Annual Report on Form 20-F

Check Point maintains applicable insurance as well as a financial provision in the financial statements as of December 31, 2003.

     The Company's ordinary shares are traded publicly on the NASDAQ National Market under the symbol “CHKP.”

     The following table lists the high and low closing sale prices for the ordinary shares for the periods indicated as reported by the NASDAQ National Market:

	High			Low
1999	34.85		4.46
2000	113.33		30.54
2001	110.58		20.70
2002	47.20		12.11
2003	21.27		13.82
2002
First Quarter	47.20		27.48
Second Quarter	29.50		13.00
Third Quarter	18.71		12.11
Forth Quarter	17.46		12.97
2003
First Quarter	16.32		13.82
Second Quarter	21.17		14.61
Third Quarter	21.27		15.89
Forth Quarter	18.36		16.33
Most recent six months
September 2003	20.39		16.65
October 2003	18.22		16.33
November 2003	18.36		16.55
December 2003	18.06		16.54
January 2004	21.61		16.87
February 2004	24.07		20.50

     On March 29, 2004, the last reported sale price of the Company's ordinary shares on the NASDAQ National Market was $23.20 per share.

     The objectives and purposes of the Company are to engage in any lawful activity everywhere in the world. In connection therewith, Check Point develops, markets and supports Internet security and VPN brand solutions for enterprise and high-end networks, service providers, small businesses and consumers. The Company delivers solutions that enable secure, reliable and manageable communications over Internet Protocol networks including the Internet, intranets and extranets. Articles of Association

     The following is a summary of the material provisions of the Company's Articles of Association and related provisions of Israeli corporate law. This summary is qualified in its entirety by reference to the complete text of the Articles of Association; see “Item 4 – Information on the Company – General” and “Item 19 - Exhibits.”

   Description of Shares

     The Company's authorized share capital consists of 500,000,000 ordinary shares, NIS 0.01 nominal value, 5,000,000 Preferred Shares, NIS 0.01 nominal value, and 10 deferred shares, NIS 1 nominal value. The deferred shares are not entitled to any rights other than the right to receive their nominal value upon liquidation of the Company.