 0cm 5.4pt;
  height:14.0pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=547 colspan=8 valign=top style='width:410.4pt;border:none;
  padding:0cm 5.4pt 0cm 5.4pt;height:14.0pt'>
  <p  Style="margin:0cm;margin-bottom:3.0pt;font-size:12.0pt;font-family:Times"><i style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:14.0pt'>
  <td width=43 valign=top style='width:32.4pt;padding:0cm 5.4pt 0cm 5.4pt;
  height:14.0pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">(1)</p>
  </td>
  <td width=595 colspan=9 valign=top style='width:446.4pt;padding:0cm 5.4pt 0cm 5.4pt;
  height:14.0pt'>
  <p  Style="margin:0cm;margin-bottom:3.0pt;font-size:8.0pt;font-family:Times">This
  registration statement shall also cover any additional Ordinary Shares that
  become issuable under the 2003 Stock Option and&nbsp;&nbsp;Restricted Stock
  Incentive Plan (the &quot;Plan&quot;) by reason of any stock dividend, stock
  split, recapitalization or other similar transaction effected without the
  Registrant's receipt of consideration which results in an increase in the number
  of the Registrant's outstanding Ordinary Shares.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:14.0pt'>
  <td width=43 valign=top style='width:32.4pt;padding:0cm 5.4pt 0cm 5.4pt;
  height:14.0pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">(2)</p>
  </td>
  <td width=595 colspan=9 valign=top style='width:446.4pt;padding:0cm 5.4pt 0cm 5.4pt;
  height:14.0pt'>
  <p  Style="margin:0cm;margin-bottom:3.0pt;font-size:8.0pt;font-family:Times">Represents
  Ordinary Shares subject to options outstanding under the Plan as of the date
  of the Registration Statement.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:14.0pt'>
  <td width=43 valign=top style='width:32.4pt;padding:0cm 5.4pt 0cm 5.4pt;
  height:14.0pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">(3)</p>
  </td>
  <td width=595 colspan=9 valign=top style='width:446.4pt;padding:0cm 5.4pt 0cm 5.4pt;
  height:14.0pt'>
  <p  Style="margin:0cm;margin-bottom:3.0pt;font-size:8.0pt;font-family:Times">Estimated
  for the purpose of calculating the registration fee pursuant to Rule 457(h)
  under the Securities Act of 1933, as amended (the "Securities Act"). The
  price of $13.88 per share represents the weighted average exercise price for
  such outstanding options.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:14.0pt'>
  <td width=43 valign=top style='width:32.4pt;padding:0cm 5.4pt 0cm 5.4pt;
  height:14.0pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:8.0pt;font-family:Times">(4)</p>
  </td>
  <td width=595 colspan=9 valign=top style='width:446.4pt;padding:0cm 5.4pt 0cm 5.4pt;
  height:14.0pt'>
  <p  Style="margin:0cm;margin-bottom:3.0pt;font-size:8.0pt;font-family:Times">Calculated
  pursuant to Rule 457(c) and (h) under the Securities Act based on the average
  of the high and low sale prices of the Registrant's Ordinary Shares on the
  Nasdaq National Market on August 9, 2005.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=10 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr height=0>
  <td width=43 style='border:none'></td>
  <td width=48 style='border:none'></td>
  <td width=84 style='border:none'></td>
  <td width=38 style='border:none'></td>
  <td width=60 style='border:none'></td>
  <td width=46 style='border:none'></td>
  <td width=76 style='border:none'></td>
  <td width=31 style='border:none'></td>
  <td width=98 style='border:none'></td>
  <td width=115 style='border:none'></td>
 </tr>
</table>
</div>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>____ 1 ____</B>&nbsp;</P><br clear=all
style='page-break-before:always'>

<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
<div align=center>
<table able border=0 cellspacing=0 cellpadding=0
  Style="margin:0cm;border-collapse:collapse;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">
 <tr style='page-break-inside:avoid'>
  <td width=638 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>PART I</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>INFORMATION
  REQUIRED IN THE SECTION 10(A) PROSPECTUS</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>&nbsp;</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i>In accordance with the rules and regulations of the
  Securities and Exchange Commission (the &quot;Commission&quot;), the
  documents containing the information called for in Part I of Form S-8 will be
  sent or given to individuals who participate in the 2003 Stock Option and
  Restricted Stock Incentive Plan (the &quot;Plan&quot;) adopted by M-Systems
  Flash Disk Pioneers Ltd. (the &quot;Company&quot; or the
  &quot;Registrant&quot;), and are not being filed with or included in this
  Form S-8.</i></p>
  </td>
 </tr>
</table>
</div>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>____ 2 ____</B>&nbsp;</P><br clear=all
style='page-break-before:always'>

<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
<div align=center>
<table able border=0 cellspacing=0 cellpadding=0
  Style="margin:0cm;border-collapse:collapse;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>PART II</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>&nbsp;</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Item 3.</b></p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Incorporation of Documents by Reference</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>&nbsp;</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">The following documents filed by the Company with the
  Commission are incorporated by reference into this Registration Statement:</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">(i)</p>
  </td>
  <td width=499 colspan=2 valign=top style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">The Company's Annual Report on Form 20-F for the fiscal
  year ended December 31, 2004, filed with the Commission on May 27, 2005;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=bottom style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=499 colspan=2 valign=bottom style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">(ii)</p>
  </td>
  <td width=499 colspan=2 valign=top style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">The Company's Current Reports on Form 6-K furnished to the
  Commission on January 13 and 31, 2005, February 22 and 24, 2005, March 17,
  2005, April 20, 2005 (as amended), May 2, 3 and 9, 2005 and July 20 and 26,
  2005; and</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=bottom style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=499 colspan=2 valign=bottom style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">(iii)</p>
  </td>
  <td width=499 colspan=2 valign=top style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">The description of the Company's Ordinary Shares contained
  in its Registration Statement on Form 8-A filed pursuant to Section 12(g) of
  the Securities Exchange Act of 1934, as amended (the &quot;Exchange
  Act&quot;) on January 29, 1993, including any amendment or report filed for
  the purpose of updating such description.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=499 colspan=2 valign=top style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">In addition to the foregoing, all documents subsequently
  filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
  Exchange Act, prior to the filing of a post-effective amendment indicating
  that all of the securities offered hereunder have been sold or deregistering
  all securities then remaining unsold, shall be deemed to be incorporated by
  reference into this Registration Statement and to be part hereof from the
  date of filing of such documents. Any statement contained in a document
  incorporated by reference into this Registration Statement shall be deemed to
  be modified or superseded for purposes of this Registration Statement to the
  extent that a statement contained herein or in any subsequently filed
  document that is also incorporated by reference herein modifies or supersedes
  such statement. Any statement so modified or superseded shall not be deemed
  to constitute a part of this Registration Statement, except as so modified or
  superseded.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Item 4.</b></p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Description of Securities</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Not applicable.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>&nbsp;</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Item 5.</b></p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Interests of Named Experts and Counsel</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Certain legal matters in connection with the Ordinary
  Shares that we are offering are being passed upon by Meitar Liquornik Geva &amp; Leshem Brandwein, Ramat Gan, Israel. A member of Meitar Liquornik Geva &amp; Leshem Brandwein holds options to acquire 5,000 of
  our Ordinary Shares.<!-- Created Using Viltech Software --></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Item 6.</b></p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Indemnification of Directors and Officers</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Article 65 of the Company's Articles of Association
  contains provisions for the indemnification of directors and officers and
  permits the Company to obtain liability insurance for officers and directors.
  The Company has also entered into indemnification agreements with its
  directors and officers.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">The Company carries a directors' and officers' liability
  insurance policy which provides for payment of certain liability claims and
  the related expenses of the Company's directors and officers in connection
  with threatened, pending, or completed actions, suits or proceedings against
  them in their capacities as directors and officers, in accordance with the
  Company's Articles of Association and Israeli law.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Section 260 of the Israeli Companies Law, 5759-1999 (the
  &quot;Law&quot;) permits a company's Articles of Association to provide that
  the company may indemnify an officer or director (a "Office Holder"), in
  connection with his service to the company as an Office Holder, with respect
  to an act performed by the Office Holder in such position for (i) a financial
  obligation imposed on him in favor of another person by a court judgment,
  including a settlement or an arbitrator's award approved by court; (ii)
  reasonable litigation expenses, including attorneys` fees, incurred by the
  Office Holder as a result of an investigation or proceeding instituted
  against the Office Holder by an authority having the power to conduct such
  investigation or proceeding, provided that (A) no indictment was filed
  against such Office Holder as a result of such investigation or proceeding
  and (B) no financial liability as a substitute for the criminal proceeding&nbsp;&nbsp;was
  imposed upon the Office Holder as a result of such investigation or
  proceeding or, if such financial liability was imposed, it was imposed with
  respect to an offence that does not require proof of criminal intent; (iii)
  reasonable litigation expenses, including attorneys' fees, incurred by an
  Office Holder or charged against the Office Holder by a court in a proceeding
  instituted against the Office Holder by the company or on its behalf or by
  another person, or in a criminal charge from which the Office Holder was
  acquitted, or in a criminal proceeding in which the Office Holder was
  convicted of an offense that does not require proof of criminal intent..
  Under Section 260 of the Law, the provision in the Articles of Association
  may allow the indemnification obligation to be approved after the fact or,
  subject to certain tests of reasonableness, in advance.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Section 261 of the Law permits a company's Articles of
  Association to provide that the company may insure an Office Holder against
  monetary liabilities incurred as a result of an act or omission he committed
  in connection with his service as an Office Holder of the company, if such
  liabilities arise from (i) the breach of a duty of care or (ii) the breach of
  a fiduciary duty to the extent the Office Holder acted in good faith and had
  a reasonable basis to believe that the act would not prejudice the company,
  as well as against a monetary liability that the Office Holder incurs towards
  a third party.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Item 7.</b></p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Exemption from Registration Claimed</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Not applicable.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Item 8.</b></p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Exhibits</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 colspan=2 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Exhibit Number</b></p>
  </td>
  <td width=499 colspan=2 valign=bottom style='width:374.4pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Description</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 colspan=2 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">4.1</p>
  </td>
  <td width=499 colspan=2 valign=bottom style='width:374.4pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">M-Systems Flash Disk Pioneers Ltd. 2003 Stock Option and
  Restricted Stock Incentive Plan.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 colspan=2 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">5.1</p>
  </td>
  <td width=499 colspan=2 valign=bottom style='width:374.4pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Opinion of Meitar Liquornik Geva &amp; Leshem Brandwein</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 colspan=2 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">23.1</p>
  </td>
  <td width=499 colspan=2 valign=bottom style='width:374.4pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Consents of Kost, Forer, Gabbay &amp; Kasierer, a member
  of Ernst &amp; Young Global, Independent Registered Public Accounting Firm</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 colspan=2 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">23.2</p>
  </td>
  <td width=499 colspan=2 valign=bottom style='width:374.4pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Consent of BDO Seidman, LLP.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 colspan=2 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">23.3</p>
  </td>
  <td width=499 colspan=2 valign=bottom style='width:374.4pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Consent of Meitar Liquornik Geva &amp; Leshem Brandwein
  (contained in Exhibit 5.1)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 colspan=2 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">24.1</p>
  </td>
  <td width=499 colspan=2 valign=bottom style='width:374.4pt;border-top:none;
  border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Powers of Attorney (included in the signature page)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;border:none;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Item 9.</b></p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Undertakings</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">(a)</p>
  </td>
  <td width=547 colspan=3 valign=top style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">The undersigned Registrant hereby undertakes:</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=bottom style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=499 colspan=2 valign=bottom style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">(1)</p>
  </td>
  <td width=499 colspan=2 valign=top style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">To file, during any period in which offers or sales are
  being made, a post-effective amendment to this Registration Statement:</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=499 colspan=2 valign=top style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">(i)</p>
  </td>
  <td width=451 valign=top style='width:338.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">To include any prospectus required by Section 10(a)(3) of
  the Se-curities Act;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=451 valign=top style='width:338.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">(ii)</p>
  </td>
  <td width=451 valign=top style='width:338.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">To reflect in the prospectus any facts or events arising
  after the effective date of this Registration Statement (or the most recent
  post-effective amendment thereof) which, individually or together, represent
  a fundamental change in the information set forth in this Registration
  Statement. Notwithstanding the foregoing, any increase or decrease in volume
  of securities offered (if the total dollar value of securities offered would
  not exceed that which was registered) and any deviation from the low or high
  end of the estimated maximum offering range may be reflected in the form of
  prospectus filed with the Commission pursuant to Rule 424(b) if, in the
  aggregate, the changes in volume and price represent no more than a 20
  percent change in the maximum aggregate offering price set forth in the
  &quot;Calculation of Registration Fee&quot; table in the effective registration
  statement; and</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=451 valign=top style='width:338.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">(iii)</p>
  </td>
  <td width=451 valign=top style='width:338.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">To include any material information with respect to the
  plan of distribution not previously disclosed in this Registration Statement
  or any material change to such information in this Registration Statement;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=451 valign=top style='width:338.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=499 colspan=2 valign=top style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i>provided, however,</i> that paragraphs (a)(1)(i) and
  (a)(1)(ii) shall not apply if the information required to be included in a
  post-effective amendment by those paragraphs is contained in periodic reports
  filed by the registrant pursuant to Section 13 or 15(d) of the Exchange Act
  that are incorporated by reference into this Registration Statement.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=499 colspan=2 valign=top style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">(2)</p>
  </td>
  <td width=499 colspan=2 valign=top style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">That, for the purpose of determining any liability under
  the Securities Act, each such post-effective amendment shall be deemed to be
  a new registration statement relating to the securities offered therein, and
  the offering of such securities at that time shall be deemed to be the
  initial <i>bona fide</i> offering thereof.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=499 colspan=2 valign=top style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=48 valign=top style='width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">(3)</p>
  </td>
  <td width=499 colspan=2 valign=top style='width:374.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">To remove from registration by means of a post-effective
  amendment any of the securities being registered which remain unsold at the
  termination of the offering.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=bottom style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=547 colspan=3 valign=bottom style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">(b)</p>
  </td>
  <td width=547 colspan=3 valign=top style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">The undersigned Registrant hereby undertakes that, for
  purposes of determining any liability under the Securities Act, each filing
  of the Registrant's annual report pursuant to Section 13(a) or Section 15(d)
  of the Exchange Act (and, where applicable, each filing of an employee
  benefit plan's annual report pursuant to Section 15(d) of the Exchange Act)
  that is incorporated by reference into this Registration Statement shall be
  deemed to be a new registration statement relating to the securities offered
  therein, and the offering of such securities at that time shall be deemed to
  be the initial <i>bona fide </i>offering thereof.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=547 colspan=3 valign=top style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">(c)</p>
  </td>
  <td width=547 colspan=3 valign=top style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Insofar as indemnification for liabilities arising under
  the Securities Act may be permitted to directors, officers and controlling
  persons of the Registrant pursuant to the foregoing provisions, or otherwise,
  the Registrant has been advised that in the opinion of the Commission such
  indemnification is against public policy as expressed in the Securities Act
  and is, therefore, unenforceable. In the event a claim for indemnification
  against such liabilities (other than the payment by the Registrant of
  expenses incurred or paid by a director, officer, or controlling person of
  the Registrant in the successful defense of any action, suit or proceeding)
  is asserted by such director, officer, or controlling person of the
  Registrant in connection with the securities being registered, the Registrant
  will, unless in the opinion of its counsel the matter has been settled by
  controlling precedent, submit to a court of appropriate jurisdiction the
  question whether such indemnification by it is against public policy as
  expressed in the Securities Act and will be governed by the final
  adjudication of such issue.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=91 valign=top style='width:68.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=547 colspan=3 valign=top style='width:410.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
</table>
</div>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>____ 3 ____</B>&nbsp;</P><br clear=all
style='page-break-before:always'>

<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i style='font-size:8.0pt'>&nbsp;</i></p>
<div align=center>
<table able border=0 cellspacing=0 cellpadding=0
  Style="margin:0cm;border-collapse:collapse;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=2 valign=bottom style='font-size:12.0pt;width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt;font-family:Times'><br clear=all style='page-break-before:
  always'>

  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>SIGNATURES</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=2 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=2 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Pursuant to the requirements of the Securities Act, the
  Registrant certifies that it has reasonable grounds to believe that it meets
  all of the requirements for filing on Form S-8 and has duly caused this
  Registration Statement to be signed on its behalf by the undersigned,
  thereunto duly authorized, in the City of Kfar Saba, State of Israel, on the
  11th day of August, 2005.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=2 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=259 valign=bottom style='width:194.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=379 valign=bottom style='width:284.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>M-SYSTEMS FLASH DISK PIONEERS LTD. </b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=259 valign=bottom style='width:194.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=379 valign=bottom style='width:284.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=259 valign=bottom style='width:194.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=379 valign=bottom style='width:284.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">BY: <u>/S/ DOV MORAN</u></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=259 valign=bottom style='width:194.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=379 valign=bottom style='width:284.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=259 valign=bottom style='width:194.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=379 valign=bottom style='width:284.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Dov Moran</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=259 valign=bottom style='width:194.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=379 valign=bottom style='width:284.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">President and Chief Executive Officer</p>
  </td>
 </tr>
</table>
</div>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>____ 4 ____</B>&nbsp;</P><br clear=all
style='page-break-before:always'>

<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
<div align=center>
<table able border=0 cellspacing=0 cellpadding=0
  Style="margin:0cm;border-collapse:collapse;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">
 <tr style='page-break-inside:avoid'>
  <td width=259 colspan=2 valign=bottom style='width:194.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=379 colspan=2 valign=bottom style='width:284.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Each person whose signature appears below constitutes and
  appoints Dov Moran and/or Ronit Maor, as his or her true and lawful
  attorney-in-fact and agent, with full power of substitution and resubstitution,
  for him or her and in his or her name, place, and stead, in any and all
  capacities, to sign any and all amendments (including post-effective
  amendments) to this Registration Statement and all documents relating
  thereto, and to file the same, with all exhibits thereto, and other documents
  in connection therewith, with the Securities and Exchange Commission granting
  unto said attorney-in-fact and agent, full power and authority to do and
  perform each and every act and thing necessary or advisable to be done in and
  about the premises, as fully to all intents and purposes as he or she might
  or could do in person, hereby ratifying and confirming all that said
  attorneys-in-fact and agents, or any of them, or their substitute or
  substitutes, may lawfully do or cause to be done by virtue hereof.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Pursuant to the requirements of the Securities Act, this Registration
  Statement has been signed below by the following persons in the capacities
  and on the dates indicated.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=4 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 valign=bottom style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Signature</p>
  </td>
  <td width=213 colspan=2 valign=bottom style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Title</p>
  </td>
  <td width=213 valign=bottom style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Date</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">/S/ <u>DOV MORAN</u></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Dov Moran</p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Chairman of the
  Board, President and <br>
  Chief Executive Officer<br>
  (Principal Executive Officer)</p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">August 11, 2005</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">/S/ <u>RONIT MAOR</u></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Ronit Maor</p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Chief Financial
  Officer<br>
  (Principal Financial and Accounting Officer)</p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">August 11, 2005</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">/S/ <u>ARYEH MERGI</u></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Aryeh Mergi</p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Director, Executive
  Vice President of Business Development</p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">August 11, 2005</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">/S/ <u>DANA GROSS</u></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Dana Gross</p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Director, Chief
  Marketing Officer</p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">August 11, 2005</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">/S/ <u>ITSIK ONFUS</u></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Itsik Onfus</p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Director</p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">August 11, 2005</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">/S/ <u>YAIR SHOHAM</u></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Yair Shoham</p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Director</p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">August 11, 2005</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">/S/ <u>DR. HANS
  WAGNER</u></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Dr. Hans Wagner</p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Director</p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">August 11, 2005</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">/S/ <u>YOSSI BEN
  SHALOM</u></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Yossi Ben Shalom</p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Director</p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">August 11, 2005</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">/S/ <u>ZEHAVA SIMON</u></p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Zehava Simon</p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Director</p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">August 11, 2005</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 colspan=2 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
  <td width=213 style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><i
  style='font-size:8.0pt'>&nbsp;</i></p>
  </td>
 </tr>
 <tr height=0>
  <td width=213 style='border:none'></td>
  <td width=46 style='border:none'></td>
  <td width=166 style='border:none'></td>
  <td width=213 style='border:none'></td>
 </tr>
</table>
</div>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>____ 5 ____</B>&nbsp;</P><br clear=all
style='page-break-before:always'>

<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=67 style='width:50.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=358 style='width:268.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Authorized
  Representative in the U.S.:</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 style='width:50.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=358 style='width:268.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 style='width:50.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=358 style='width:268.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><u>M-Systems, Inc.</u></p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 style='width:50.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=358 style='width:268.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 style='width:50.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">By:</p>
  </td>
  <td width=358 style='width:268.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><u>/S/ DOV MORAN</u></p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 style='width:50.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Name:</p>
  </td>
  <td width=358 style='width:268.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Dov Moran</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 style='width:50.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=358 style='width:268.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 style='width:50.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Title:</p>
  </td>
  <td width=358 style='width:268.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><u>President and
  Chief Executive Officer</u></p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 style='width:50.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=358 style='width:268.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 style='width:50.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=right  Style="margin:0cm;text-align:right;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Date:</p>
  </td>
  <td width=358 style='width:268.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><u>August 11, 2005</u></p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
</table>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>____ 6 ____</B>&nbsp;</P><br clear=all
style='page-break-before:always'>

<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
<div align=center>
<table able border=0 cellspacing=0 cellpadding=0
  Style="margin:0cm;border-collapse:collapse;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=2 valign=bottom style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>EXHIBIT INDEX</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=2 valign=bottom style='width:478.8pt;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Exhibit Number</b></p>
  </td>
  <td width=499 valign=bottom style='width:374.4pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times"><b>Description</b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">4.1</p>
  </td>
  <td width=499 valign=bottom style='width:374.4pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">M-Systems Flash Disk Pioneers Ltd. 2003 Stock Option and
  Restricted Stock Incentive Plan.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">5.1</p>
  </td>
  <td width=499 valign=bottom style='width:374.4pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Opinion of Meitar Liquornik Geva &amp; Leshem Brandwein</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">23.1</p>
  </td>
  <td width=499 valign=bottom style='width:374.4pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Consents of Kost, Forer, Gabbay &amp; Kasierer, a member
  of Ernst &amp; Young Global, Independent Registered Public Accounting Firm</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">23.2</p>
  </td>
  <td width=499 valign=bottom style='width:374.4pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Consent of BDO Seidman, LLP.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">23.3</p>
  </td>
  <td width=499 valign=bottom style='width:374.4pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Consent of Meitar Liquornik Geva &amp; Leshem Brandwein
  (contained in Exhibit 5.1)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=139 valign=bottom style='width:104.4pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">24.1</p>
  </td>
  <td width=499 valign=bottom style='width:374.4pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">Powers of Attorney (included in the signature page)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=638 colspan=2 valign=bottom style='width:478.8pt;border:none;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
  </td>
 </tr>
</table>
</div>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:Times">&nbsp;</p>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>____ 7 ____</B>&nbsp;</P></div>
</body>
</html>
[{"type": "S-8", "sequence": "1", "filename": "msystems2005s8.htm", "description": "M-SYSTEMS - REGISTRATION STATEMENT ON FORM S-8", "secsgml_size_bytes": 111183}]
{"company-data": {"conformed-name": "M-SYSTEMS FLASH DISK PIONEERS LTD", "cik": "0000895361", "assigned-sic": "3572", "irs-number": "000000000", "state-of-incorporation": "L3", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-127467", "film-number": "051018464"}, "business-address": {"street1": "M-SYSTEMS BUILDING", "street2": "7 ATIR YEDA STREET", "city": "KFAR-SABA", "state": "L3", "zip": "44425", "phone": "00 972 9 7645000"}, "mail-address": {"street1": "M-SYSTEMS BUILDING", "street2": "7 ATIR YEDA STREET", "city": "KFAR-SABA", "state": "L3", "zip": "44425"}, "former-company": {"former-conformed-name": "M SYSTEMS FLASH DISK PIONEERS LTD", "date-changed": "19990611"}}
msystems2005s8
As filed with the Securities and Exchange Commission
  on August 11, 2005
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
M-SYSTEMS FLASH DISK PIONEERS LTD.
(Exact name of registrant as specified in its
  charter)
Israel
Not Applicable
(State or other jurisdiction of incorporation or
  organization)
(I.R.S. Employer Identification No.)
7 Atir Yeda Street, Kfar Saba, Israel
44425
(Address of Principal Executive Offices)
(Zip Code)
2003 STOCK OPTION AND RESTRICTED STOCK INCENTIVE PLAN
(Full title of the plan)
M-Systems, Inc.
555 Mathilda Avenue, Suite 220
, Sunnyvale, CA 94560
(Name and address of agent for service)
(510) 494-2090
(Telephone number, including area code, of agent for
  service)
Copies to:
Clifford M.J. Felig
Meitar Geva Liquornik & Leshem Brandwein
16 Aba Hillel Silver Road
Ramat Gan
52506, Israel
Telephone No.:  (972-3) 610-3100
Telecopier No.:  (972-3) 610-3111
Approximate date of commencement of proposed sale to
  public:
From time to time after the
  effective date of this Registration Statement.
CALCULATION OF
  REGISTRATION FEE
Title of Each Class of Securities to be Registered
Amount to be Registered
(1)
Proposed Maximum Offering Price per Share
Proposed Maximum Aggregate Offering Price
Amount of Registration Fee
Ordinary Shares, NIS 0.001 par value of
M-Systems Flash Disk Pioneers Ltd.
4,562,705
(2)
$13.88
(3)
$63,330,346
(3)
$7,454
Ordinary Shares, NIS 0.001 par value of
M-Systems Flash Disk Pioneers Ltd.
3,437,295
$25.21
(4)
$86,654,207
(4)
$10,200
Total
8,000,000
$18.748
$149,984,553
$17,654
(1)
This
  registration statement shall also cover any additional Ordinary Shares that
  become issuable under the 2003 Stock Option and  Restricted Stock
  Incentive Plan (the "Plan") by reason of any stock dividend, stock
  split, recapitalization or other similar transaction effected without the
  Registrant's receipt of consideration which results in an increase in the number
  of the Registrant's outstanding Ordinary Shares.
(2)
Represents
  Ordinary Shares subject to options outstanding under the Plan as of the date
  of the Registration Statement.
(3)
Estimated
  for the purpose of calculating the registration fee pursuant to Rule 457(h)
  under the Securities Act of 1933, as amended (the "Securities Act"). The
  price of $13.88 per share represents the weighted average exercise price for
  such outstanding options.
(4)
Calculated
  pursuant to Rule 457(c) and (h) under the Securities Act based on the average
  of the high and low sale prices of the Registrant's Ordinary Shares on the
  Nasdaq National Market on August 9, 2005.
____ 1 ____
PART I
INFORMATION
  REQUIRED IN THE SECTION 10(A) PROSPECTUS
In accordance with the rules and regulations of the
  Securities and Exchange Commission (the "Commission"), the
  documents containing the information called for in Part I of Form S-8 will be
  sent or given to individuals who participate in the 2003 Stock Option and
  Restricted Stock Incentive Plan (the "Plan") adopted by M-Systems
  Flash Disk Pioneers Ltd. (the "Company" or the
  "Registrant"), and are not being filed with or included in this
  Form S-8.
____ 2 ____
PART II
INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
The following documents filed by the Company with the
  Commission are incorporated by reference into this Registration Statement:
(i)
The Company's Annual Report on Form 20-F for the fiscal
  year ended December 31, 2004, filed with the Commission on May 27, 2005;
(ii)
The Company's Current Reports on Form 6-K furnished to the
  Commission on January 13 and 31, 2005, February 22 and 24, 2005, March 17,
  2005, April 20, 2005 (as amended), May 2, 3 and 9, 2005 and July 20 and 26,
  2005; and
(iii)
The description of the Company's Ordinary Shares contained
  in its Registration Statement on Form 8-A filed pursuant to Section 12(g) of
  the Securities Exchange Act of 1934, as amended (the "Exchange
  Act") on January 29, 1993, including any amendment or report filed for
  the purpose of updating such description.
In addition to the foregoing, all documents subsequently
  filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
  Exchange Act, prior to the filing of a post-effective amendment indicating
  that all of the securities offered hereunder have been sold or deregistering
  all securities then remaining unsold, shall be deemed to be incorporated by
  reference into this Registration Statement and to be part hereof from the
  date of filing of such documents. Any statement contained in a document
  incorporated by reference into this Registration Statement shall be deemed to
  be modified or superseded for purposes of this Registration Statement to the
  extent that a statement contained herein or in any subsequently filed
  document that is also incorporated by reference herein modifies or supersedes
  such statement. Any statement so modified or superseded shall not be deemed
  to constitute a part of this Registration Statement, except as so modified or
  superseded.
Item 4.
Description of Securities
Not applicable.
Item 5.
Interests of Named Experts and Counsel
Certain legal matters in connection with the Ordinary
  Shares that we are offering are being passed upon by Meitar Liquornik Geva & Leshem Brandwein, Ramat Gan, Israel. A member of Meitar Liquornik Geva & Leshem Brandwein holds options to acquire 5,000 of
  our Ordinary Shares.
Item 6.
Indemnification of Directors and Officers
Article 65 of the Company's Articles of Association
  contains provisions for the indemnification of directors and officers and
  permits the Company to obtain liability insurance for officers and directors.
  The Company has also entered into indemnification agreements with its
  directors and officers.
The Company carries a directors' and officers' liability
  insurance policy which provides for payment of certain liability claims and
  the related expenses of the Company's directors and officers in connection
  with threatened, pending, or completed actions, suits or proceedings against
  them in their capacities as directors and officers, in accordance with the
  Company's Articles of Association and Israeli law.
Section 260 of the Israeli Companies Law, 5759-1999 (the
  "Law") permits a company's Articles of Association to provide that
  the company may indemnify an officer or director (a "Office Holder"), in
  connection with his service to the company as an Office Holder, with respect
  to an act performed by the Office Holder in such position for (i) a financial
  obligation imposed on him in favor of another person by a court judgment,
  including a settlement or an arbitrator's award approved by court; (ii)
  reasonable litigation expenses, including attorneys` fees, incurred by the
  Office Holder as a result of an investigation or proceeding instituted
  against the Office Holder by an authority having the power to conduct such
  investigation or proceeding, provided that (A) no indictment was filed
  against such Office Holder as a result of such investigation or proceeding
  and (B) no financial liability as a substitute for the criminal proceeding  was
  imposed upon the Office Holder as a result of such investigation or
  proceeding or, if such financial liability was imposed, it was imposed with
  respect to an offence that does not require proof of criminal intent; (iii)
  reasonable litigation expenses, including attorneys' fees, incurred by an
  Office Holder or charged against the Office Holder by a court in a proceeding
  instituted against the Office Holder by the company or on its behalf or by
  another person, or in a criminal charge from which the Office Holder was
  acquitted, or in a criminal proceeding in which the Office Holder was
  convicted of an offense that does not require proof of criminal intent..
  Under Section 260 of the Law, the provision in the Articles of Association
  may allow the indemnification obligation to be approved after the fact or,
  subject to certain tests of reasonableness, in advance.
Section 261 of the Law permits a company's Articles of
  Association to provide that the company may insure an Office Holder against
  monetary liabilities incurred as a result of an act or omission he committed
  in connection with his service as an Office Holder of the company, if such
  liabilities arise from (i) the breach of a duty of care or (ii) the breach of
  a fiduciary duty to the extent the Office Holder acted in good faith and had
  a reasonable basis to believe that the act would not prejudice the company,
  as well as against a monetary liability that the Office Holder incurs towards
  a third party.
Item 7.
Exemption from Registration Claimed
Not applicable.
Item 8.
Exhibits
Exhibit Number
Description
4.1
M-Systems Flash Disk Pioneers Ltd. 2003 Stock Option and
  Restricted Stock Incentive Plan.
5.1
Opinion of Meitar Liquornik Geva & Leshem Brandwein
23.1
Consents of Kost, Forer, Gabbay & Kasierer, a member
  of Ernst & Young Global, Independent Registered Public Accounting Firm
23.2
Consent of BDO Seidman, LLP.
23.3
Consent of Meitar Liquornik Geva & Leshem Brandwein
  (contained in Exhibit 5.1)
24.1
Powers of Attorney (included in the signature page)
Item 9.
Undertakings
(a)
The undersigned Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are
  being made, a post-effective amendment to this Registration Statement:
(i)
To include any prospectus required by Section 10(a)(3) of
  the Se-curities Act;
(ii)
To reflect in the prospectus any facts or events arising
  after the effective date of this Registration Statement (or the most recent
  post-effective amendment thereof) which, individually or together, represent
  a fundamental change in the information set forth in this Registration
  Statement. Notwithstanding the foregoing, any increase or decrease in volume
  of securities offered (if the total dollar value of securities offered would
  not exceed that which was registered) and any deviation from the low or high
  end of the estimated maximum offering range may be reflected in the form of
  prospectus filed with the Commission pursuant to Rule 424(b) if, in the
  aggregate, the changes in volume and price represent no more than a 20
  percent change in the maximum aggregate offering price set forth in the
  "Calculation of Registration Fee" table in the effective registration
  statement; and
(iii)
To include any material information with respect to the
  plan of distribution not previously disclosed in this Registration Statement
  or any material change to such information in this Registration Statement;
provided, however,
that paragraphs (a)(1)(i) and
  (a)(1)(ii) shall not apply if the information required to be included in a
  post-effective amendment by those paragraphs is contained in periodic reports
  filed by the registrant pursuant to Section 13 or 15(d) of the Exchange Act
  that are incorporated by reference into this Registration Statement.
(2)
That, for the purpose of determining any liability under
  the Securities Act, each such post-effective amendment shall be deemed to be
  a new registration statement relating to the securities offered therein, and
  the offering of such securities at that time shall be deemed to be the
  initial
bona fide
offering thereof.
(3)
To remove from registration by means of a post-effective
  amendment any of the securities being registered which remain unsold at the
  termination of the offering.
(b)
The undersigned Registrant hereby undertakes that, for
  purposes of determining any liability under the Securities Act, each filing
  of the Registrant's annual report pursuant to Section 13(a) or Section 15(d)
  of the Exchange Act (and, where applicable, each filing of an employee
  benefit plan's annual report pursuant to Section 15(d) of the Exchange Act)
  that is incorporated by reference into this Registration Statement shall be
  deemed to be a new registration statement relating to the securities offered
  therein, and the offering of such securities at that time shall be deemed to
  be the initial
bona fide
offering thereof.
(c)
Insofar as indemnification for liabilities arising under
  the Securities Act may be permitted to directors, officers and controlling
  persons of the Registrant pursuant to the foregoing provisions, or otherwise,
  the Registrant has been advised that in the opinion of the Commission such
  indemnification is against public policy as expressed in the Securities Act
  and is, therefore, unenforceable. In the event a claim for indemnification
  against such liabilities (other than the payment by the Registrant of
  expenses incurred or paid by a director, officer, or controlling person of
  the Registrant in the successful defense of any action, suit or proceeding)
  is asserted by such director, officer, or controlling person of the
  Registrant in connection with the securities being registered, the Registrant
  will, unless in the opinion of its counsel the matter has been settled by
  controlling precedent, submit to a court of appropriate jurisdiction the
  question whether such indemnification by it is against public policy as
  expressed in the Securities Act and will be governed by the final
  adjudication of such issue.
____ 3 ____
SIGNATURES
Pursuant to the requirements of the Securities Act, the
  Registrant certifies that it has reasonable grounds to believe that it meets
  all of the requirements for filing on Form S-8 and has duly caused this
  Registration Statement to be signed on its behalf by the undersigned,
  thereunto duly authorized, in the City of Kfar Saba, State of Israel, on the
  11th day of August, 2005.
M-SYSTEMS FLASH DISK PIONEERS LTD.
BY:
/S/ DOV MORAN
Dov Moran
President and Chief Executive Officer
____ 4 ____
Each person whose signature appears below constitutes and
  appoints Dov Moran and/or Ronit Maor, as his or her true and lawful
  attorney-in-fact and agent, with full power of substitution and resubstitution,
  for him or her and in his or her name, place, and stead, in any and all
  capacities, to sign any and all amendments (including post-effective
  amendments) to this Registration Statement and all documents relating
  thereto, and to file the same, with all exhibits thereto, and other documents
  in connection therewith, with the Securities and Exchange Commission granting
  unto said attorney-in-fact and agent, full power and authority to do and
  perform each and every act and thing necessary or advisable to be done in and
  about the premises, as fully to all intents and purposes as he or she might
  or could do in person, hereby ratifying and confirming all that said
  attorneys-in-fact and agents, or any of them, or their substitute or
  substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this Registration
  Statement has been signed below by the following persons in the capacities
  and on the dates indicated.
Signature
Title
Date
/S/
DOV MORAN
Dov Moran
Chairman of the
  Board, President and
Chief Executive Officer
(Principal Executive Officer)
August 11, 2005
/S/
RONIT MAOR
Ronit Maor
Chief Financial
  Officer
(Principal Financial and Accounting Officer)
August 11, 2005
/S/
ARYEH MERGI
Aryeh Mergi
Director, Executive
  Vice President of Business Development
August 11, 2005
/S/
DANA GROSS
Dana Gross
Director, Chief
  Marketing Officer
August 11, 2005
/S/
ITSIK ONFUS
Itsik Onfus
Director
August 11, 2005
/S/
YAIR SHOHAM
Yair Shoham
Director
August 11, 2005
/S/
DR. HANS
  WAGNER
Dr. Hans Wagner
Director
August 11, 2005
/S/
YOSSI BEN
  SHALOM
Yossi Ben Shalom
Director
August 11, 2005
/S/
ZEHAVA SIMON
Zehava Simon
Director
August 11, 2005
____ 5 ____
Authorized
  Representative in the U.S.:
M-Systems, Inc.
By:
/S/ DOV MORAN
Name:
Dov Moran
Title:
President and
  Chief Executive Officer
Date:
August 11, 2005
____ 6 ____
EXHIBIT INDEX
Exhibit Number
Description
4.1
M-Systems Flash Disk Pioneers Ltd. 2003 Stock Option and
  Restricted Stock Incentive Plan.
5.1
Opinion of Meitar Liquornik Geva & Leshem Brandwein
23.1
Consents of Kost, Forer, Gabbay & Kasierer, a member
  of Ernst & Young Global, Independent Registered Public Accounting Firm
23.2
Consent of BDO Seidman, LLP.
23.3
Consent of Meitar Liquornik Geva & Leshem Brandwein
  (contained in Exhibit 5.1)
24.1
Powers of Attorney (included in the signature page)
____ 7 ____