<SEC-DOCUMENT>0001144204-14-006520.txt : 20140206
<SEC-HEADER>0001144204-14-006520.hdr.sgml : 20140206
<ACCEPTANCE-DATETIME>20140206151706
ACCESSION NUMBER:		0001144204-14-006520
CONFORMED SUBMISSION TYPE:	S-1
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20140206
DATE AS OF CHANGE:		20140206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Nano Vibronix, Inc.
		CENTRAL INDEX KEY:			0001326706
		STANDARD INDUSTRIAL CLASSIFICATION:	ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		S-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-193784
		FILM NUMBER:		14579791

	BUSINESS ADDRESS:	
		STREET 1:		105 MAXESS ROAD
		STREET 2:		SUITE S124
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		(631) 574-4410

	MAIL ADDRESS:	
		STREET 1:		105 MAXESS ROAD
		STREET 2:		SUITE S124
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Nano Vibronix Inc
		DATE OF NAME CHANGE:	20050510
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1
<SEQUENCE>1
<FILENAME>v367378_s-1.htm
<DESCRIPTION>S-1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> As filed with the Securities and
Exchange Commission on February 6, 2014. </B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>SEC File No. 333-</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>FORM S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>NANO VIBRONIX, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 34%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>Delaware</b></font></td>
    <td style="width: 33%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>3842</b></font></td>
    <td style="width: 33%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>01-0801232</b></font></td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(State or other jurisdiction of</i></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>incorporation or organization)</i></P></td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(Primary Standard Industrial</i></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>Classification Code Number)</i></P></td>
    <td style="font-size: 10pt; text-align: center"><font style="font-size: 10pt"><i>(I.R.S. Employer Identification No.)</i></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>105 Maxess Road, Suite S124 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Melville, NY 11747</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>(631) 574-4410</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><I>(Address, including zip code, and telephone
number,</I><BR>
<I>&nbsp;including area code, of registrant&rsquo;s principal executive offices)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Harold Jacob, M.D.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Nano Vibronix, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>105 Maxess Road, Suite S124 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Melville, NY 11747</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>(631) 574-4410</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><I>(Name, address, including zip code, and
telephone number,</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><I>&nbsp;including area
code, of agent for service)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B><I>Copies of all communications, including
communications sent to agent for service, should be sent to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 45%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Rick A. Werner, Esq.</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Haynes and Boone, LLP</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>30 Rockefeller Plaza, 26th Floor </b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>New York, New York 10112</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Tel. (212) 659-7300</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Fax (212) 884-8234</b></P></td>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</td>
    <TD STYLE="width: 45%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Mitchell S. Nussbaum, Esq.</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Angela M. Dowd, Esq.</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Loeb &amp; Loeb LLP</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>345 Park Avenue, 18th Floor</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>New York, NY 10154</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Tel. (212) 407-4000</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Fax (212) 504-3013</b></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Approximate date of commencement of proposed sale to the
public:</B> &nbsp;&nbsp;As soon as practicable after the effective date of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of the securities being registered on this Form are to
be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box.&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is filed to register additional securities for
an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. &nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. &nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is a post-effective amendment filed pursuant to
Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. &nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.&nbsp;(Check
one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 29%"><font style="font-size: 10pt">Large accelerated filer</font></td>
    <TD STYLE="width: 21%"><font style="font: 10pt Wingdings">&uml;</font></td>
    <TD STYLE="width: 36%"><font style="font-size: 10pt">Accelerated filer</font></td>
    <TD STYLE="width: 14%"><font style="font: 10pt Wingdings">&uml;</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Non-accelerated filer</font></td>
    <TD><font style="font: 10pt Wingdings">&uml;</font></td>
    <TD><font style="font-size: 10pt">Smaller reporting company</font></td>
    <TD><font style="font: 10pt Wingdings">x</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">(Do not check if a smaller reporting company) </font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap style="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B> TITLE&nbsp;OF&nbsp;EACH </B></FONT> <br>
    <FONT STYLE="font-size: 10pt"><B>CLASS&nbsp;OF&nbsp;SECURITIES </B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>TO&nbsp;BE&nbsp;REGISTERED</B></FONT> </td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td>
    <td nowrap colspan="2" style="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B> PROPOSED </B></FONT> <br>
    <FONT STYLE="font-size: 10pt"><B>MAXIMUM </B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>AGGREGATE</B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>OFFERING</B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>PRICE(1)(2)</B></FONT> </td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td>
    <td nowrap colspan="2" style="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B> AMOUNT&nbsp;OF </B></FONT> <br>
    <FONT STYLE="font-size: 10pt"><B>REGISTRATION</B></FONT><br>
    <FONT STYLE="font-size: 10pt"><B>FEE</B></FONT> </td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <td><FONT STYLE="font-size: 10pt"> Common stock, par value $0.001 per share (3) </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td style="padding-left: 0.5in; text-align: right; text-indent: -0.25in"></td>
    <td> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td> Common stock purchase warrants (4) </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td style="padding-left: 0.5in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"> -<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>&nbsp; </FONT></td>
    <td> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <td><FONT STYLE="font-size: 10pt"> Common stock underlying the common stock purchase warrants (3)(5) </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td style="padding-left: 0.5in; text-align: center"> &nbsp; </td>
    <td> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td><FONT STYLE="font-size: 10pt"> Underwriter&rsquo;s common stock&nbsp;purchase warrants (4)(6) </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> -<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>&nbsp; </FONT></td>
    <td> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <td><FONT STYLE="font-size: 10pt"> Common stock included in underwriter&rsquo;s common stock purchase warrants (3) </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <TD STYLE="text-align: right; vertical-align: top"></td>
    <td></td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Total </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> $ </TD>
    <TD STYLE="text-align: right"> 6,000,000 </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> $ </TD>
    <TD STYLE="text-align: right; vertical-align: top"> 772.80 </TD>
    <TD> &nbsp; </TD></TR>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0%"></td>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"> (1) </FONT></td>
    <TD><P STYLE="margin: 0pt 0"> Includes shares and warrants that the underwriter has the option to purchase to cover over-allotments,
        if any. </P>


</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0%"></td>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">Estimated solely for the purpose of calculating the registration fee pursuant to Rule
    457(o) under the Securities Act of 1933, as amended.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 0.25in">(3)</TD>
    <TD>Pursuant to Rule 416 under the Securities Act of 1933, as amended, the securities being registered hereunder include
    such indeterminate number of additional shares of common stock as may be issued after the date hereof as a result of stock
    splits, stock dividends or similar transactions.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0%"></td>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(4)</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">No fee required pursuant to Rule 457(g) under the Securities Act of 1933, as amended.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 0.25in">(5)</TD>
    <TD>There will be issued a warrant to purchase one share of common stock for every one share of common stock offered. The
    warrants are exercisable at a per share price equal to 125% of the common stock public offering price.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0%"></td>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(6)</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">Represents 5% of the shares to be sold in this offering including shares that may be
    sold upon exercise of the underwriter&rsquo;s over-allotment option.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The registrant hereby amends this registration statement
on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with section 8(a) of the Securities
Act of 1933 or until the registration statement shall become effective on such date as the Commission acting pursuant to said section
8(a), may determine.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The information in this prospectus is not complete and may
be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission
is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities
in any state where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> SUBJECT TO COMPLETION, DATED FEBRUARY
6, 2014 </B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>PRELIMINARY PROSPECTUS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tlogo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Nano Vibronix, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warrants to Purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is the initial public offering
of securities of Nano Vibronix, Inc. We are offering to sell &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock together
with warrants to purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our common stock. One share of common stock is being
sold together with a warrant. Each warrant entitles the holder to purchase one share of our common stock at an exercise price
equal to 125% of the offering price of the common stock, subject to adjustment as described herein. Each warrant will be exercisable
immediately and will expire on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to this offering, there has been
no public market for our securities. The initial public offering price is expected to be between $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of common stock and $ &nbsp;&nbsp;&nbsp;&nbsp;per warrant. We have applied
to list our shares of common stock for quotation on the Nasdaq Capital Market under the symbol &ldquo;NVBX.&rdquo; No assurance
can be given that our application will be approved. If the application is not approved, we will not complete this offering. We
do not intend to apply to list the warrants on any securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Investing in our securities is highly
speculative and involves a high degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page 7 of this prospectus before making
a decision to purchase our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>We qualify as an &ldquo;emerging growth
company&rdquo; as defined in the Jumpstart our Business Startups Act of 2012, or JOBS Act and, as such, may elect to comply with
certain reduced public company reporting requirements for future filings. Please read the related disclosure contained on pages
17 and 28 of this prospectus. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">Per Share</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-style: italic">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">Per Warrant</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-style: italic">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; font-size: 10pt; font-weight: bold">Public offering price</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Underwriting discounts
    and commissions<SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Proceeds, before expenses, to Nano Vibronix, Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>(1)</SUP> The underwriter will receive
compensation in addition to the underwriting discount, as set forth in the section entitled &ldquo;Underwriting&rdquo;
beginning on page 69 upon the closing of this offering, which consists of three-year compensation warrants entitling the
underwriter to purchase 5.0% of the aggregate number of shares of common stock issued in this offering, including shares
issued pursuant to the exercise of the over-allotment option, with an exercise price equal to 125% of the price per share of
the common stock sold in this offering. We have also agreed to reimburse the underwriter for certain expenses incurred by the
underwriter up to an amount not to exceed $25,000 for all expenses other than legal fees plus $125,000 for legal fees upon
completion of this offering. See the heading entitled &ldquo;Underwriting&rdquo; on page  69 of this prospectus for
additional disclosure regarding compensation to the underwriter payable by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We have granted the underwriter an option,
exercisable one or more times in whole or in part, to purchase up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
additional shares of common stock and/or up to an additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
warrants from us at the public offering price, less the underwriting discount, within 30 days from the date of this prospectus
to cover over-allotments, if any. If the underwriter exercises the option in full, the total underwriting discounts and commissions
payable will be $&nbsp;&nbsp;&nbsp;&nbsp; , and the total proceeds to us, before expenses, will be $&nbsp;&nbsp;&nbsp;&nbsp; . </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or
accuracy of this prospectus. Any representation to the contrary is a criminal offense.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The underwriter expects to deliver the
securities against payment in New York, New York on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">______________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chardan Capital Markets, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">______________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;<B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B>&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top; width: 94%"><FONT STYLE="font-size: 10pt">PROSPECTUS SUMMARY</FONT></td>
    <td style="vertical-align: bottom; width: 6%; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></td>
    <td style="vertical-align: bottom; text-align: right">7</td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">CAPITALIZATION</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">DILUTION</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">DIVIDEND POLICY</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
    AND RESULTS OF OPERATIONS</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">BUSINESS</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">MANAGEMENT</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">55</FONT></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">EXECUTIVE COMPENSATION</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">58</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">59</FONT></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">61</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SECURITIES</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">SHARES ELIGIBLE FOR FUTURE ISSUANCE</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">67</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">UNDERWRITING</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">69</FONT></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">72</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">72</FONT></td></tr>
<tr style="background-color: #CCFFCC">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND ADDITIONAL INFORMATION</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">72</FONT></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: top"><FONT STYLE="font-size: 10pt">INDEX TO FINANCIAL STATEMENTS</FONT></td>
    <td style="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">F-1</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>You should rely only on the information
contained in this prospectus.&nbsp;&nbsp;We have not authorized any other person to provide you with information different from
or in addition to that contained in this prospectus.&nbsp;&nbsp;If anyone provides you with different or inconsistent information,
you should not rely on it.&nbsp;&nbsp;We are not making an offer to sell these securities in any jurisdiction where an offer or
sale is not permitted.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2014 (the 25<SUP>th</SUP> day after the date of this prospectus), all dealers that effect transactions in these securities, whether
or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation
to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Industry and Market Data</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In this prospectus, we rely on and refer
to information and statistics regarding our industry.&nbsp;&nbsp;We obtained this statistical, market and other industry data and
forecasts from publicly available information.&nbsp;&nbsp;While we believe that the statistical data, market data and other industry
data and forecasts are reliable, we have not independently verified the data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>This summary highlights information
contained in other parts of this prospectus.&nbsp;&nbsp;Because it is a summary, it does not contain all of the information that
you should consider in making your investment decision.&nbsp;&nbsp;Before investing in our securities, you should read the entire
prospectus carefully, including our consolidated financial statements and the related notes included in this prospectus and the
information set forth under the headings &ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>When used herein, unless the context
requires otherwise, references to the &ldquo;Company,&rdquo; &ldquo;Nano,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo;
refer to Nano Vibronix, Inc., a Delaware corporation, and, where appropriate, its consolidated subsidiaries.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a medical device
company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy and can be administered
at home, without the assistance of medical professionals. Our products currently consist of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">WoundShield<sup>TM</sup>, a patch-based therapeutic ultrasound device that facilitates tissue regeneration and wound healing by using ultrasound to increase local capillary perfusion, which is the flow of blood to beds of extremely small blood vessels, and tissue oxygenation, which is the increase in the concentrations of oxygen within the tissue;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">NanoVibronix NPWT (Negative Pressure Wound Therapy), a small, lightweight pump with features that allow contamination-free handling of infected wound exudate (fluid) and enhanced patient mobility;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">PainShield<sup>TM</sup>, a disposable patch-based therapeutic ultrasound technology to treat pain, muscle spasm and joint contractures (permanent shortening of a joint) by delivering a localized ultrasound effect to treat pain and induce soft tissue healing in a targeted area; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">UroShield<sup>TM</sup>, an ultrasound-based product that is designed to prevent biofilm (a matrix of microorganisms required for bacteria to grow and cause infections) in urinary catheters, increase antibiotic efficacy and decrease pain and discomfort associated with urinary catheter use.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of our WoundShield, PainShield
and UroShield products employs a small, disposable transducer (a device that converts a signal in one form of energy to another
form of energy) that transmits low frequency, low intensity ultrasound acoustic waves that seek to repair and regenerate tissue,
musculoskeletal and vascular structures and increase antibiotic efficacy. Through their size, effectiveness and ease of use, these
products are intended to eliminate the need for technicians and medical personnel to manually administer ultrasound treatment
through large transducers, thereby promoting patient independence and enabling more cost-effective home-based care. Our NanoVibronix
NPWT is based on an existing standard of care for wound therapy treatment and employs a technology that drains open cavity wounds
and seeks to accelerate wound healing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PainShield and NanoVibronix NPWT are currently
approved for marketing in the U.S. by the U.S. Food and Drug Administration and all of our products, except for NanoVibronix NPWT,
have CE Mark approval in the European Union. We anticipate that we will apply for CE Mark approval for NanoVibronix NPWT within
six months after the closing of the offering to which this prospectus relates. We have a Canadian medical device license for PainShield
and UroShield, a certificate allowing us to sell PainShield, WoundShield and UroShield in Israel, a certificate allowing us to
sell PainShield in Australia, and we are able to sell PainShield, WoundShield and UroShield in India and Ecuador based on our CE
Mark. In addition, our distributor in Korea has applied for approval to sell PainShield and UroShield, and our distributor in Chile
has applied for approval to sell PainShield. We generally apply, through our distributor, for approval in a particular country
for a particular product only when we have a distributor in place with respect to such product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-indent: 0.5in">In addition to the need to
obtain regulatory approvals, as described above, we anticipate that sales volumes and prices of our WoundShield and PainShield
products will depend in large part on the availability of coverage and reimbursement for self-administered use from third party
payers. Third party payers include governmental programs such as Medicare and Medicaid in the U.S., private insurance plans and
workers&rsquo; compensation plans. We do not currently have reimbursement codes for self-administered use or clinical use of WoundShield
in any of the markets in which we have regulatory authority to sell WoundShield. Of the markets in which we have regulatory authority
to sell PainShield, we have reimbursement codes in the United States (i.e., Current Procedural Terminology codes or &ldquo;CPT
codes&rdquo;) for clinical use only, but do not have such reimbursement codes for self-administered use of the product. NanoVibronix
NPWT is generally reimbursed by governmental and other third-party payers in the U.S. With respect to UroShield, which will be
used primarily in a clinical setting, we do not currently have reimbursement codes in any of the markets in which we have regulatory
authority to sell UroShield. We anticipate that we will begin to seek reimbursement codes for self-administered and clinical use
of our products in the markets in which we have regulatory authority to sell such products after the closing of this offering,
however, there is no guarantee that we will be successful in obtaining such codes quickly, or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Assuming we are able to obtain adequate
financing, including through this offering, we plan to continue to work on the further commercialization of WoundShield and further
marketing of NanoVibronix NPWT. We intend to integrate our WoundShield ultrasound technology into NanoVibronix NPWT, which we believe
would make NanoVibronix NPWT a superior product within the negative pressure wound therapy market. We also intend to conduct ongoing
clinical trials of our PainShield product, with the aim of obtaining a favorable reimbursement code. With respect to our UroShield
product, we are currently seeking a strategic partner that is active in the urology market and would be interested in integrating
UroShield into its range of products. If we locate such a partner, we anticipate that we would continue to pursue U.S. Food and
Drug Administration approval of UroShield.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since our formation, we have had recurring
losses and negative cash flows from operating activities. For the year ended December 31, 2012, we had a net loss of $1,275,000,
with revenues of $166,000. For the nine months ended September 30, 2013, we had a net loss of $1,412,000, with revenues of $203,000.
As of September 30, 2013, we had an accumulated deficit of $13,626,000 and a total stockholders&rsquo; deficit of $2,768,000. Because
we have had recurring losses and negative cash flows from operating activities, substantial doubt exists regarding our ability
to remain in operation at the same level we are currently performing. Further, the report of Kost Forer Gabbay &amp; Kasierer,
a member firm of Ernst &amp; Young Global, our independent registered public accounting firm, with respect to our financial statements
at December 31, 2012 and 2011 and the years ended December 31, 2012 and 2011, includes an explanatory paragraph as to our potential
inability to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ultrasound Technology and Our Products</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As noted above, each of our products, other
than NanoVibronix NPWT, is based on the use of low frequency ultrasound, which delivers energy through mechanical vibrations in
the form of sound waves. Ultrasound has long been used in physical therapy, physical medicine, rehabilitation and sports medicine.
Moreover, there is a growing body of research that supports the positive biological effects of ultrasound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Our proprietary technology consists
of a small, thin (1 millimeter) transducer that is capable of transmitting ultrasonic acoustic waves onto treatment surfaces with
a radius of up to 10 centimeters. This technology allows us to treat wounds by implanting our transducers into a small, portable
self-adhering acoustic patch, thereby eliminating the need for technicians and medical personnel to manually administer ultrasound
therapy, which should reduce the cost of therapy. Moreover, we believe that the delivery of ultrasound through our portable devices
is more effective than existing products, as our technology is better positioned to target the affected areas of the body. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> While there are currently a number of
products on the market that treat pain through ultrasound therapy, we believe that our products differentiate themselves
because they are portable, without the requirement to be plugged into an outlet and they have a frequency of 100kHz (in contrast
to other devices, which have a frequency of 1MHz), which means they do not produce heat that can damage tissue. They can therefore
be self-administered by the patient without the need to be moved about the treated area by the patient or a clinician, they can
be applied for a significantly longer period without the risk of tissue damage and they do not require the use of gel. We are
aware of one product under U.S. Food and Drug Administration review and with CE Mark approval that we understand does not need
to be plugged in and operates at a frequency of 3 MHz, which its manufacturer claims overcomes the need for movement around the
treated area and allows for a longer treatment period. We understand that this product does not generate surface acoustic waves
as our products do, which means that the treatment area is generally limited to that of the transducer&rsquo;s diameter, that
the use of transmission gel is still required and that the transducer thickness is significantly greater than ours (approximately
1.5cm). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Markets for Our Products</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe our products
compete and/or will compete in the markets described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt"><b>Wound-Healing Devices Market. </b>Our WoundShield, NanoVibronix NPWT and integrated product are aimed at the market for wound-healing devices. The global wound care device market is continuously growing and expected to reach $20.3 billion by 2015 (&ldquo;Anticipated market in 2015, Wound Care Products: A Global Strategic Business Report,&rdquo; September 2011). The negative pressure wound therapy market is expanding, in light of recent approvals in Japan and a growing diabetes patient pool and currently is estimated at approximately $2 billion (&ldquo;Negative Pressure Wound Therapy Market to 2017,&rdquo; <i>GBI Research</i>, June 2012).</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt"><b>Pain Market. </b>Our PainShield product is aimed at the pain treatment market. Pain is one of the most common conditions that hinder quality of life of vast populations of patients on a regular basis. According to Bonica&rsquo;s Management of Pain (2001), a work considered current in the industry based on available industry data, and Landro L, &ldquo;New Ways to Treat Pain: Tricking the Brain, Blocking the Nerves in Patients When all Else Has Failed,&rdquo; Wall Street Journal, May 11, 2010, approximately 25% of the U.S. population, 75 million people, suffer from chronic pain. We estimate that approximately 150 million individuals globally suffer from chronic pain.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: 0.5in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: 0.5in"></P>

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<DIV STYLE="padding: 18pt; border: Black 1pt solid; overflow: visible; width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt"><b>Catheter Market. </b>Our UroShield product is complementary to products in the catheter market. According to Urological Catheters &ndash; A Global Strategic Business Report, Global Industry Analysis Inc. 2003, over 55 million indwelling urinary catheters are sold annually worldwide.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Associated with Our Business </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our ability to operate our business and
achieve our goals and strategies is subject to numerous risks as discussed more fully in the section titled &ldquo;Risk Factors,&rdquo;
including, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">The timing of clinical studies and eventual U.S. Food and Drug Administration approval of WoundShield and our other product candidates.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Regulatory actions that could adversely affect the price of or demand for our approved products.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Market acceptance of existing and new products.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Favorable or unfavorable decisions about our products from government regulators, insurance companies or other third-party payers.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Our intellectual property portfolio.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">We are not currently meeting the minimum sales requirements necessary to prevent our license agreement related to NanoVibronix NPWT from terminating in August 2014, and even if we meet such sales requirements, the license will no longer be exclusive after such date.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Our ability to recruit and retain qualified regulatory and research and development personnel.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Unforeseen changes in healthcare reimbursement for any of our approved products.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Lack of financial resources to adequately support our operations.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Difficulties in maintaining commercial scale manufacturing capacity and capability.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Our ability to generate internal growth.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Changes in our relationship with key collaborators.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Our failure to comply with regulatory guidelines.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Uncertainty in industry demand and patient wellness behavior.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">General economic conditions and market conditions in the medical device industry.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Corporate and Other Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We were organized as a Delaware corporation
on October 20, 2003. Our principal executive offices are located at 105 Maxess Road, Suite S124, Melville, NY 11747. Our telephone
number is (631) 574-4410. Our website address is www.nanovibronix.com. Information accessed through our website is not incorporated
into this prospectus and is not a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 54%; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Securities offered by
    us:</FONT></td>
    <td style="width: 46%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    shares of common stock and warrants to purchase up to&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of common
    stock.</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.25in; text-indent: -0.25in">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Common stock outstanding prior to the offering:</font></td>
    <td><font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Common stock outstanding after this offering:</font></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    shares (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares if the warrants are exercised in full).</FONT></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Terms of warrants:</font></td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exercise price: $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, which is equal to 125% of the offering
        price of the common stock in this offering.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exercisability: Each warrant is exercisable for one share
        of common stock, subject to adjustment as described herein.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exercise period: Each warrant will be exercisable immediately and will expire on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2019.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;Description of Securities&rdquo; for more information.</P></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt"> Over-allotment option to be offered by us: </FONT></td>
    <td><P STYLE="margin: 0pt 0"> We have granted the underwriter the right to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        additional shares of common stock and/or up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional warrants from
        us at the public offering price less the underwriting discount within 30 days from the date of this prospectus to cover
        over-allotments. </P>


</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt">Use of proceeds:</FONT></td>
    <td><FONT STYLE="font-size: 10pt">We estimate that our net proceeds from this offering, without exercise of the over-allotment
    option, will be approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;We intend to use the proceeds of this
    offering for marketing activities, clinical and regulatory activities, research and development, intellectual property protection
    and operations and general working capital.&nbsp;&nbsp;See &ldquo;Use of Proceeds&rdquo; beginning on page 23 of this prospectus.</FONT></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Underwriter compensation warrants:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></td>
    <td><FONT STYLE="font-size: 10pt">We will issue to the underwriter, upon closing of this offering, compensation warrants
    entitling the underwriter to purchase 5.0% of the aggregate number of shares of common stock issued in this offering, including
    shares issued pursuant to the exercise of the over-allotment option. The underwriter warrants will have a term of three years
    and may be exercised commencing 12 months after the date of effectiveness of the Registration Statement on Form S-1 of which
    this prospectus forms a part.&nbsp;&nbsp;The underwriter warrants may be exercised on a cashless basis if not registered.</FONT></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt">Market for our securities:</FONT></td>
    <td><FONT STYLE="font-size: 10pt">We have applied for listing of our common stock on the Nasdaq Capital Market under the
symbol &ldquo;NVBX.&rdquo;</FONT></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt">Risk factors:</FONT></td>
    <td><FONT STYLE="font-size: 10pt">Investing in our securities involves a high degree of risk.&nbsp;&nbsp;See &ldquo;Risk
    Factors&rdquo; beginning on page 7 of this prospectus.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The number of shares of common stock outstanding
after this offering is based on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares outstanding on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
after giving effect to a one-for- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reverse stock split of our common stock effected on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
and excludes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px"> &nbsp; </td>
    <td style="width: 24px"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></td>
    <td><P STYLE="margin: 0pt 0"> 1,842,106 shares of common stock issuable upon the exercise of warrants with an exercise price
        of $0.38 per share; </P>


</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">2,319,062 shares of common stock issuable upon the exercise of warrants with an exercise price of $0.199 per share;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px"> &nbsp; </td>
    <td style="width: 24px"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></td>
    <td><P STYLE="margin: 0pt 0"> 2,525,704 shares of common stock issuable upon the exercise of currently outstanding options
        with a weighted average exercise price of $1.23; </P>


</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px"> &nbsp; </td>
    <td style="width: 24px"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></td>
    <td><P STYLE="margin: 0pt 0"> 274,296 shares of common stock available for future issuance under our 2004 Global Share Option
        Plan; </P>


</td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">the shares of common stock issuable upon the exercise of the warrants offered hereby; and</font></td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">the shares of common stock issuable upon the exercise of the underwriter&rsquo;s compensation warrants.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise indicated, information
in this prospectus reflects or assumes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">a one-for- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reverse split of our common stock, which will occur prior to the pricing of this offering;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">the conversion of all outstanding shares of our convertible preferred stock into an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock, which will occur automatically upon the closing of this offering;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">the conversion of all outstanding convertible indebtedness into an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock, which will occur automatically upon the closing of this offering, and assuming a &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; conversion date;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">the exchange of all outstanding warrants to purchase preferred stock into warrants to purchase an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock with an exercise price of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which will occur automatically upon the closing of this offering;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px"> &nbsp; </td>
    <td style="width: 24px"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></td>
    <td><P STYLE="margin: 0pt 0"> the filing of our amended and restated certificate of incorporation and the effectiveness
        of our restated bylaws, which will occur immediately prior to the completion of this offering; and </P>


</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</td>
    <TD STYLE="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <TD><font style="font-size: 10pt">that the underwriter does not exercise its over-allotment option.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Summary Consolidated Financial Information</B><BR>
(in thousands, except per share data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following summary consolidated financial
data should be read in conjunction with the consolidated financial statements and the related notes thereto and the section entitled
&ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; included elsewhere in
this prospectus. We derived the statement of operations data for the years ended December 31, 2011 and 2012 and balance sheet data
as of December 31, 2011 and 2012 from the audited consolidated financial statements in this prospectus. Those consolidated financial
statements were audited by Kost Forer Gabbay &amp; Kasierer, a member firm of Ernst &amp; Young Global, our independent registered
public accounting firm. We derived the statement of operations data for the nine months ended September 30, 2013 and 2012 and the
balance sheet data as of September 30, 2013 and 2012 from the unaudited condensed consolidated financial statements in this prospectus.
We have prepared the unaudited financial information on a basis consistent with our audited consolidated financial statements and
have included, in our opinion, all adjustments, consisting only of normal recurring adjustments, that we consider necessary for
a fair presentation of the financial information set forth in those statements. Our historical results are not necessarily indicative
of the results that may be expected in any future period, and our interim results are not necessarily indicative of the results
to be expected for the full fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap style="text-align: right">&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>Years Ended</b></font></td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>Nine Months Ended</b></font></td>
    <td nowrap>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: right">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>September 30,</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: right">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2012</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2011</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2013</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2012</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="6" style="text-align: center"><font style="font-size: 10pt">(unaudited)</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td><font style="font-size: 10pt"><b>Statement of Operations Data:</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="width: 48%"><font style="font-size: 10pt">Revenue</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 10pt">166</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 10pt">94</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 10pt">203</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 10pt">109</font></td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Cost of revenues</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">50</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">29</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">81</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">33</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Gross profit</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">116</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">65</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">122</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">76</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td><font style="font-size: 10pt">Operating expenses:</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 9pt"><font style="font-size: 10pt">Research and development, net</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">572</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">510</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">498</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">519</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td style="padding-left: 9pt"><font style="font-size: 10pt">Selling and marketing</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">190</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">150</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">183</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">132</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1pt; padding-left: 9pt"><font style="font-size: 10pt">General and administrative</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">128</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">87</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">362</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">98</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Total operating expenses</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">890</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">747</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,043</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">749</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Operating loss</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">774</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">682</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">921</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">673</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Financial expense, net</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">501</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">41</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">491</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">370</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Net loss</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,275</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">723</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,412</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,043</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total comprehensive loss</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,275</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">723</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,412</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,043</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1pt"><font style="font-size: 10pt">Deemed dividend</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">-</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">873</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">-</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">-</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Net loss attributable to holders of common stock</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,275</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,596</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,412</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,043</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Net basic and diluted loss per share</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1.18</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1.47</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1.3</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.96</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Weighted average number of common stock used in computing basic and diluted net loss per share</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,085,060</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,085,060</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,085,060</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,085,060</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td><font style="font-size: 10pt"><b>Balance Sheet Data:</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Cash and cash equivalents</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">101</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">893</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">51</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">249</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td><font style="font-size: 10pt">Working capital<sup>(1)</sup></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">90</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">839</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(271</font></td>
    <td><font style="font-size: 10pt">)</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">182</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Total assets</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">349</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1,085</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">435</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">437</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td><font style="font-size: 10pt">Total long-term liabilities</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">2,086</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1,566</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">2,684</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1,941</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Total stockholders&rsquo; deficiency</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(1,832</font></td>
    <td><font style="font-size: 10pt">)</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(585</font></td>
    <td><font style="font-size: 10pt">)</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(2,768</font></td>
    <td><font style="font-size: 10pt">)</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(1,604</font></td>
    <td><font style="font-size: 10pt">)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font-size: 10pt">(1)</font></td>
    <td><font style="font-size: 10pt">Working capital is equal to the difference between total current assets and total current liabilities.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Investing in our securities involves
a high degree of risk. You should carefully consider the following risk factors and all other information contained in this prospectus,
including the consolidated financial statements and the related notes appearing at the end of this prospectus, before purchasing
our securities. If any of the following risks actually occur, they may materially harm our business and our financial condition
and results of operations. In any such event, the market price of our securities could decline and you could lose all or part
of your investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to our Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The report of our independent registered public accounting
firm contains an explanatory paragraph as to our ability to continue as a going concern, which could prevent us from obtaining
new financing on reasonable terms or at all. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because we have had recurring losses and
negative cash flows from operating activities, substantial doubt exists regarding our ability to remain in operation at the same
level we are currently performing. Further, the report of Kost Forer Gabbay &amp; Kasierer, a member firm of Ernst &amp; Young
Global, our independent registered public accounting firm, with respect to our financial statements at December 31, 2012 and 2011
and the years ended December 31, 2012 and 2011, includes an explanatory paragraph as to our potential inability to continue as
a going concern. This may adversely affect our ability to obtain new financing on reasonable terms or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have a history of losses and we expect to continue
to incur losses and may not achieve or maintain profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the year ended December 31, 2012, we
had a net loss of $1,275,000, with revenues of $166,000. For the nine months ended September 30, 2013, we had a net loss of $1,412,000,
with revenues of $203,000. As of September 30, 2013, we had an accumulated deficit of $13,626,000 and a total stockholders&rsquo;
deficit of $2,768,000. We expect to incur losses for at least the next year, as we continue to incur expenses related to seeking
U.S. Food and Drug Administration approval for our WoundShield product and seek market acceptance of our PainShield and NanoVibronix
NPWT products, which will require costly clinical trials and research, further product development and professional fees associated
with regulatory compliance. Even if we succeed in commercializing our new products, we may not be able to generate sufficient revenues
to cover our expenses and achieve sustained profitability or be able to maintain profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we are unable to raise additional capital, our clinical
trials and product development will be limited and our long-term viability will be threatened; however, if we do raise additional
capital, your percentage ownership as a stockholder could decrease and constraints could be placed on the operations of our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have experienced negative operating cash
flows since our inception and have funded our operations primarily from proceeds of the sale of our securities, with only limited
revenue being generated from our product sales. We will seek to obtain additional funds in the future through equity or debt financings,
or strategic alliances with third parties, either alone or in combination with equity financings. These financings could result
in substantial dilution to the holders of our common stock, or require contractual or other restrictions on our operations or on
alternatives that may be available to us. If we raise additional funds by issuing debt securities, these debt securities could
impose significant restrictions on our operations through the imposition of restrictive covenants and requiring us to pledge assets
in order to secure repayment. In addition, if we raise funds through the sale of equity, we may issue equity securities with rights
superior to our common stock, including voting rights, rights to proceeds upon our liquidation or sale, rights to dividends and
rights to appoint board members. Any such required financing may not be available in amounts or on terms acceptable to us, and
the failure to procure such required financing could have a material adverse effect on our business, financial condition and results
of operations, or threaten our ability to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A variety of factors could impact the timing
and amount of any required financings, including, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">unforeseen developments during our clinical trials;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">delays in our receipt of required regulatory approvals;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">delayed market acceptance of our products;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">unanticipated expenditures in our acquisition and defense of intellectual property rights, and/or the loss of those rights;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the failure to develop strategic alliances for the marketing of some of our product candidates;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">unforeseen changes in healthcare reimbursement for any of our approved products;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">lack of financial resources to adequately support our operations;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">difficulties in maintaining commercial scale manufacturing capacity and capability;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">unanticipated difficulties in operating in international markets;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">unanticipated financial resources needed to respond to technological changes and increased competition;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">unforeseen problems in attracting and retaining qualified personnel;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">enactment of new legislation or administrative regulations;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the application to our business of new regulatory interpretations;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">claims that might be brought in excess of our insurance coverage;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the failure to comply with regulatory guidelines; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the uncertainty in industry demand.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, although we have no present
commitments or understandings to do so, we may seek to expand our operations and product line through acquisitions or joint ventures.
Any acquisition or joint venture would likely increase our capital requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we fail to obtain an adequate level of reimbursement
for our approved products by third party payers, there may be no commercially viable markets for our approved products or the markets
may be much smaller than expected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The availability and levels of reimbursement
by governmental and other third party payers affect the market for our approved products. The efficacy, safety, performance and
cost-effectiveness of our product and product candidates, and of any competing products, will determine the availability and level
of reimbursement. Reimbursement and healthcare payment systems vary significantly by country, and include both government sponsored
healthcare and private insurance. To obtain reimbursement or pricing approval in some countries, we may be required to produce
clinical data, which may involve one or more clinical trials, that compares the cost-effectiveness of our approved products to
other available therapies. We may not obtain reimbursement or pricing approvals in markets we seek to enter in a timely manner,
if at all. Our failure to receive reimbursement or pricing approvals in target markets would negatively impact market acceptance
of our products in these jurisdictions, placing us at a material cost disadvantage to our competitors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Even if we obtain reimbursement approvals
for our products, we believe that, in the future, reimbursement for any of our products or product candidates may be subject to
increased restrictions both in the U.S. and in international markets. Future legislation, regulation or policies of third party
payers that limit reimbursement may adversely affect the demand for our products currently under development and our ability to
sell our products on a profitable basis. In addition, third party payers continually attempt to contain or reduce the costs of
healthcare by challenging the prices charged for healthcare products and services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the U.S., specifically, health care providers,
such as hospitals and clinics, generally rely on third-party payers. Third-party reimbursement is dependent upon decisions by the
Centers for Medicare and Medicaid Services, contracted Medicare carriers or intermediaries, individual managed care organizations,
private insurers, foreign governmental health programs and other payers of health care costs. Failure to receive or maintain favorable
coding, coverage and reimbursement determinations for our products by these organizations could discourage medical practitioners
from using our products due to their costs. In addition, with recent federal and state government initiatives directed at lowering
the total cost of health care, the U.S. Congress and state legislatures will likely continue to focus on health care reform including
the reform of the Medicare and Medicaid entitlement programs, and on the cost of medical products and services, which could limit
reimbursement. Additionally, third-party payers are increasingly challenging the prices charged for medical products and services.
We may be unable to sell our products on a profitable basis if third-party payers deny coverage, provide low reimbursement rates
or reduce their current levels of reimbursement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The medical device and therapeutic product industries
are highly competitive and subject to rapid technological change. If our competitors are better able to develop and market products
that are safer and more effective than any products we may develop, our commercial opportunities will be reduced or eliminated.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our success depends, in part, upon our
ability to maintain a competitive position in the development of technologies and products. We face competition from established
medical device companies, such as Misonix Inc., Celleration Inc., Kinetic Concepts, Inc. and Smith &amp; Nephew plc, manufacturers
of certain portable ultrasound devices capable of self-administered use, as well as from academic institutions, government agencies,
and private and public research institutions in the U.S. and abroad. Most, if not all, of our principal competitors have significantly
greater financial resources and expertise than we do in research and development, manufacturing, pre-clinical testing, conducting
clinical trials, obtaining regulatory approvals, marketing approved products, protecting and defending their intellectual property
rights and designing around the intellectual property rights of others. Other small or early-stage companies may also prove to
be significant competitors, particularly through collaborative arrangements, or mergers with, or acquisitions by, large and established
companies, or through the development of novel products and technologies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The industry in which we operate has undergone,
and we expect it to continue to undergo, rapid and significant technological change, and we expect competition to intensify as
technological advances are made. Our competitors may be able to respond to changes in technology or the marketplace faster than
us. Our competitors may develop and commercialize medical devices that are safer or more effective or are less expensive than any
products that we may develop. We also compete with our competitors in recruiting and retaining qualified scientific and management
personnel, in establishing clinical trial sites and patient registration for clinical trials, and in acquiring technologies complementary
to our programs or advantageous to our business. Given our small size and lack of resources, we are often at a disadvantage with
our competitors in all of these areas, which could limit or eliminate our commercial opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face the risk of product liability claims and may not
be able to obtain insurance. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business exposes us to the risk of product
liability claims that are inherent in the development of medical devices and products. If the use of one or more of our products
harms people, we may be subject to costly and damaging product liability claims brought against us by clinical trial participants,
consumers, health care providers, pharmaceutical companies or others selling our products. We currently carry clinical trial and
product liability insurance for the products we sell. However, we cannot predict all of the possible harms or side effects that
may result and, therefore, the amount of insurance coverage we hold may not be adequate to cover all liabilities we might incur.
We intend to expand our insurance coverage to include the sale of additional commercial products as we obtain marketing approval
for our product candidates in development and as our sales expand, but we may be unable to obtain commercially reasonable product
liability insurance for such products. If we are unable to obtain insurance at an acceptable cost or otherwise protect against
potential product liability claims and we continue to make sales, or if our coverages turns out to be insufficient, we may be exposed
to significant liabilities, which may materially and adversely affect our business and financial position. If we are sued for any
injury allegedly caused by our or our collaborators&rsquo; products and do not have sufficient insurance coverage, our liability
could exceed our total assets and our ability to pay the liability. A product liability claim or series of claims brought against
us would decrease our cash and could reduce our value or marketability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our product candidates may not be developed or commercialized
successfully.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our product candidates are based on a technology
that has not been used previously in the manner we propose and must compete with more established treatments currently accepted
as the standards of care. Market acceptance of our products will largely depend on our ability to demonstrate their relative safety,
efficacy, cost-effectiveness and ease of use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to the risks that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the U.S. Food and Drug Administration or a foreign regulatory authority finds our product candidates ineffective or unsafe;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">we do not receive necessary regulatory approvals;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the regulatory review and approval process may take much longer than anticipated, requiring additional time, effort and expense to respond to regulatory comments and/or directives;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">we are unable to get our product candidates in commercial quantities at reasonable costs; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the patient and physician community does not accept our product candidates.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, our product development program
may be curtailed, redirected, eliminated or delayed at any time for many reasons, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">adverse or ambiguous results;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">undesirable side effects that delay or extend the trials;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the inability to locate, recruit, qualify and retain a sufficient number of clinical investigators or patients for our trials; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">regulatory delays or other regulatory actions.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally, we currently have limited
experience in marketing or selling our products, and we have a limited marketing and sales staff and distribution capabilities.
Developing a marketing and sales force is time-consuming and will involve the investment of significant amounts of financial and
management resources, and could delay the launch of new products or expansion of existing product sales. In addition, we compete
with many companies that currently have extensive and well-funded marketing and sales operations. If we fail to establish successful
marketing and sales capabilities or fail to enter into successful marketing arrangements with third parties, our ability to generate
revenues will suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Furthermore, even if we enter into marketing
and distributing arrangements with third parties, we may have limited or no control over the sales, marketing and distribution
activities of these third parties, and these third parties may not be successful or effective in selling and marketing our products.
If we fail to create successful and effective marketing and distribution channels, our ability to generate revenue and achieve
our anticipated growth could be adversely affected. If these distributors experience financial or other difficulties, sales of
our products could be reduced, and our business, financial condition and results of operations could be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot predict whether we will successfully
develop and commercialize our product candidates. If we fail to do so, we will not be able to generate substantial revenues, if
any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The loss of our key management would likely hinder our
ability to execute our business plan.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a small company with eight full-time
employees, our success depends on the continuing contributions of our management team and qualified personnel and on our ability
to attract and retain highly qualified personnel. We face intense competition in our hiring efforts from other medical device companies,
as well as from universities and nonprofit research organizations, and we may have to pay higher salaries to attract and retain
qualified personnel. We are also at a disadvantage in recruiting and retaining key personnel as our small size and limited resources
may be viewed as providing a less stable environment, with fewer opportunities than would be the case at one of our larger competitors.
The loss of one or more of these individuals, or our inability to attract additional qualified personnel, could substantially impair
our ability to implement our business plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our failure to protect our intellectual property rights
could diminish the value of our solutions, weaken our competitive position and reduce our revenue.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We regard the protection of our intellectual
property, which includes patents and patent applications, trade secrets, trademarks and domain names, as critical to our success.
We strive to protect our intellectual property rights by relying on federal, state and common law rights, as well as contractual
restrictions. We enter into confidentiality and invention assignment agreements with our employees, consultants and contractors,
and confidentiality agreements with parties with whom we conduct business in order to limit access to, and disclosure and use of,
our proprietary information. However, these contractual arrangements and the other steps we have taken to protect our intellectual
property may not prevent the misappropriation of our proprietary information or deter independent development of similar technologies
by others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have obtained patents and we have patent
applications pending in both the U.S. and foreign jurisdictions. There can be no assurance that our patent applications will be
approved, that any patents issued will adequately protect our intellectual property, or that these patents will not be challenged
by third parties or found to be invalid or unenforceable. We have also obtained trademark registration in the U.S. and in foreign
jurisdictions. Effective trade secret, trademark and patent protection is expensive to develop and maintain, both in terms of initial
and ongoing registration requirements and the costs of defending our rights. We may be required to protect our intellectual property
in an increasing number of jurisdictions, a process that is expensive and may not be successful or which we may not pursue in every
location. We may, over time, increase our investment in protecting our intellectual property through additional patent filings
that could be expensive and time-consuming.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Monitoring unauthorized use of our intellectual
property is difficult and costly. Our efforts to protect our proprietary rights may not be adequate to prevent misappropriation
of our intellectual property. We may not be able to detect unauthorized use of, or take appropriate steps to enforce, our intellectual
property rights. Further, our competitors may independently develop technologies that are similar to ours but which avoid the scope
of our intellectual property rights. Further, the laws in the U.S. and elsewhere change rapidly, and any future changes could adversely
affect us and our intellectual property. Our failure to meaningfully protect our intellectual property could result in competitors
offering solutions that incorporate our most technologically advanced features, which could seriously reduce demand for our products.
In addition, we may in the future need to initiate infringement claims or litigation. Litigation, whether we are a plaintiff or
a defendant, can be expensive, time-consuming and may divert the efforts of our technical staff and managerial personnel, which
could harm our business, whether or not the litigation results in a determination that is unfavorable to us. In addition, litigation
is inherently uncertain, and thus we may not be able to stop our competitors from infringing our intellectual property rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We could incur substantial costs and disruption to our
business as a result of any claim of infringement of another party&rsquo;s intellectual property rights, which could harm our business
and operating results. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In recent years, there has been significant
litigation in the U.S. over patents and other intellectual property rights. From time to time, we may face allegations that we
or customers who use our products have infringed the trademarks, copyrights, patents and other intellectual property rights of
third parties, including allegations made by our competitors or by non-practicing entities. We cannot predict whether assertions
of third party intellectual property rights or claims arising from these assertions will substantially harm our business and operating
results. If we are forced to defend any infringement claims, whether they are with or without merit or are ultimately determined
in our favor, we may face costly litigation and diversion of technical and management personnel. Most of our competitors have substantially
greater resources than we do and are able to sustain the cost of complex intellectual property litigation to a greater extent and
for longer periods of time than we could. Furthermore, an adverse outcome of a dispute may require us, among other things: to pay
damages, potentially including treble damages and attorneys&rsquo; fees, if we are found to have willfully infringed a party&rsquo;s
patent or other intellectual property rights; to cease making, licensing or using products that are alleged to incorporate or make
use of the intellectual property of others; to expend additional development resources to redesign our products; and to enter into
potentially unfavorable royalty or license agreements in order to obtain the rights to use necessary technologies. Royalty or licensing
agreements, if required, may be unavailable on terms acceptable to us, or at all. In any event, we may need to license intellectual
property which would require us to pay royalties or make one-time payments. Even if these matters do not result in litigation or
are resolved in our favor or without significant cash settlements, the time and resources necessary to resolve them could harm
our business, operating results, financial condition and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our failure to meet certain minimum sales requirements
under our license agreement could result in the termination of our exclusive license with respect to our NanoVibronix NPWT product
and/or require us to make certain cash payments. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We license the technology that is the basis
of our NanoVibronix NPWT product. Under the license agreement, we have the exclusive license to manufacture, market, sell, lease
and distribute the technology within the U.S. until August 2014. Thereafter, the term of the license agreement will be extended
automatically on a non-exclusive basis for an additional one- or three-year term if we meet certain minimum sales requirements.
We are not currently meeting these requirements. If we do not meet these requirements by August 2014, we may be forced to renegotiate
our license agreement on less favorable terms or lose our ability to sell our NanoVibronix NPWT product. In addition, we are obligated
to pay a royalty payment of 5% of gross revenues from the sale of our pumps and $0.70 per canister. If we have not paid aggregate
royalty payments of at least $150,000 by August 2014, we will have to pay the difference. For a description of this license agreement,
see &ldquo;Business&mdash;Intellectual Property&mdash;License Agreements&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to the Regulation of Our
Products</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are subject to extensive governmental regulation, including
the requirement of U.S. Food and Drug Administration approval or clearance, before our product candidates may be marketed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The process of obtaining U.S. Food and Drug
Administration approval is lengthy, expensive and uncertain, and we cannot be sure that our product candidates will be approved
in a timely fashion, or at all. If the U.S. Food and Drug Administration does not approve or clear our product candidates in a
timely fashion, or at all, our business and financial condition would likely be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Both before and after approval or clearance
of our product candidates, we, our product candidates, our suppliers and our contract manufacturers are subject to extensive regulation
by governmental authorities in the U.S. and other countries. Failure to comply with applicable requirements could result in, among
other things, any of the following actions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">warning letters;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">fines and other monetary penalties;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">unanticipated expenditures;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">delays in U.S. Food and Drug Administration approval and clearance, or U.S. Food and Drug Administration refusal to approve or clear a product candidate;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">product recall or seizure;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">interruption of manufacturing or clinical trials;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">operating restrictions;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">injunctions; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">criminal prosecutions.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the approval and clearance
requirements, numerous other regulatory requirements apply, both before and after approval or clearance, to us, our products and
product candidates, and our suppliers and contract manufacturers. These include requirements related to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">testing;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">manufacturing;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">quality control;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">labeling;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">advertising;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">promotion;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">distribution;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">export;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">reporting to the U.S. Food and Drug Administration certain adverse experiences associated with the use of the products; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">obtaining additional approvals or clearances for certain modifications to the products or their labeling or claims.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are also subject to inspection by the
U.S. Food and Drug Administration to determine our compliance with regulatory requirements, as are our suppliers and contract manufacturers,
and we cannot be sure that the U.S. Food and Drug Administration will not identify compliance issues that may disrupt production
or distribution, or require substantial resources to correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The U.S. Food and Drug Administration&rsquo;s
requirements may change and additional government regulations may be promulgated that could affect us, our product candidates,
and our suppliers and contract manufacturers. We cannot predict the likelihood, nature or extent of government regulation that
may arise from future legislation or administrative action. There can be no assurance that we will not be required to incur significant
costs to comply with such laws and regulations in the future, or that such laws or regulations will not have a material adverse
effect upon our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Failure to obtain regulatory approval in foreign jurisdictions
will prevent us from marketing our products abroad.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">International sales of our products and
any of our product candidates that we commercialize are subject to the regulatory requirements of each country in which the products
are sold. Accordingly, the introduction of our product candidates in markets outside the U.S. where we do not already possess regulatory
approval will be subject to regulatory approvals in those jurisdictions. The regulatory review process varies from country to country.
Many countries impose product standards, packaging and labeling requirements, and import restrictions on medical devices. In addition,
each country has its own tariff regulations, duties and tax requirements, as well as reimbursement and healthcare payment systems.
The approval by foreign government authorities is unpredictable and uncertain, and can be expensive. We may be required to perform
additional pre-clinical, clinical or post-approval studies even if U.S. Food and Drug Administration approval has been obtained.
Our ability to market our approved products could be substantially limited due to delays in receipt of, or failure to receive,
the necessary approvals or clearances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are uncertain regarding the success of our clinical
trials for our products in development.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that all of our products in development
will require clinical trials to determine their safety and efficacy by regulatory bodies in their target markets, including the
U.S. Food and Drug Administration and various foreign regulators. There can be no assurance that we will be able to successfully
complete the U.S. and foreign regulatory approval processes for products in development. In addition, there can be no assurance
that we will not encounter additional problems that will cause us to delay, suspend or terminate our clinical trials. In addition,
we cannot make any assurance that clinical trials will be deemed sufficient in size and scope to satisfy regulatory approval requirements,
or, if completed, will ultimately demonstrate our products to be safe and efficacious.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The adoption of healthcare reform in the U.S. may adversely
affect our business and financial results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> On March 23, 2010, President Obama signed
into law major healthcare reform legislation under the Patient Protection and Affordable Care Act of 2010, or the PPACA, which
was modified on March 30, 2010 by the enactment of the Health Care and Education Reconciliation Act of 2010. Under the PPACA,
it is expected that expanded healthcare coverage will be made available to an additional 30 million Americans. The increased costs
to the U.S. government from the PPACA are expected to be funded through a combination of payment reductions for providers over
time and several new taxes. The PPACA imposes, among other things, an annual excise tax of 2.3% on any entity that manufactures
or imports medical devices offered for sale in the U.S. beginning in 2013, resulting in an anticipated cost to the medical device
industry of up to $20 billion over the next decade. We believe that we will be exempt from this excise tax with respect to PainShield
under the exemption for devices of a &ldquo;type which is generally purchased by the general public at retail for individual use,&rdquo;
but based on our initial assessment, we believe we are subject to it with respect to NanoVibronix NPWT and we will also need to
assess whether we are subject to it with respect to other products when they are approved for sale in the U.S. The PPACA also
provides for the establishment of an Independent Medicare Advisory Board that could recommend changes in payment for physicians
under certain circumstances beginning in 2014. In addition, the PPACA authorizes certain voluntary demonstration projects beginning
no later than 2013 around development of bundling payments for acute, inpatient hospital services, physician services, and post
acute services for episodes of hospital care. The PPACA increases fraud and abuse penalties and expands the scope and reach of
the Federal Civil False Claims Act and government enforcement tools, which may adversely impact healthcare companies. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The U.S. Supreme Court heard a constitutional
challenge to the PPACA and in June 2012 held that the PPACA is constitutional. However, states are allowed to opt out of the expansion
of eligibility criteria for Medicaid under the PPACA. In addition to the PPACA, the effect of which cannot presently be quantified
given its recent enactment, various healthcare reform proposals have also emerged at the state level. We cannot predict whether
future healthcare initiatives will be implemented at the federal or state level or the effect any future legislation or regulation
will have on us. However, we anticipate that the PPACA, as well as other healthcare reform measures that may be adopted in the
future, may result in more rigorous coverage criteria and an additional downward pressure on the price that we receive for any
approved product, and could adversely affect our business. Any reduction in reimbursement from Medicare or other government programs
may result in a similar reduction in payments from private payors. Insurers may also refuse to provide any coverage of uses of
approved products for medical indications other than those for which the U.S. Food and Drug Administration has granted market approvals,
all of which may adversely affect our business, financial condition and results of operations, possibly materially.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we fail to comply with the U.S. federal Anti-Kickback
Statute and similar state laws, we could be subject to criminal and civil penalties and exclusion from the Medicare and Medicaid
programs, which would have a material adverse effect on our business and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A provision of the Social Security Act,
commonly referred to as the federal Anti-Kickback Statute, prohibits the offer, payment, solicitation or receipt of any form of
remuneration in return for referring, ordering, leasing, purchasing or arranging for, or recommending the ordering, purchasing
or leasing of, items or services payable by Medicare, Medicaid or any other federal healthcare program. The federal Anti-Kickback
Statute is very broad in scope and many of its provisions have not been uniformly or definitively interpreted by existing case
law or regulations. In addition, most of the states have adopted laws similar to the federal Anti-Kickback Statute, and some of
these laws are even broader than the federal Anti-Kickback Statute in that their prohibitions are not limited to items or services
paid for by federal healthcare programs, but instead apply regardless of the source of payment. Violations of the federal Anti-Kickback
Statute may result in substantial civil or criminal penalties and exclusion from participation in federal healthcare programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All of our financial relationships with
healthcare providers and others who provide products or services to federal healthcare program beneficiaries are potentially governed
by the federal Anti-Kickback Statute and similar state laws. We believe our operations are in compliance with the federal Anti-Kickback
Statute and similar state laws. However, we cannot be certain that we will not be subject to investigations or litigation alleging
violations of these laws, which could be time-consuming and costly to us and could divert management&rsquo;s attention from operating
our business, which in turn could have a material adverse effect on our business. In addition, if our arrangements were found to
violate the federal Anti-Kickback Statute or similar state laws, the consequences of such violations would likely have a material
adverse effect on our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Our Organization
and Our Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are currently controlled by our executive officers,
directors and principal stockholders, and after this offering, our executive officers, directors and principal stockholders will
have significant influence regarding all matters submitted to our stockholders for approval. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As of February 6, 2014, our directors,
executive officers and 5% or greater stockholders beneficially owned approximately 65.5% of our voting capital stock. When this
offering is completed, our directors, executive officers and 5% or greater stockholders will, in the aggregate, beneficially own
shares representing % of our voting capital stock, assuming such persons do not purchase any shares of common stock in this offering.
As a result, if these stockholders were to choose to act together, they would be able to exercise significant influence with respect
to all matters submitted to our stockholders for approval, as well as our management and affairs. For example, these persons,
if they choose to act together, will exercise significant influence with respect to the election of directors and approval of
any merger, consolidation, sale of all or substantially all of our assets or other business combination or reorganization. This
concentration of voting power could delay or prevent an acquisition of us on terms that other stockholders may desire. The interests
of this group of stockholders may not always coincide with your interests or the interests of other stockholders, and they may
act in a manner that advances their best interests and not necessarily those of other stockholders, and might affect the prevailing
market price for our securities. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The price of our securities may be volatile, and the
market price of our securities after this offering may drop below the price you pay. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial public offering price per
share may vary from the market prices of our common stock that prevail after the offering. If an active market for our stock develops
and continues, the price of such stock nevertheless may be volatile. Market prices for securities of early-stage medical device
companies have historically been particularly volatile. As a result of this volatility, you may not be able to sell your common
stock at or above the initial public offering price paid per share. The factors that may cause the market price of our securities
to fluctuate include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">progress, or lack of progress, in developing and commercializing our products;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">favorable or unfavorable decisions about our products or intellectual property from government regulators, insurance companies or other third-party payers;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to recruit and retain qualified regulatory and research and development personnel;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">changes in investors&rsquo; and securities analysts&rsquo; perception of the business risks and conditions of our business;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">changes in our relationship with key collaborators;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">changes in the market valuation or earnings of our competitors or companies viewed as similar to us;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">changes in key personnel;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">depth of the trading market in our common stock;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">termination of the lock-up agreement or other restrictions on the ability of us or any of our existing stockholders to sell shares after this offering;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">changes in our capital structure, such as future issuances of securities or the incurrence of additional debt;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the granting or exercise of employee stock options or other equity awards;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">realization of any of the risks described under this section entitled &ldquo;Risk Factors&rdquo;; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">general market and economic conditions.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the equity markets have
experienced significant price and volume fluctuations that have affected the market prices for the securities of newly public
companies for a number of reasons, including reasons that may be unrelated to our business or operating performance. These broad
market fluctuations may result in a material decline in the market price of our common stock and you may not be able to sell your
common stock at prices you deem acceptable. In the past, following periods of volatility in the equity markets, securities class
action lawsuits have been instituted against public companies. Such litigation, if instituted against us, could result in substantial
cost and the diversion of management attention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Purchasers in this offering will experience immediate
and substantial dilution in the book value of their investment. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you purchase securities in this offering,
the public offering price that you pay per share of common stock will be substantially higher than the net tangible book value
per share of our common stock immediately after this offering. Therefore, you will incur an immediate dilution of $ &nbsp;&nbsp;&nbsp;(or
%) in net tangible book value per share of common stock from the price you paid, based on the public offering price of $&nbsp;&nbsp;&nbsp;
per share. The exercise of outstanding warrants and options may result in further dilution of your investment, but only if the
public offering price is greater than $&nbsp;&nbsp;&nbsp; per share. In addition, if we raise funds by issuing additional shares
or convertible securities in the future, the newly issued shares may further dilute your ownership interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Future sales of our common stock, or the perception that
future sales may occur, may cause the market price of our common stock to decline, even if our business is doing well. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sales of substantial amounts of our common
stock in the public market after this offering, or the perception that these sales may occur, could materially and adversely affect
the price of our common stock and could impair our ability to raise capital through the sale of additional equity securities. The
shares of common stock sold in this offering will be freely tradable, without restriction, in the public market, except for any
shares sold to our affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with this offering, we and
our officers and directors have agreed prior to the commencement of this offering, subject to limited exceptions, not to sell or
transfer any shares of common stock for 180 days after the date of this prospectus without the consent of Chardan Capital Markets
LLC. However, Chardan Capital Markets LLC may release these shares from any restrictions at any time. We cannot predict what effect,
if any, market sales of shares held by any stockholder or the availability of shares for future sale will have on the market price
of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Approximately 18,868,218 shares of common
stock may be sold in the public market by existing stockholders on or about 181 days after the date of this prospectus, subject
to volume and other limitations imposed under the federal securities laws. Sales of substantial amounts of our common stock in
the public market after the completion of this offering, or the perception that such sales could occur, could adversely affect
the market price of our common stock and could materially impair our ability to raise capital through offerings of our common stock.
See the section entitled &ldquo;Shares Eligible for Future Sale&rdquo; for a more detailed description of the restrictions on selling
shares of our common stock after this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We are issuing warrants to purchase
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of common stock in this offering. We will also issue a warrant to the underwriter
in this offering to purchase an additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of common stock.&nbsp;In
addition, as of February 6, 2014, we had outstanding options to purchase 2,525,704 shares of our common stock and outstanding
warrants to purchase an aggregate of 4,161,168 shares of our common stock. We plan to register for offer and sale the shares of
common stock that are reserved for issuance pursuant to outstanding options. Shares covered by such registration statements upon
the exercise of stock options generally will be eligible for sale in the public market, except that affiliates will continue to
be subject to volume limitations and other requirements of Rule 144 under the Securities Act of 1933, as amended. The issuance
or sale of such shares could depress the market price of our common stock. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>An active trading market may not develop for our
securities, and you may not be able to sell your common stock at or above the initial public offering price or warrant
exercise price per share. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There is no established trading market
for our common stock, and the market for our common stock may be highly volatile or may decline regardless of our operating performance.
Prior to this offering, you could not buy or sell our equity publicly. An active public market for our common stock may not develop
or be sustained after this offering. We cannot predict the extent to which investor interest in our company will lead to the development
of an active trading market in our common stock or how liquid that market might become. If a market does not develop or is not
sustained, it may be difficult for you to sell your common stock at the time you wish to sell it, at a price that is attractive
to you, or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial public offering price per
share has been determined through negotiation between us and representatives of the underwriter, and may not be indicative of
the market prices that prevail after this offering. You may not be able to sell your common stock at or above the initial public
offering price or warrant exercise price per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Due to the speculative nature of warrants, there is
no guarantee that it will ever be profitable for holders of the warrants to exercise the warrants.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The warrants being offered do not confer
any rights of common stock ownership on their holders, such as voting rights or the right to receive dividends, but rather merely
represent the right to acquire shares of common stock at a fixed price for a limited period of time. Specifically, commencing
on the date of issuance, holders of the warrants may exercise their right to acquire the common stock and pay an exercise price
of $[ ] per share (which is equal to 125% of the public offering price of the common stock), prior to the expiration of the five-years
term on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2019, after which date any unexercised warrants will expire and have no further
value. Moreover, following this offering, the market value of the warrants is uncertain and there can be no assurance that the
market value of the warrants will equal or exceed their public offering price. There can be no assurance that the market price
of the common stock will ever equal or exceed the exercise price of the warrants, and, consequently, whether it will ever be profitable
for holders of the warrants to exercise the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I> It is unlikely that an active trading market for the
warrants will develop. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The warrants will not be liquid investments
because no public trading market currently exists for the warrants and it is unlikely that a market will develop. Potential purchasers
of the warrants should consider carefully the limited liquidity of such investment. We are not obligated, and do not intend, to
apply for the listing of the warrants on any securities exchange. Even if a trading market for the warrants were to develop, it
may not continue, and a purchaser of the warrants may not be able to sell such warrants at or above the price at which they were
purchased. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I> Holders may be unable to exercise the warrants if
we do not maintain a current prospectus and comply with applicable securities laws. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> No warrants will be exercisable unless
at the time of exercise a prospectus relating to the common stock issuable upon exercise of the warrants is current and the common
stock has been registered or qualified or is deemed to be exempt under the securities laws of the state of residence of the holder
of the warrants. Under the terms of the warrant agreement, we have agreed to meet these conditions and use our best efforts to
maintain a current prospectus relating to the common stock issuable upon exercise of the warrants until the expiration of the
warrants. However, we cannot assure you that we will be able to do so, and if we do not maintain a current prospectus related
to the common stock issuable upon exercise of the warrants, holders will be unable to exercise their warrants and we will not
be required to settle any such warrant exercise. If the prospectus relating to the common stock issuable upon the exercise of
the warrants is not current or if the common stock is not qualified or exempt from qualification in the jurisdictions in which
the holders of the warrants reside, we will not be required to net cash settle or cash settle the warrant exercise, the warrants
may have no value, the market for the warrants may be limited and the warrants may expire worthless. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We will incur significant increased costs as a result
of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives.
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a public company, we will incur significant
legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules
subsequently implemented by the Securities and Exchange Commission and The Nasdaq Stock Market, have imposed various requirements
on public companies, including requiring establishment and maintenance of effective disclosure and financial controls and changes
in corporate governance practices. Our management and other personnel will need to devote a substantial amount of time to these
new compliance initiatives. Moreover, these rules and regulations will increase our legal and financial compliance costs and will
make some activities more time consuming and costly. We expect these rules and regulations to make it more difficult and more expensive
for us to obtain director and officer liability insurance and we may be required to incur substantial costs to maintain the same
or similar coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are obligated to develop and maintain proper and effective
internal controls over financial reporting. We may not complete our analysis of our internal controls over financial reporting
in a timely manner, or these internal controls may have one or more material weaknesses, which may adversely affect investor confidence
in our company and, as a result, the value of our common stock. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Ensuring that we have adequate internal
financial and accounting controls and procedures in place so that we can produce accurate financial statements on a timely basis
is a costly and time-consuming effort that will need to be evaluated frequently. Section 404 of the Sarbanes-Oxley Act requires
public companies to conduct an annual review and evaluation of their internal controls and attestations of the effectiveness of
internal controls by independent auditors. We would be required to perform the annual review and evaluation of our internal controls
no later than in connection with the second annual report on Form 10-K filed after the offering to which this prospectus relates.
However, we initially expect to qualify as a smaller reporting company and as an emerging growth company, and thus, we would be
exempt from the auditors&rsquo; attestation requirement until such time as we no longer qualify as a smaller reporting company
and an emerging growth company. We would no longer qualify as a smaller reporting company if the market value of our public float
exceeded $75 million as of the last day of our second fiscal quarter in any fiscal year following this offering. We would no longer
qualify as an emerging growth company at such time as described in the risk factor immediately below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are in the early stages of the costly
and challenging process of compiling the system and processing documentation necessary to evaluate and correct a material weakness
in internal controls needed to comply with Section 404. The material weakness relates to our being a small company with a limited
number of employees which limits our ability to assert the controls related to the segregation of duties. During the evaluation
and testing process, if we identify one or more additional material weaknesses in our internal control over financial reporting,
we will be unable to assert that our internal controls are effective. If we are unable to assert that our internal control over
financial reporting is effective, we could lose investor confidence in the accuracy and completeness of our financial reports,
which would cause the price of our common stock to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>While we currently qualify as an &ldquo;emerging growth
company&rdquo; under the Jumpstart of Business Startups Act of 2012, or the JOBS Act, we will lose that status at the latest by
the end of 2018, which will increase the costs and demands placed upon our management. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will continue to be deemed an emerging
growth company until the earliest of (i) the last day of the fiscal year during which we had total annual gross revenues of $1
billion (as indexed for inflation); (ii) the last day of the fiscal year following the fifth anniversary of the date of the first
sale of common stock under this registration statement; (iii) the date on which we have, during the previous 3-year period, issued
more than $1 billion in non-convertible debt; or (iv) the date on which we are deemed to be a &lsquo;large accelerated filer,&rsquo;
as defined by the Securities and Exchange Commission, which would generally occur upon our attaining a public float of at least
$700 million. Once we lose emerging growth company status, we expect the costs and demands placed upon our management to increase,
as we would have to comply with additional disclosure and accounting requirements, particularly if we would also no longer qualify
as a smaller reporting company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are an &ldquo;emerging growth company&rdquo; and we
cannot be certain that the reduced disclosure requirements applicable to emerging growth companies will make our common stock less
attractive to investors. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The JOBS Act permits &ldquo;emerging growth
companies&rdquo; like us to rely on some of the reduced disclosure requirements that are already available to smaller reporting
companies. As long as we qualify as an emerging growth company or a smaller reporting company, we would be permitted to omit the
auditor&rsquo;s attestation on internal control over financial reporting that would otherwise be required by the Sarbanes-Oxley
Act, as described above and are also exempt from the requirement to submit &ldquo;say-on-pay&rdquo;, &ldquo;say-on-pay frequency&rdquo;
and &ldquo;say-on-parachute&rdquo; votes to our stockholders and may avail ourselves of reduced executive compensation disclosure
that is already available to smaller reporting companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, Section 107 of the JOBS Act
also provides that an emerging growth company can take advantage of the exemption from complying with new or revised accounting
standards provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, as long as we are an emerging growth company.
An emerging growth company can therefore delay the adoption of certain accounting standards until those standards would otherwise
apply to private companies. We have elected to take advantage of the benefits of this until we are no longer an emerging growth
company or until we affirmatively and irrevocably opt out of this exemption. Our financial statements may therefore not be comparable
to those of companies that comply with such new or revised accounting standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will cease to be an emerging growth company
at such time as described in the risk factor immediately above. Until such time, however, we cannot predict if investors will find
our common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive
as a result, there may be a less active trading market for our common stock and our stock price may be more volatile and could
cause our stock price to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our management will have broad discretion over the use
of the proceeds we receive in this offering, and may not apply the proceeds in ways that increase the value of your investment.
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We estimate that net proceeds of the
sale of the securities that we are offering will be approximately $&nbsp;&nbsp;&nbsp; million, or $ &nbsp;&nbsp;&nbsp;million
if the underwriter exercises its option to purchase additional securities in this offering in full, based on an assumed initial
public offering price of $&nbsp;&nbsp;&nbsp; per share of common stock, the midpoint of the price range set forth on the cover
page of this prospectus, and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per warrant. We currently intend to use the net proceeds of
the offering for marketing activities, clinical and regulatory activities, research and development and intellectual property
protection. Depending on the outcome of these activities, our plans and priorities may change and we may apply the net proceeds
of this offering differently than we currently anticipate. Moreover, you will not have the opportunity to influence our decision
on how to use the proceeds from this offering. We may use the proceeds for corporate purposes that do not immediately enhance
our prospects for the future or increase the value of your investment. See &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Anti-takeover provisions of our certificate of incorporation,
our bylaws and Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may
prevent attempts by our stockholders to replace or remove the current members of our board and management. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain provisions of our amended and
restated certificate of incorporation and bylaws that will be in effect upon the completion of this offering could discourage,
delay or prevent a merger, acquisition or other change of control that stockholders may consider favorable, including transactions
in which you might otherwise receive a premium for your shares. Furthermore, these provisions could prevent or frustrate attempts
by our stockholders to replace or remove members of our board of directors. These provisions also could limit the price that investors
might be willing to pay in the future for our securities, thereby depressing the market price of our securities. Stockholders
who wish to participate in these transactions may not have the opportunity to do so. These provisions, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">allow the authorized number of directors to be changed only by resolution of our board of directors;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">authorize our board of directors to issue, without stockholder approval, preferred stock, the rights of which will be determined at the discretion of the board of directors and that, if issued, could operate as a &ldquo;poison pill&rdquo; to dilute the stock ownership of a potential hostile acquirer to prevent an acquisition that our board of directors does not approve;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">establish advance notice requirements for stockholder nominations to our board of directors or for stockholder proposals that can be acted on at stockholder meetings; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">limit who may call a stockholder meeting.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, we are governed by the provisions
of Section 203 of the Delaware General Corporation Law that may, unless certain criteria are met, prohibit large stockholders,
in particular those owning 15% or more of the voting rights on our common stock, from merging or combining with us for a prescribed
period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If securities or industry analysts do not publish
research or reports or publish unfavorable research about our business, the price of our securities and their trading volume could
decline. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The trading market for our securities
will depend in part on the research and reports that securities or industry analysts publish about us or our business. We do not
currently have and may never obtain research coverage by securities and industry analysts. If no securities or industry analysts
commence coverage of us the trading price for our securities would be negatively affected. In the event we obtain securities or
industry analyst coverage, if one or more of the analysts who covers us downgrades our securities, the price of our securities
would likely decline. If one or more of these analysts ceases to cover us or fails to publish regular reports on us, interest
in the purchase of our securities could decrease, which could cause the price of our securities and their trading volume to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be subject to ongoing restrictions related to grants
from the Israeli Office of the Chief Scientist.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Through our Israeli subsidiary, we received
grants of $436,815 from the Office of the Chief Scientist of the Israeli Ministry of Industry, Trade and Labor, or the Office of
the Chief Scientist, for research and development programs related to products that we are not currently commercializing or marketing.
Because we are no longer developing the product to which the grants relate, we do not believe that we are subject to any material
conditions with respect to the grants, except for the restrictions on our ability to make certain transfers of the technology or
intellectual property related to these grants described below. We could in the future determine to apply for further grants. If
we receive any such grants, we would have to comply with specified conditions, including paying royalties with respect to grants
received. If we fail to comply with these conditions in the future, sanctions might be imposed on us, such as grants could be cancelled
and we could be required to refund any payments previously received under these programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Israeli Encouragement of
Industrial Research and Development Law, any products developed with grants from the Office of the Chief Scientist are required
to be manufactured in Israel and certain payments may be required in connection with the change of control of the grant recipient
and the financing, mortgaging, production, exportation, licensing and transfer or sale of its technology and intellectual property
to third parties, which will require the Office of the Chief Scientist&rsquo;s prior consent and, in case such a third party is
outside of Israel, extended royalties and/or other fees. This could have a material adverse effect on and significant cash flow
consequences to us if, and when, any technologies, intellectual property or manufacturing rights are exported, transferred or licensed
to third parties outside Israel. If the Office of the Chief Scientist does not wish to give its consent in any required situation
or transaction, we would need to negotiate a resolution with the Office of the Chief Scientist. In any event, such a transaction,
assuming it was approved by the Office of the Chief Scientist, would involve monetary payments, such as royalties or fees, of not
less than the applicable funding received from the Office of the Chief Scientist plus interest, not to exceed, in aggregate, six
times the applicable funding received from the Office of the Chief Scientist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Because we do not expect to pay cash dividends for the
foreseeable future, you must rely on appreciation of our common stock price for any return on your investment. Even if we change
that policy, we may be restricted from paying dividends on our common stock. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not intend to pay cash dividends on
shares of our common stock for the foreseeable future. Any determination to pay dividends in the future will be at the discretion
of our board of directors and will depend upon results of operations, financial performance, contractual restrictions, restrictions
imposed by applicable law and other factors our board of directors deems relevant. Accordingly, you will have to rely on capital
appreciation, if any, to earn a return on your investment in our common stock. Investors seeking cash dividends in the foreseeable
future should not purchase our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our ability to use our net operating loss carry forwards
and certain other tax attributes may be limited. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our ability to utilize our federal net operating
loss, carryforwards and federal tax credit may be limited under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended.
The limitations apply if an &ldquo;ownership change,&rdquo; as defined by Section 382, occurs. Generally, an ownership change occurs
if the percentage of the value of the stock that is owned by one or more direct or indirect &ldquo;five percent shareholders&rdquo;
increases by more than 50% over their lowest ownership percentage at any time during the applicable testing period (typically three
years). If we have experienced an &ldquo;ownership change&rdquo; at any time since our formation, we may already be subject to
limitations on our ability to utilize our existing net operating losses and other tax attributes to offset taxable income. In addition,
future changes in our stock ownership, which may be outside of our control, may trigger an &ldquo;ownership change&rdquo; and,
consequently, Section 382 and 383 limitations. As a result, if we earn net taxable income, our ability to use our pre-change net
operating loss carryforwards and other tax attributes to offset U.S. federal taxable income may be subject to limitations, which
could potentially result in increased future tax liability to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to our Operations in Israel
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We conduct our operations in Israel and therefore our
results may be adversely affected by political, economic and military instability in Israel and its region.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our principal offices are located in Israel
and most of our officers, employees and directors are residents of Israel. Accordingly, political, economic and military conditions
in Israel and the surrounding region may directly affect our business. Since the establishment of the State of Israel in 1948,
a number of armed conflicts have taken place between Israel and its Arab neighbors. Any hostilities involving Israel or the interruption
or curtailment of trade within Israel or between Israel and its trading partners could adversely affect our operations and results
of operations and could make it more difficult for us to raise capital. During the winter of 2012, Israel was engaged in an armed
conflict with Hamas, a militia group and political party operating in the Gaza Strip. This conflict involved missile strikes against
civilian targets in various parts of Israel and negatively affected business conditions in Israel. Recent political uprisings and
civil resistance demonstrations in various countries in the Middle East, including Egypt and Syria, are affecting the political
stability of those countries. It is not clear how this instability, or the Arab Spring in general, will develop and how it will
affect the political and security situation in the Middle East. This instability may lead to deterioration of the political relationships
that exist between Israel and these countries, and have raised concerns regarding security in the region and the potential for
armed conflict. In addition, it is widely believed that Iran, which has previously threatened to attack Israel, has been stepping
up its efforts to achieve nuclear capability. Iran is also believed to have a strong influence among extremist groups in the region,
such as Hamas in Gaza and Hezbollah in Lebanon. The tension between Israel and Iran and/or these groups may escalate in the future
and turn violent, which could affect the Israeli economy generally and us in particular. Any armed conflicts, terrorist activities
or political instability in the region could adversely affect business conditions and could harm our results of operations. For
example, any major escalation in hostilities in the region could result in a portion of our employees being called up to perform
military duty for an extended period of time. Parties with whom we do business have sometimes declined to travel to Israel during
periods of heightened unrest or tension, forcing us to make alternative arrangements when necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our commercial insurance does not cover
losses that may occur as a result of events associated with the security situation in the Middle East. Although the Israeli government
currently covers the reinstatement value of direct damages that are caused by terrorist attacks or acts of war, we cannot assure
you that this government coverage will be maintained. Any losses or damages incurred by us could have a material adverse effect
on our business. Any armed conflicts or political instability in the region would likely negatively affect business conditions
and could harm our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further, in the past, the State of Israel
and Israeli companies have been subjected to an economic boycott. Several countries still restrict business and trade activity
with the State of Israel and with Israeli companies. These restrictive laws and policies may have an adverse impact on our operating
results, financial condition or the expansion of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our operations may be disrupted as a result of the obligation
of management or personnel to perform military service.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Many of our male employees in Israel, including
members of our senior management, perform up to one month, and in some cases more, of annual military reserve duty until they reach
the age of 45 or older and, in the event of a military conflict, may be called to active duty. There have also been periods of
significant call-ups of military reservists, and it is possible that there will be military reserve duty call-ups in the future.
Our operations could be disrupted by the absence of a significant number of our employees. Such disruption could materially adversely
affect our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Because a certain portion of our expenses is incurred
in currencies other than the U.S. dollar, our results of operations may be harmed by currency fluctuations and inflation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our reporting and functional currency is
the U.S. dollar. Most of the royalty payments from our agreements with our development and/or commercialization partners are payable
in U.S. dollars, and we expect our revenues from future licensing agreements to be denominated mainly in U.S. dollars or in Euros.
We pay a substantial portion of our expenses in U.S. dollars; however, a portion of our expenses, related to salaries of the employees
in Israel and payment to part of the service providers in Israel and other territories, are paid in New Israeli Shekels, or NIS,
and in other currencies. In addition, a portion of our financial assets is held in NIS and in other currencies. As a result, we
are exposed to the currency fluctuation risks. For example, if the NIS strengthens against the U.S. dollar, our reported expenses
in U.S. dollars may be higher than anticipated. In addition, if the NIS weakens against the U.S. dollar, the U.S. dollar value
of our financial assets held in NIS will decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>It may be difficult for investors in the U.S. to enforce
any judgments obtained against us or any of our directors or officers. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Almost all of our assets are located outside
the U.S., although we do maintain a permanent place of business within the U.S. In addition, all of our officers and some of our
directors are nationals and/or residents of countries other than the U.S., and all or a substantial portion of such persons&rsquo;
assets are located outside the U.S. As a result, it may be difficult for investors to enforce within the U.S. any judgments obtained
against us or any of our non-U.S. directors or officers, including judgments predicated upon the civil liability provisions of
the securities laws of the U.S. or any state thereof. Additionally, it may be difficult to assert U.S. securities law claims in
actions originally instituted outside of the U.S. Israeli courts may refuse to hear a U.S. securities law claim because Israeli
courts may not be the most appropriate forums in which to bring such a claim. Even if an Israeli court agrees to hear a claim,
it may determine that the Israeli law, and not U.S. law, is applicable to the claim. Further, if U.S. law is found to be applicable,
certain content of applicable U.S. law must be proved as a fact, which can be a time-consuming and costly process, and certain
matters of procedure would still be governed by the Israeli law. Consequently, you may be effectively prevented from pursuing
remedies under U.S. federal and state securities laws against us or any of our non-U.S. directors or officers.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus contains &ldquo;forward-looking
statements,&rdquo; which include information relating to future events, future financial performance, financial projections, strategies,
expectations, competitive environment and regulation.&nbsp;&nbsp;Words such as &ldquo;may,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo;
&ldquo;would,&rdquo; &ldquo;predicts,&rdquo; &ldquo;potential,&rdquo; &ldquo;continue,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo;
&ldquo;future,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; and similar
expressions, as well as statements in future tense, identify forward-looking statements.&nbsp;&nbsp;Forward-looking statements
should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance
or results will be achieved.&nbsp;&nbsp;Forward-looking statements are based on information we have when those statements are made
or management&rsquo;s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties
that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking
statements.&nbsp;&nbsp;Important factors that could cause such differences include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">The timing of clinical studies and eventual U.S. Food and Drug Administration approval of WoundShield and our other product candidates.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Regulatory actions that could adversely affect the price of or demand for our approved products.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Market acceptance of existing and new products.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Favorable or unfavorable decisions about our products from government regulators, insurance companies or other third-party payers.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Our intellectual property portfolio.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">We are not currently meeting the minimum sales requirements necessary to prevent our license agreement related to NanoVibronix NPWT from terminating in August 2014, and even if we meet such sales requirements, the license will no longer be exclusive after such date.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Our ability to recruit and retain qualified regulatory and research and development personnel.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Unforeseen changes in healthcare reimbursement for any of our approved products.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Lack of financial resources to adequately support our operations.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Difficulties in maintaining commercial scale manufacturing capacity and capability.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Our ability to generate internal growth.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Changes in our relationship with key collaborators.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Changes in the market valuation or earnings of our competitors or companies viewed as similar to us.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Our failure to comply with regulatory guidelines.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Uncertainty in industry demand and patient wellness behavior.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">General economic conditions and market conditions in the medical device industry.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Future sales of large blocks of our common stock, which may adversely impact our stock price.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">Depth of the trading market in our common stock.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Termination of the lock-up agreement or other restrictions on the ability of us or any of our existing stockholders to sell shares after this offering;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing does not represent an exhaustive
list of matters that may be covered by the forward-looking statements contained herein or risk factors that we are faced with
that may cause our actual results to differ from those anticipated in our forward-looking statements. Please see &ldquo;Risk Factors&rdquo;
for additional risks which could adversely impact our business and financial performance. Moreover, new risks regularly emerge
and it is not possible for us to predict or articulate all risks we face, nor can we assess the impact of all risks on our business
or the extent to which any risk, or combination of risks, may cause actual results to differ from those contained in any forward-looking
statements. All forward-looking statements included in this prospectus are based on information available to us on the date of
this prospectus. Except to the extent required by applicable laws or rules, we undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and
oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by
the cautionary statements contained above and throughout this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We estimate that the net proceeds from
the sale of the securities we are offering will be approximately $&nbsp;&nbsp;&nbsp; . If the underwriter fully exercises the
over-allotment option, the net proceeds of the securities we sell will be approximately $&nbsp;&nbsp;&nbsp; . &ldquo;Net proceeds&rdquo;
is what we expect to receive after paying the underwriting discount and other expenses of the offering. For the purpose of estimating
net proceeds, we are assuming that the public offering price will be $ &nbsp;&nbsp;&nbsp;per share of common stock, the midpoint
of the price range set forth on the cover page of this prospectus, and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We intend to use the net proceeds as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">We expect to use approximately $&nbsp;&nbsp;&nbsp;&nbsp; for marketing and sales activities, which may include investment in branding our products, producing marketing materials, targeting certain publications, attending exhibitions and medical shows and visiting customers and potential customers.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">We expect to use approximately $ &nbsp;&nbsp;&nbsp;&nbsp;for clinical and regulatory activities, specifically to complete the following clinical trials: (i) Woundshield ultrasound patch enhances perfusion of blood, 30 patient trial; (ii) Woundshield ultrasound patch enhances wound healing, 200 patient trial; and (iii) PainShield for Trigeminal Neuralgia 80 patient trial. See &ldquo;Business &ndash; Our Products &ndash; WoundShield and NanoVibronix NPWT &ndash; Clinical Trials&rdquo; and &ldquo;Business &ndash; Our Products &ndash; PainShield &ndash; Clinical Trials&rdquo; for more information on these anticipated clinical trials.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">We expect to use approximately $ &nbsp;&nbsp;&nbsp;&nbsp;for research and development, including the integration of WoundShield and NanoVibronix NPWT and other product innovations, improvements and integration.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">We expect to use approximately $ &nbsp;&nbsp;&nbsp;&nbsp;for intellectual property protection, to support filed patent applications and obtain additional intellectual property protection if needed.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">We expect to use the balance of the net proceeds for operations and general working capital requirements.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We will also receive proceeds upon any
cash exercise of the warrants sold in this offering. If all of these warrants were to be exercised at the exercise price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share, then we would receive net proceeds of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . We expect to use these proceeds, if any,
for operations and general working capital requirements at the time of such exercise. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investors are cautioned, however, that expenditures
may vary substantially from these estimates. Investors will be relying on the judgment of our management, who will have broad discretion
regarding the application of the proceeds of this offering. The amounts and timing of our actual expenditures will depend upon
numerous factors, including our potential investments in new businesses, the amount of cash generated by our operations, the amount
of competition and other operational factors. We may find it necessary or advisable to use portions of the proceeds from this offering
for other purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time, we evaluate these and
other factors and we anticipate continuing to make such evaluations to determine if the existing allocation of resources, including
the proceeds of this offering, is being optimized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Circumstances that may give rise to a change
in the use of proceeds include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">the timing of clinical studies and eventual U.S. Food and Drug Administration approval of WoundShield and our other product candidates;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">the need or desire on our part to accelerate, increase or eliminate existing initiatives due to, among other things, changing market conditions and competitive developments; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">the availability of other sources of cash including cash flow from operations and new bank debt financing arrangements, if any.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Until we use the net proceeds of this offering,
we will invest the funds in short-term, investment grade, interest-bearing securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A $1.00 increase or decrease in the
assumed initial public offering price of $ &nbsp;&nbsp;&nbsp;&nbsp;per share of common stock (the midpoint of the price range
set forth on the front cover of this prospectus) would increase or decrease the net proceeds to us from this offering by $&nbsp;&nbsp;&nbsp;
, assuming the number of shares offered by us remains the same and after deducting estimated underwriting discounts and commission
and estimated offering expenses payable by us. An increase or decrease of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
in the number of shares offered by us would increase or decrease the total consideration paid to us by new investors by $&nbsp;&nbsp;&nbsp;
, assuming the initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share (the midpoint of the price range set forth
on the front cover of this prospectus) remains the same and after deducting the underwriting discounts and commissions and estimated
offering expenses payable by us. The information discussed above is illustrative only and will adjust based on the actual public
offering price and other terms of this offering determined at pricing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAPITALIZATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The following table summarizes our capitalization
as of September 30, 2013: </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">on an actual basis;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">on a pro forma basis, giving effect to</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font-size: 10pt">o</font></td>
    <td><font style="font-size: 10pt">a one-for- reverse split of our common stock, which will occur prior to the pricing of this offering;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><FONT STYLE="font-size: 10pt">o</FONT></td>
    <td><FONT STYLE="font-size: 10pt">the conversion of all outstanding shares of our convertible preferred stock into an aggregate
    of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of common stock; we believe we will be able to
    obtain the necessary consents to effect the conversion of all of our outstanding preferred stock automatically upon the closing
    of the offering;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px"> &nbsp; </td>
    <td style="width: 24px"><FONT STYLE="font-size: 10pt"> o </FONT></td>
    <td><P STYLE="margin: 0pt 0"> the conversion of all outstanding convertible indebtedness into an aggregate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
        of common stock; we believe we will be able to obtain the necessary consents to effect the conversion of all of our outstanding
        convertible debt automatically upon the closing of this offering, regardless of the proceeds to be received in the offering,
        and assuming a &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;conversion date; and </P>


</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px"> &nbsp; </td>
    <td style="width: 24px"><FONT STYLE="font-size: 10pt"> o </FONT></td>
    <td><FONT STYLE="font-size: 10pt"> the filing of our amended and restated certificate of incorporation and the effectiveness
    of our restated bylaws, which will occur immediately prior to the completion of this offering. </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">on a pro forma, as adjusted basis, giving effect to (1) all of the above, (2) our receipt
    of the net proceeds from the sale by us in this offering of shares of common stock at an assumed public offering price of
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share, the midpoint of the range set forth on the cover
    page of this prospectus, and warrants at an assumed public offering price of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per warrant, after
    deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us and (3) the application
    of the net proceeds we will receive from this offering in the manner described in &ldquo;Use of Proceeds.&rdquo;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The pro forma information below is illustrative
only and our capitalization following the completion of this offering will be adjusted based on the actual initial public offering
price and other terms of this offering determined at pricing. You should read this table together with &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; and our audited and unaudited consolidated financial
statements and the related notes appearing elsewhere in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap> &nbsp; </td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td>
    <td nowrap colspan="10" style="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> September&nbsp;30,&nbsp;2013 </B></FONT></td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td nowrap> &nbsp; </td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td>
    <td nowrap colspan="2" style="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Actual </B></FONT></td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td>
    <td nowrap colspan="2" style="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Pro&nbsp;Forma </B></FONT></td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td>
    <td nowrap colspan="2" style="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> As&nbsp;Adjusted </B></FONT></td>
    <td nowrap style="padding-bottom: 1pt"> &nbsp; </td></tr>
<tr style="vertical-align: bottom">
    <td nowrap> &nbsp; </td>
    <td nowrap> &nbsp; </td>
    <td nowrap colspan="10" style="text-align: center"><FONT STYLE="font-size: 10pt"> (in&nbsp;thousands)&nbsp;(unaudited) </FONT></td>
    <td> &nbsp; </td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 0.1in; text-indent: -0.1in"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <td style="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"> Convertible promissory notes to common
    stock </FONT></td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 185 </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"> Embedded feature of convertible promissory
    notes </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 121 </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <td style="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"> Stockholders&rsquo; deficiency: </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 16.2pt; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"> Common stock of $&nbsp;0.001 par value
    - 24,000,000 shares authorized and 1,085,060 shares issued and outstanding actual;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    authorized and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares issued and outstanding
    pro forma;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares authorized and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    issued and outstanding pro forma as adjusted </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 1 </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <td style="padding-left: 16.2pt; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"> Preferred stock, par value $0.001;
    18,000,000 shares authorized actual;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares authorized pro
    forma and pro forma as adjusted </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 16.2pt; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"> Series A preferred stock of $&nbsp;0.001
    par value - 700,000 shares authorized and 394,232 shares issued and outstanding&nbsp;&nbsp;actual; no shares authorized and
    no shares issued and outstanding pro forma and pro forma as adjusted </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> * </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <td style="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"> Additional paid-in capital </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 10,857 </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"> Accumulated deficit </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> (13,626 </FONT></td>
    <td><FONT STYLE="font-size: 10pt"> ) </FONT></td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td style="text-align: right"> &nbsp; </td>
    <td> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <td style="padding-bottom: 1pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"> Total stockholders&rsquo;
    deficiency </FONT></td>
    <td style="padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: black 1pt solid"> &nbsp; </td>
    <td style="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"> (2,768 </FONT></td>
    <td style="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"> ) </FONT></td>
    <td style="padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: black 1pt solid"> &nbsp; </td>
    <td style="border-bottom: black 1pt solid; text-align: right"> &nbsp; </td>
    <td style="padding-bottom: 1pt"> &nbsp; </td>
    <td style="padding-bottom: 1pt"> &nbsp; </td>
    <td style="border-bottom: black 1pt solid"> &nbsp; </td>
    <td style="border-bottom: black 1pt solid; text-align: right"> &nbsp; </td>
    <td style="padding-bottom: 1pt"> &nbsp; </td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"> Total liabilities
    and stockholders' deficiency </FONT></td>
    <td style="padding-bottom: 2.5pt"> &nbsp; </td>
    <td style="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt"> $ </FONT></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"> 435 </FONT></td>
    <td style="padding-bottom: 2.5pt"> &nbsp; </td>
    <td style="padding-bottom: 2.5pt"> &nbsp; </td>
    <td style="border-bottom: black 2.25pt double"> &nbsp; </td>
    <td style="border-bottom: black 2.25pt double; text-align: right"> &nbsp; </td>
    <td style="padding-bottom: 2.5pt"> &nbsp; </td>
    <td style="padding-bottom: 2.5pt"> &nbsp; </td>
    <td style="border-bottom: black 2.25pt double"> &nbsp; </td>
    <td style="border-bottom: black 2.25pt double; text-align: right"> &nbsp; </td>
    <td style="padding-bottom: 2.5pt"> &nbsp; </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Represents an amount lower than $1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DILUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our net tangible book value on
September 30, 2013 was approximately $(2,768,000), or $(2.55) per share. &ldquo;Net tangible book value&rdquo; is total assets
minus the sum of liabilities and intangible assets. &ldquo;Net tangible book value per share&rdquo; is net tangible book value
divided by the total number of shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After giving effect to adjustments relating
to the offering, our pro forma net tangible book value on September 30, 2013, would have been $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per warrant. The adjustments made to determine pro forma net tangible book value per share are the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">The pro forma adjustments referenced under &ldquo;Capitalization.&rdquo;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">An increase in total assets to reflect the net proceeds of the offering as described
    under &ldquo;Use of Proceeds&rdquo; (assuming that the public offering price will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
    share of common stock, the midpoint of the range set forth on the cover page of this prospectus, and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per warrant).</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">The addition of the number of shares offered by this prospectus to the number of shares outstanding.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table illustrates the pro
forma increase in net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share and the dilution
(the difference between the offering price per share and net tangible book value per share) to new investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td style="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Assumed public offering price per share
    of common stock</FONT></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">$</FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="width: 89%; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Net tangible book value
    per share as of September 30, 2013</FONT></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></td>
    <td style="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">(2.55</FONT></td>
    <td style="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td style="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Pro forma net tangible book value per
    share of September 30, 2013</FONT></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">$</FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Increase in pro forma net tangible book
    value per share attributable to the offering</FONT></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">$</FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td style="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Pro forma as adjusted net tangible book
    value per share as of September 30, 2013 after giving &nbsp;effect to the offering</FONT></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">$</FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Dilution in pro forma net tangible book
    value per share to new investors in the offering</FONT></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">$</FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table shows, on a
pro forma basis as described above, the difference between existing stockholders and new investors with respect to the number
of  shares purchased from us, the total consideration paid and the average price paid per share. The table assumes that the
public offering price will be $&nbsp;&nbsp; per share of common stock, the midpoint of the range set forth on the cover page
of this prospectus, and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap>&nbsp;</td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Shares&nbsp;Purchased</b></font></td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Total&nbsp;Consideration</b></font></td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Average&nbsp;Price</b></font></td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td nowrap>&nbsp;</td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Number</b></font></td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Percent</b></font></td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Percent</b></font></td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="padding-bottom: 1pt">&nbsp;</td>
    <td nowrap colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Per&nbsp;Share</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td><font style="font-size: 10pt">Existing stockholders</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">%</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1pt"><font style="font-size: 10pt">New investors</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: right">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="padding-bottom: 1pt"><font style="font-size: 10pt">%</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="border-bottom: black 1pt solid">&nbsp;</td>
    <td style="padding-bottom: 1pt"><font style="font-size: 10pt">%</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt"><font style="font-size: 10pt">$</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFCC">
    <td style="width: 40%; padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="width: 9%; border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="width: 9%; border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
    <td style="width: 9%; border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="width: 9%; border-bottom: black 2.25pt double">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 9%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing tables and calculations are
based on the number of shares of our common stock outstanding as of September 30, 2013 and exclude:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">1,315,790 shares of common stock issuable upon the exercise of warrants with an exercise price of $0.38 per share;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">2,319,062 shares of common stock issuable upon the exercise of warrants with an exercise price of $0.199 per share;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">2,513,704 shares of common stock issuable upon the exercise of currently outstanding options with a weighted average exercise price of $1.23; and&nbsp;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 72px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">286,296 shares of common stock available for future issuance under our 2004 Global Share Option Plan.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent any of these outstanding options
or warrants is exercised, the dilution to new investors would be reduced. To the extent all of such outstanding options and warrants
had been exercised as of September 30, 2013, the pro forma as adjusted net tangible book value per share after this offering would
be $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , and total dilution per share to new investors would be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each $1.00 increase (decrease) in
the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share of common stock, the midpoint of the range set
forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted net tangible book value
by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the pro forma as adjusted net tangible book value per share
by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share and the dilution to investors in this offering
by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share, assuming the number of shares offered by us, as set forth on the
cover page of this prospectus, remains the same and after deducting the underwriting discounts and commissions and
estimated offering expenses payable by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information above assumes that the underwriter
does not exercise its over-allotment option. If the underwriter exercises its over-allotment option in full, the pro forma as adjusted
net tangible book value will increase to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share, representing an immediate increase to existing
stockholders of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share and an immediate dilution of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share
to new investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DIVIDEND POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;In the past, we have not declared
or paid cash dividends on our common stock, and we do not intend to pay any cash dividends on our common stock. Rather, we intend
to retain future earnings (if any) to fund the operation and expansion of our business and for general corporate purposes. Subject
to legal and contractual limits, our board of directors will make any decision as to whether to pay dividends in the future.&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS
OF FINANCIAL<BR>
CONDITION AND RESULTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>You should read
the following discussion and analysis of financial condition and results of operations in conjunction with our consolidated financial
statements and the related notes thereto included elsewhere in this prospectus. In addition to historical information, the following
discussion and analysis includes forward-looking information that involves risks, uncertainties and assumptions. Our actual results
and the timing of events could differ materially from those anticipated by these forward-looking statements as a result of many
factors, including those discussed under &ldquo;Risk Factors&rdquo; and elsewhere in this prospectus. See &ldquo;Cautionary Note
Regarding Forward-Looking Statements&rdquo; included elsewhere in this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a medical device
company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy and can be administered
at home, without the assistance of medical professionals. Our WoundShield, PainShield and UroShield products are backed by novel
technology which relates to ultrasound delivery through surface acoustic waves. Our NanoVibronix NPWT employs a technology that
drains open cavity wounds and seeks to accelerate wound healing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Recent Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: blue; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On February 5,
2013, we issued secured convertible promissory notes to certain investors. The convertible promissory notes were initially issued
in the original aggregate principal amount of $100,000. On each of March 28, 2013, June 3, 2013, August 5, 2013, October 7, 2013,
December 9, 2013 and February 6, 2014, such principal amount was increased by $100,000, so that the total current principal amount
outstanding is $700,000. The convertible promissory notes mature on the earlier of April 30, 2014, the closing date of a financing
in which we sell an aggregate of at least $250,000 of our debt or equity securities or on an accelerated date if there is an event
of default, upon which date the entire outstanding principal balance and any outstanding fees or interest will be due and payable
in full. The convertible promissory notes bear interest at the rate of 6% per annum, which rate is increased to 10% upon and during
the occurrence of an event of default. In addition, the convertible promissory notes are convertible either at the holders&rsquo;
option or upon maturity into shares of our common stock at an initial conversion price of $0.38 per share, subject to adjustment
for stock splits, fundamental transactions or similar events. The holders of the convertible promissory notes have a security
interest in all of our assets and those of our subsidiaries. To date, no principal or interest has been paid on these notes. See
&ldquo;Liquidity and Capital Resources&mdash;Nine Months Ended September 30, 2013 Compared to Nine Months Ended September 30,
2012&mdash;Convertible Promissory Notes&rdquo; below for more information on the terms of these notes. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In connection with
the issuance of the convertible promissory notes described above, on each of February 5, 2013, March 28, 2013, June 3, 2013 August
5, 2013, October 7, 2013, December 9, 2013 and February 6, 2014, we issued warrants to purchase 263,158 shares of common stock
(in aggregate warrants to purchase 1, 842,106 shares), with an exercise price of $0.38 per share (subject to adjustment), to the
participating investors. See &ldquo;Description of Securities&mdash;Warrants&mdash;February 2013 Warrants&rdquo; below for more
information on the terms of these warrants. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Critical Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Use of estimates</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of
consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions
that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As applicable to these
consolidated financial statements, the most significant estimates and assumptions relate to estimation of fair value of stock based
compensation and the estimation of the fair value of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Functional currency</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accompanying consolidated
financial statements have been prepared in U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that the
currency of the primary economic environment in which our operations are conducted is the U.S. dollar; thus the dollar is our functional
currency. The majority of the proceeds from our financing activities are received in U.S. dollars. Although a portion of our subsidiary&rsquo;s
expenses are dominated in NIS (mostly salary and rent), a substantial portion of our expenses are denominated in U.S. dollars.
In addition, most of our assets and liabilities are in U.S. dollars and we expect that most of our revenues will be generated in
U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Transactions and balances
originally denominated in U.S. dollars are presented at their original amounts. Transactions and balances in other currencies have
been remeasured into U.S. dollars in accordance with Financial Accounting Standards Board Accounting Standards Codification (&ldquo;ASC&rdquo;)
830, &ldquo;Foreign Currency Matters.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All transaction gains
and losses from the remeasurement of monetary balance sheet items denominated in non- U.S. dollar currencies are reflected in the
statement of operations in financial expenses, net, as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Revenue recognition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generate revenues
from the sale of our products to end users. Revenues from those products are recognized in accordance with Staff Accounting Bulletin
No. 104, &ldquo;Revenue Recognition,&rdquo; when delivery has occurred, persuasive evidence of an agreement exists, the vendor&rsquo;s
fee is fixed or determinable, no further obligation exists and collectability is probable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s
agreements with its distributors do not contain any price protection guarantees, rights of return or other post-shipment obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Stock-based compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for stock-based
compensation in accordance with ASC 718, &ldquo;Compensation-Stock Compensation&rdquo; (&ldquo;ASC 718&rdquo;). ASC 718 requires
companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value
of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service period in
our consolidated statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize compensation
expense for the value of our awards granted based on the straight line method over the requisite service period of each of the
awards, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary,
in subsequent periods if actual forfeitures differ from those estimates. The term &ldquo;forfeitures&rdquo; is distinct from &ldquo;cancellations&rdquo;
or &ldquo;expirations&rdquo; and represents only the invested portion of the surrendered option. Ultimately, the actual expenses
recognized over the vesting period will only be for those shares that vest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We selected the Black-Scholes-Merton
option pricing model as the most appropriate fair value method for our stock option awards. This option-pricing model requires
a number of assumptions, of which the most significant are the expected stock price volatility and the expected option term. Expected
volatility was calculated based upon similar traded companies&rsquo; historical share price movements. The expected option term
represents the period that our stock options are expected to be outstanding. We currently use a simplified method to estimate the
period that our stock options are expected to be outstanding, based on the terms of the awards. We will continue to use this method
until sufficient historical exercise data supports using expected life assumptions. The risk-free interest rate is based on the
yield from U.S. Treasury zero-coupon bonds with an equivalent term. We use an expected dividend rate of zero, as we have historically
not paid dividends and have no foreseeable plans to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because there has
been no public market for our common stock, we have determined the fair value of the common stock underlying all of our options
and warrants at the time of grant by considering a number of objective and subjective factors. We have obtained the assistance
of an independent valuation firm and applied a market approach using recent third-party transactions in our equity. The fair value
of the underlying shares of common stock will continue to be determined by our management until such time as the common stock
is listed or quoted on an established stock exchange, national market system or other quotation system.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Income taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for income
taxes in accordance with ASC 740, &ldquo;Income Taxes&rdquo; (&ldquo;ASC 740&rdquo;). ASC 740 prescribes the use of the liability
method, whereby deferred tax asset and liability account balances are determined based on differences between financial reporting
and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences
are expected to reverse. We provide a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable
value. As of September 30, 2013 and September 30, 2012, we provided a full valuation allowance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.45pt; text-indent: 0.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We implement a two-step
approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to
be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on
an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals
or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be
realized upon ultimate settlement. We believe that our tax positions are all highly certain of being upheld upon examination. As
such, as of September 30, 2013, December 31, 2012 and September 30, 2012, we had not recorded a liability for uncertain tax positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -49.05pt"><B><I>Convertible
promissory notes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for our
outstanding convertible promissory notes in accordance with ASC 470-20, &ldquo;Debt with Conversion and Other Options&rdquo; (&ldquo;ASC
470-20&rdquo;) and ASC 815 &ldquo;Derivatives and Hedging&rdquo; (&ldquo;ASC 815&rdquo;). In accordance with ASC 815, we bifurcate
all embedded derivatives that require bifurcation and account for them separately from the convertible debt. Based upon a third
party valuation, we allocated the proceeds from each issuance between the freestanding liability (convertible debt) component,
which is accounted for at cost, and the embedded derivative component, which is remeasured on each reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, under
the guidelines of ASC 470-20, we measure an embedded beneficial conversion feature on the date of issuance, by allocating a portion
of the proceeds equal to the intrinsic value of the feature to additional paid in capital. The intrinsic value of the feature is
calculated on the date of issuance using the effective conversion price which results from the allocation of the proceeds between
the convertible debt and the embedded derivative component. The intrinsic value is limited to the portion of the proceeds allocated
to the convertible debt. The beneficial conversion feature is amortized to our consolidated statements of comprehensive loss over
the term of the liability. We recognize an embedded beneficial conversion feature related to our convertible series B-2 promissory
notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Warrant liability</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of the
liability for our warrants issued to investors in 2013 was calculated using the Binomial model. We accounted for these warrants
according to the provisions of ASC 815 and, based on the anti-dilution protections contained in the warrants, we classified them
as liabilities, measured at fair value for each reporting period until they are exercised or expire, with changes in fair value
recognized in our statement of operations as financial income or expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -49.05pt"><B><I>Extended
Transition Period for &ldquo;Emerging Growth Companies&rdquo;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have elected to
use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the Jumpstart
Our Business Act of 2012 (known as the JOBS Act). This election allows us to delay the adoption of new or revised accounting standards
that have different effective dates for public and private companies until those standards apply to private companies. As a result
of this election, our consolidated financial statements may not be comparable to companies that comply with public company effective
dates. Because our consolidated financial statements may not be comparable to companies that comply with public company effective
dates, investors may have difficulty evaluating or comparing our business, performance or prospects in comparison to other public
companies, which may have a negative impact on the value and liquidity of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Nine Months Ended
September 30, 2013 Compared to Nine Months Ended September 30, 2012</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Revenues</I>. Our
revenues for the nine months ended September 30, 2013 and 2012 were approximately $203,000 and $109,000, respectively, an increase
of approximately $94,000, or 86.2%, between the periods. The increase was attributable primarily to an increase in volume of sales,
mainly contributed by sales to new distributors that came onboard after the nine months ended September 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the nine months
ended September 30, 2013, the percentage of revenues attributable to our products was: PainShield &ndash; 79.9%; UroShield &ndash;
8.6%; and NanoVibronix NWPT &ndash; 11.5%. For the nine months ended September 30, 2012, the percentage of revenues attributable
to our products was: PainShield - 94.4%; UroShield &ndash; 5.6%; and NanoVibronix NWPT - 0%. For the nine months ended September
30, 2013 and 2012, the percentage of revenues attributable to our disposable products was 37.7% and 40.7%, respectively. For the
nine months ended September 30, 2013 and 2012, the portion of our revenues that was derived from distributors was 43.8% and 51.0%,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Gross Profit</I>.
For the nine months ended September 30, 2013, gross profit (revenues less cost of revenues) increased by approximately 60.5%, or
$46,000, to approximately $122,000 from approximately $76,000 during the same period in 2012. The key driver of the increase in
gross profit was our increase in revenues, described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gross profit as a percentage
of revenues was approximately 60.1% for the nine months ended September 30, 2013 and approximately 69.7% for the nine months ended
September 30, 2012. The decrease was primarily due to a write-off of inventory in the amount of approximately $19,000 during the
nine months ended September 30, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Research and Development
Expenses</I>. For the nine months ended September 30, 2013 and 2012, research and development expenses were approximately $498,000
and $519,000, respectively, a decrease of approximately 4.1%, or $21,000, between the periods. The decrease resulted primarily
from a decrease in patent and clinical research expenses of approximately $128,000, a decrease in materials and subcontractors
expenses of approximately $60,000 and a decrease in facilities expenses associated with and allocated to research and development
activities of approximately $45,000, offset by an increase in stock-based compensation expenses of approximately $199,000, to approximately
$212,000 from approximately $13,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research and development
expenses as a percentage of total revenues were approximately 245.3% and 476.2% for the nine months ended September 30, 2013 and
2012, respectively. The decrease was due primarily to our increase in revenues, described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development
expenses consist mainly of payroll expenses to employees involved in research and development activities, stock based compensation
expenses, expenses related to subcontracting, patents, clinical trial and facilities expenses associated with and allocated to
research and development activities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Selling and Marketing
Expenses</I>. For the nine months ended September 30, 2013 and 2012, selling and marketing expenses were approximately $183,000
and $132,000, respectively, an increase of approximately 38.6%, or $51,000, between the periods. The increase was mainly due to
an increase in stock-based compensation expenses of approximately $40,000, to approximately $48,000 from approximately $8,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our selling and marketing
expenses as a percentage of total revenues were approximately 90.2% and 121.1% for the nine months ended September 2013 and 2012,
respectively. The decrease was due to our increase in revenues, described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales and marketing
expenses consist mainly of payroll expenses to direct sales and marketing employees, stock-based compensation expenses, travel
expenses, trade show expenses, and facilities expenses associated with and allocated to sales and marketing activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>General and Administrative
Expenses</I>. For the nine months ended September 30, 2013 and 2012, general and administrative expenses were approximately $362,000
and $98,000, respectively, an increase of approximately 269.4%, or $264,000, between the periods. The increase was mainly due to
an increase in stock-based compensation expenses of approximately $213,000, to approximately $216,000 from approximately $3,000
and increased accounting and audit expenses of approximately $44,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">General and administrative
expenses as a percentage of total revenues were approximately 178.3% and 89.9% for the first nine months of 2013 and 2012, respectively.
The increase was due to the increase in general and administrative expenses, described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our general and administrative
expenses consist mainly of payroll expenses for management and administrative employees, share-based compensation expenses, accounting
and facilities expenses associated with general and administrative activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Financial Expenses,
net</I>. For the nine months ended September 30, 2013 and 2012, financial expenses, net were approximately $491,000 and $370,000,
respectively, an increase of approximately 32.7%, or $121,000, between the periods. The increase resulted primarily from the amortization
of the beneficial conversion feature<B> </B>of our convertible series B-2 promissory notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Net Loss</I>. Our
net loss increased by approximately $369,000, or 35.4%, to approximately $1,412,000 for the nine months ended September 30, 2013
from approximately $1,043,000 during the same period in 2012. The increase in net loss resulted primarily from the factors described
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Twelve Months Ended December 2012
Compared to Twelve Months Ended December 31, 2011</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Revenues</I>. For
the twelve months ended December 31, 2012 and 2011, our revenues were approximately $166,000 and $94,000, respectively, an increase
of approximately 76.6%, or $72,000, between the periods. The increase was attributable primarily to an increase in volume of sales,
mainly contributed by sales to new distributors that came onboard during the twelve months ended December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the twelve months
ended December 31, 2012, the percentage of revenues attributable to our products was: PainShield - 93.5%; UroShield - 4.5%; and
NanoVibronix NWPT - 2.0%. For the twelve months ended December 31, 2011, the percentage of revenues attributable to our products
was: PainShield - 93.5%; UroShield - 6.5%; and NanoVibronix NWPT - 0%. For the twelve months ended December 31, 2012 and 2011,
the percentage of revenues attributable to our disposable products was 39.7% and 46.7%, respectively. For the twelve months ended
December 31, 2012 and 2011, the portion of our revenues that was derived from distributors was 58.5% and 56.9%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Gross Profit</I>.
For the twelve months ended December 31, 2012, gross profit increased by approximately 78.5%, or $51,000, to approximately $116,000
from approximately $65,000 during the same period in 2011. The key driver of the increase in gross profit was our increase in revenues,
described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gross profit as a percentage
of revenues was 69.9% for the twelve months ended December 31, 2012 and 69.1% for the same period in 2011. The increase was primarily
due to our increase in revenues, described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Research and Development
Expenses</I>. For the twelve months ended December 31, 2012 and 2011, research and development expenses were approximately $572,000
and $510,000, respectively, an increase of approximately 12.2%, or $62,000, between the periods. The increase is primarily comprised
of a decrease in government grants of approximately $113,000, due to receipt of $113,000 from the Office of the Chief Scientist
during 2011 and no such grant during 2012, and an increase in royalty payment of approximately $75,000 due to a payment in 2012
we were required to make under a licensing agreement, partially offset by decreases in salary and subcontractors expenses of approximately
$46,000, stock-based compensation expenses of approximately $30,000, facilities expenses associated with and allocated to research
and development activities of approximately $27,000 and patent and clinical research expenses of approximately $22,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research and development
expense as a percentage of total revenues was approximately 344.6% and 542.6% in 2012 and 2011, respectively. The decrease was
due to our increase in revenues, described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Selling and Marketing
Expenses</I>. For the twelve months ended December 31, 2012 and 2011, selling and marketing expenses were approximately $190,000
and $150,000, respectively, an increase of approximately 26.7%, or $40,000, between the periods. The increase resulted primarily
from increased salary expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Selling and marketing
expenses as a percentage of revenue decreased to approximately 114.5% in 2012 from approximately 159.6% in 2011. The decrease was
due to our increase in revenues, described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>General and Administrative
Expenses</I>. For the twelve months ended December 31, 2012 and 2011, general and administrative expenses were approximately $128,000
and $87,000, respectively, an increase of approximately 47.1%, or $41,000, between the periods. The increase resulted primarily
from an increase of approximately $27,000 in salary expenses and approximately $16,000 in legal fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">General and administrative
expenses as a percentage of revenue decreased to approximately 77.1% in 2012 from approximately 92.6% in 2011. The decrease was
due to the increase in our revenues, described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Financial Expenses,
net</I>. For the twelve months ended December 31, 2012 and 2011, financial expenses, net were $501,000 and $41,000, respectively,
an increase of approximately 1,122.0%, or $460,000, between the periods. The increase resulted primarily from approximately $222,000
due to the amortization of the beneficial conversion feature<B> </B>of our convertible series B-2 promissory notes, which were
issued in November 2011, and interest expense of approximately $235,000 related to our convertible series B-1 promissory notes
and convertible series B-2 promissory notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Net Loss</I>. Our
net loss increased by approximately $552,000, or 76.3%, to approximately $1,275,000 for the twelve months ended December 31, 2012
from approximately $723,000 during the same period in 2011. The increase in net loss resulted primarily from the factors described
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We continue to incur
losses and negative cash flows from operating activities. For the nine months ended September 30, 2013, we had losses of approximately
$1,412,000 and negative cash flows from operating activities of approximately $447,000. These conditions raise substantial doubts
about our ability to continue as a going concern. Our ability to continue to operate is dependent upon raising additional funds
to finance our activities. We aim to have our securities listed on the NASDAQ Stock Market, for the purpose of raising capital
to finance our operations. There are no assurances, however, that we will be successful in obtaining an adequate level of financing
to qualify for a NASDAQ listing, or necessary for the long-term development and commercialization of our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are currently meeting
our short-term liquidity requirements with the proceeds of our secured convertible promissory notes, which are borrowings from
a related party (see &ldquo;Certain Relationships and Related Transactions&rdquo;). We intend to use the proceeds of the offering
to which this prospectus relates to meet such short-terms requirements as well as to advance our long-term plans. It is our current
belief that the proceeds of this offering will provide sufficient funding to meet our liquidity needs for more than a year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our future capital
requirements and the adequacy of our available funds will depend on many factors, including our ability to successfully commercialize
our products, our development of future products and competing technological and market developments. However, we may be unable
to raise sufficient additional capital when we require it or upon terms favorable to us. In addition, the terms of any securities
we issue in future financings may be more favorable to new investors and may include preferences, superior voting rights and the
issuance of warrants or other derivative securities, which may have a further dilutive effect on the holders of any of our securities
then outstanding. If we are unable to obtain adequate funds on reasonable terms, we will need to curtail operations significantly,
including possibly postponing anticipated clinical trials or entering into financing agreements with unattractive terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Nine Months Ended
September 30, 2013 Compared to Nine Months Ended September 30, 2012</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>General</I>. As
of September 30, 2013, we had cash and cash equivalents of approximately $51,000, compared to approximately $249,000 as of September
30, 2012. The decrease is attributable primarily to our net loss. We have historically met our cash needs through a combination
of issuance of equity, borrowing activities and sales. Our cash requirements are generally for product development, research and
development cost, marketing and sales activities, finance and administrative cost, capital expenditures and general working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash used in our operating
activities was approximately $447,000 for the nine months ended September 30, 2013 and approximately $640,000 for the same period
in 2012. The most significant usage of cash in our operating activities for the nine months ended September 30, 2013 and 2012 was
a net loss of approximately $1,412,000 and $1,043,000, respectively, offset during the nine months ended September 30, 2013 by
approximately $476,000 in non-cash stock-based compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash used in our investing
activities was approximately $3,000 during the nine months ended September 30, 2013, compared to approximately $4,000 during the
same period in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash provided by financing
activities was approximately $400,000 for the nine months ended September 2013, due to the issuance of convertible promissory notes,
compared to no cash used in or provided by financing activities for the same period in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Convertible Promissory
Notes</I>. As of September 30, 2013, we had convertible series B-1 promissory notes and convertible series B-2 promissory notes
with an aggregate principal amount outstanding of approximately $2,536,765, with aggregate accrued interest of $501,099, and secured
convertible promissory notes with an aggregate principal amount of $400,000, with aggregate accrued interest of $10,866. As of
September 30, 2013, no principal or interest had been paid on these notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The convertible series
B-1 promissory notes mature on the earlier of November 15, 2014 or on an accelerated date if there is an event of default, upon
which date the entire outstanding principal balance and any outstanding fees or interest will be due and payable in full. The convertible
series B-1 promissory notes bear interest at the rate of 10% per annum, compounded annually. In addition, the convertible series
B-1 promissory notes are convertible at any time at the holder&rsquo;s option into shares of our series B-1 participating convertible
preferred stock at an initial conversion price of $0.284 per share, subject to adjustment for stock dividends, stock splits or
combinations. The convertible series B-1 promissory notes will automatically convert into series B-1 participating convertible
preferred stock upon the occurrence of (i) an aggregate investment in us of $3 million or more in a transaction or series of transactions
or (ii) a fundamental transaction. These notes will convert into common stock automatically upon the closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of the convertible
series B-2 promissory notes are the same as those of the convertible series B-1 promissory notes, except that the initial conversion
price is $0.199. These notes will convert into common stock automatically upon the closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of September 30,
2013, the secured convertible promissory notes were scheduled to mature on the earlier of December 31, 2013 (which date was subsequently
extended to February 28, 2014), the closing date of a financing in which we sell an aggregate of at least $250,000 of our debt
or equity securities or on an accelerated upon an event of default, upon which date the entire outstanding principal balance and
any outstanding fees or interest would be due and payable in full. The secured convertible promissory notes bear interest at the
rate of 6% per annum, which rate is increased to 10% upon and during the occurrence of an event of default. Events of default are
comprised of: (i) failure to pay indebtedness under the notes when due; (ii) a default in a covenant, obligation or agreement under
the notes or related documents; (iii) any representation, warranty or certification made by us under the notes is false or incorrect
in any material respect on the date made; (iv) the occurrence of a liquidation, insolvency or bankruptcy event; (v) the entry of
certain final judgments against us; (vi) our failure to make required payments under other debt, the acceleration of the maturity
date on other debt, or a demand or requirement that we redeem, repurchase or retire other debt prior to its maturity; (vii) a material
adverse effect, as defined in the notes; (viii) any material impairment in the value of the collateral or the priority of the lenders&rsquo;
liens; (ix) any levy upon, seizure or attachment of a material portion of the collateral; (x) our assertion that any transaction
document related to the notes is invalid or unenforceable; and (xi) the lenders cease to have a perfected lien in any of the collateral,
subject to certain exceptions. The secured convertible promissory notes are convertible either at the holders&rsquo; option or
upon maturity into shares of our common stock at an initial conversion price of $0.38 per share, subject to adjustment for stock
splits, fundamental transactions or similar events. The holders of the secured convertible promissory notes have a security interest
in all of our assets and those of our subsidiaries. These notes will convert into common stock automatically upon the closing of
this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Twelve Months
Ended December 31, 2012 Compared to Twelve Months Ended December 31, 2011</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>General</I>. As
of December 31, 2012, we had cash and cash equivalents of approximately $101,000, as compared to approximately $893,000 as of December
31, 2011. The decrease is attributable primarily to our net loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash used in our operating
activities was approximately $787,000 for the twelve months ended December 31, 2012, and approximately $547,000 for the same period
in 2011. The most significant usage of cash in our operating activities for the twelve months ended December 31, 2012 and 2011
was a net loss of approximately $1,275,000 and $723,000, respectively, which during the twelve months ended December 31, 2012 included
the amortization of the beneficial conversion feature of our convertible series B-2 promissory notes in the amount of approximately
$238,000, which is a non-cash item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash used in our investing
activities was approximately $5,000 during the twelve months ended December 31, 2012, compared to approximately $2,000 during the
same period in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash flow provided
by financing activities was approximately $1,325,000 for the twelve months ended December 31, 2011, compared to no cash flow used
in or provided by financing activities for the same period in 2012. The principal reason for the cash flow from financing activities
during 2011 was approximately $1,000,000 from the issuance of convertible series B-1 promissory notes and approximately $325,000
from the issuance of series B participating convertible preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Convertible Promissory
Notes</I>. As of December 31, 2012, we had convertible series B-1 promissory notes and convertible series B-2 promissory notes
with an aggregate principal amount outstanding of approximately $2,536,765, with aggregate accrued interest of $290,044. As of
December 31, 2012, no principal or interest had been paid on these notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Material Commitments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the terms of
the license agreement for NanoVibronix NWPT, if we have not paid aggregate royalty payments of at least $150,000 by August 2014,
we are required to pay the difference. We made an advance payment of $75,000 on account of future royalties during 2012 and remain
obligated to pay $75,000 by August 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Off Balance Sheet Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of September 30,
2013, we have no off-balance sheet transactions, arrangements, obligations (including contingent obligations), or other relationships
with unconsolidated entities or other persons that have, or may have, a material effect on our financial condition, changes in
financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Factors That May Affect Future Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our
future operating results will continue to be subject to quarterly variations based upon a wide variety of factors, including the
ordering patterns of our distributors, timing of regulatory approvals, the implementation of various phases of our clinical trials
and manufacturing efficiencies due to the learning curve of utilizing new materials and equipment. Our operating results could
also be impacted by a weakening of the Euro and strengthening of the New Israeli Shekel, or NIS, both against the U.S. dollar.
Lastly, other economic conditions we cannot foresee may affect customer demand, such as individual country reimbursement policies
pertaining to our products.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We were organized as a Delaware corporation
in October 2003. Through our wholly-owned subsidiary, NanoVibronix Ltd., a private company incorporated under the laws of the State
of Israel, we focus on noninvasive biological response-activating devices that target wound healing and pain therapy and can be
administered at home, without the assistance of medical professionals. Our products currently consist of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">WoundShield, a patch-based therapeutic ultrasound device that facilitates tissue regeneration and wound healing by using ultrasound to increase local capillary perfusion and tissue oxygenation;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">NanoVibronix NPWT, a small, lightweight pump with features that allow contamination-free handling of infected wound exudate and enhanced patient mobility;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">PainShield, a disposable patch-based therapeutic ultrasound technology to treat pain, muscle spasm and joint contractures by delivering a localized ultrasound effect to treat pain and induce soft tissue healing in a targeted area; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 75px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">UroShield, an ultrasound-based product that is designed to prevent biofilm in urinary catheters, increase antibiotic efficacy and decrease pain and discomfort associated with urinary catheter use.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of our WoundShield, PainShield
and UroShield products employs a small, disposable transducer that transmits low frequency, low intensity ultrasound acoustic
waves that seek to repair and regenerate tissue, musculoskeletal and vascular structures and increase antibiotic efficacy. Through
their size, effectiveness and ease of use, these products are intended to eliminate the need for technicians and medical personnel
to manually administer ultrasound treatment through large transducers, thereby promoting patient independence and enabling more
cost-effective home-based care. Our NanoVibronix NPWT is based on an existing standard of care for wound therapy treatment and
employs a technology that drains open cavity wounds and seeks to accelerate wound healing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PainShield and NanoVibronix NPWT are currently
approved for marketing in the U.S. by the U.S. Food and Drug Administration and all of our products, except for NanoVibronix NPWT,
have CE Mark approval in the European Union. We anticipate that we will apply for CE Mark approval for NanoVibronix NPWT within
six months after the closing of the offering to which this prospectus relates. We have a Canadian medical device license for PainShield
and UroShield, a certificate allowing us to sell PainShield, WoundShield and UroShield in Israel, a certificate allowing us to
sell PainShield in Australia, and we are able to sell PainShield, WoundShield and UroShield in India and Ecuador based on our CE
Mark. In addition, our distributor in Korea has applied for approval to sell PainShield and UroShield, and our distributor in Chile
has applied for approval to sell PainShield. We generally apply, through our distributor, for approval in a particular country
for a particular product only when we have a distributor in place with respect to UroShield.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the need to obtain regulatory
approvals, as described above, we anticipate that sales volumes and prices of our WoundShield and PainShield products will depend
in large part on the availability of coverage and reimbursement for self-administered use from third party payers. Third party
payers include governmental programs such as Medicare and Medicaid in the U.S., private insurance plans and workers&rsquo; compensation
plans. We do not currently have reimbursement codes for self-administered use or clinical use of WoundShield in any of the markets
in which we have regulatory authority to sell WoundShield. Of the markets in which we have regulatory authority to sell PainShield,
we have reimbursement codes in the United States (i.e., Current Procedural Terminology codes or &ldquo;CPT codes&rdquo;) for clinical
use only, but do not have such reimbursement codes for self-administered use of the product. NanoVibronix NPWT is generally reimbursed
by governmental and other third-party payers in the U.S. With respect to UroShield, which will be used primarily in a clinical
setting, we do not currently have reimbursement codes in any of the markets in which we have regulatory authority to sell UroShield.
We anticipate that we will begin to seek reimbursement codes for self-administered and clinical use of our products in the markets
in which we have regulatory authority to sell such products after the closing of this offering, however, there is no guarantee
that we will be successful in obtaining such codes quickly, or at all. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Assuming we are able to obtain adequate
financing, including through this offering, we plan to continue to work on the further commercialization of WoundShield and further
marketing of NanoVibronix NPWT. We intend to integrate our WoundShield ultrasound technology into NanoVibronix NPWT, which we believe
would make NanoVibronix NPWT a superior product within the negative pressure wound therapy market. We also intend to conduct ongoing
clinical trials of our PainShield product, with the aim of obtaining a favorable reimbursement code. With respect to our UroShield
product, we are currently seeking a strategic partner that is active in the urology market and would be interested in integrating
UroShield into its range of products. If we locate such a partner, we anticipate that we would continue to pursue U.S. Food and
Drug Administration approval of the product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ultrasound Technology and Our Products</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As noted above, each of our products, other
than NanoVibronix NPWT, is based on the use of low frequency ultrasound, which delivers energy through mechanical vibrations in
the form of sound waves. Ultrasound has long been used in physical therapy, physical medicine, rehabilitation and sports medicine.
Moreover, there is a growing body of research that supports the positive biological effects of ultrasound. A recent study indicates
that low frequency ultrasound increases nerve regeneration (Crisci AR, Ferreira AL, &ldquo;Low-intensity pulsed ultrasound accelerates
the regeneration of the sciatic nerve after neurotomy in rats&rdquo;, Ultrasound Med. Biol. 2002 October; 28(10):1335-41). According
to Atland, et. al., low frequency ultrasound also has important therapeutic metabolic effects (Altland OD, Dalecki D, Suchkova
VN, Francis CW, &ldquo;Low-intensity ultrasound increases endothelial cell nitric oxide synthase activity and nitric oxide synthesis&rdquo;,
J. Thromb. Haemost. 2004 April; 2(4):637-43). In addition, there is evidence that ultrasound increases the healing of fractures
(Warden SJ, Favaloro JM, Bennell KL, McMeeken JM, Ng KW, Zajac JD, Wark JD, &ldquo;Low-intensity pulsed ultrasound stimulates the
bone-forming response in UMR-106 cells&rdquo;, Biochem. Biophys. Res. Commun. 2001 August 24; 286(3):443-50 and Warden SJ, Bennell
KL, McMeeken JM, Wark JD, &ldquo;Acceleration of fresh fracture repair using the sonic accelerated fracture healing system (SAFHS)&rdquo;,
Calcif. Tissue Int. 2000 February; 66(2):157-63).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Research has further shown that ultrasound
therapy has resulted in increased collagen repair (Da Cunha A, Parizotto NA, Vidal BC, &ldquo;The effect of therapeutic ultrasound
on repair of the achilles tendon (tendo calcaneus) of the rat&rdquo;, Ultrasound Med. Biol. 2001 December; 27(12):1691-6), improved
resolution of inflammation (Young SR, Dyson M, &ldquo;Macrophage responsiveness to therapeutic ultrasound&rdquo;, Ultrasound Med.
Biol. 1990; 16(8):809-16) and increased tissue healing (Young SR, Dyson M, &ldquo;Effect of therapeutic ultrasound on the healing
of full-thickness excised skin lesions&rdquo;, Ultrasonics. 1990 May; 28(3):175-80), which are all important factors in the wound
healing process. Furthermore, research has shown that ultrasound therapy can contribute to increased membrane permeability (Sundaram
J, Mellein BR, Mitragotri S, &ldquo;An experimental and theoretical analysis of ultrasound-induced permeabilization of cell membranes,&rdquo;
Biophys. J. 2003 May; 84(5):3087-101) and accelerated fibrinolysis, a process that prevents blood clots from growing and becoming
problematic (Harpaz D, &ldquo;Ultrasound enhancement of thrombolytic therapy: observations and mechanisms&rdquo;, Int. J. Cardiovasc
Intervent. 2000 June; 3(2):81-89), which collectively improve the tissue regeneration process and healing of wounds. Sonophoresis,
a process that increases the absorption of semisolid topical compounds, including medications, into the skin, is an additional
significant effect of ultrasound therapy (Tezel A, Paliwal S, Shen Z, Mitragotri S, &ldquo;Low-frequency ultrasound as a transcutaneous
immunization adjuvant&rdquo;, Vaccine 2005 May 31; 23(29):3800-7).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In general, ultrasound causes the benefits
cited above by increasing local blood circulation, increasing vascular wall permeability, promoting protein secretion, promoting
enzymatic reactions, accelerating nitric oxide production, promoting angiogenesis (the formation of new blood vessels from pre-existing
vessels) and promoting fibroblast proliferation (fibroblasts are a type of cell that play a critical role in wound healing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Our proprietary technology consists
of a small, thin (1 millimeter) transducer that is capable of transmitting ultrasonic acoustic waves onto treatment surfaces with
a radius of up to 10 centimeters. This technology allows us to treat wounds by implanting our transducers into a small, portable
self-adhering acoustic patch, thereby eliminating the need for technicians and medical personnel to manually administer ultrasound
therapy, which should reduce the cost of therapy. Moreover, we believe that the delivery of ultrasound through our portable devices
is more effective than existing products, as our technology is better positioned to target the affected areas of the body. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> While there are currently a number of
products on the market that treat pain through ultrasound therapy, we believe that our products differentiate themselves
because they are portable, without the requirement to be plugged into an outlet and they have a frequency of 100kHz (in contrast
to other devices, which have a frequency of 1MHz), which means they do not produce heat that can damage tissue. They can therefore
be self-administered by the patient without the need to be moved about the treated area by the patient or a clinician, they can
be applied for a significantly longer period without the risk of tissue damage and they do not require the use of gel. We are
aware of one product under U.S. Food and Drug Administration review and with CE Mark approval that we understand does not need
to be plugged in and operates at a frequency of 3 MHz, which its manufacturer claims overcomes the need for movement around the
treated area and allows for a longer treatment period. We understand that this product does not generate surface acoustic waves
as our products do, which means that the treatment area is generally limited to that of the transducer&rsquo;s diameter (see the
diagram below), that the use of transmission gel is still required and that the transducer thickness is significantly greater
than ours (approximately 1.5cm). </P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tpg44a.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><I>Traditional ultrasound
device and our portable ultrasound patch-based device and a comparison of their energy distribution, where the X-axis represents
treatment surface and the Y-axis represents ultrasound energy penetration depth within tissue.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In a comparison of a traditional ultrasound
device and our portable ultrasound patch-based device, the bulk wave conventional ultrasound machines with handheld transducers
distribute the energy deeply into the body, as shown above in diagram (A) on the left. In comparison, our device distributes the
energy on the surface, as shown in diagram (B), thereby greatly increasing the treatment area. Our transducers may also be incorporated
into treatment patches, including patches that are designed to deliver medicine and other compounds through the skin. The generation
and delivery of low frequency ultrasound over a period of time to a specific area has been termed &ldquo;targeted slow-release
ultrasound&rdquo;. We believe that this delivery method of ultrasound may be comparable to that of slow release medication in the
pharmaceutical industry. This &ldquo;targeted slow-release&rdquo; capability is intended to allow for more frequent targeting of
the intended treatment area and thus may result in a more effective therapeutic response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Products</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>WoundShield and
NanoVibronix NPWT</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>WoundShield</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our WoundShield product is intended
to treat acute and chronic wounds with a disposable treatment patch that delivers localized therapeutic low frequency ultrasound.
The WoundShield patch has two configurations: one that is placed adjacent to the wound and another, called the instillation patch,
that is placed on the wound to enable instillation through sonophoresis, a process that increases the absorption of semisolid
topical compounds, including medications, into the skin. Based on studies conducted by BIO-EC Microbiology Laboratory and Rosenblum,
we believe that our WoundShield product possesses significant potential for the treatment of, among other things, diabetic foot
ulcers and burns (Gasser P, Study Report delivered by BIO-EC Microbiology Laboratory, Dec 2007, which we ordered, paid for, and
provided devices for; Rosenblum J, &ldquo;Surface Acoustic Wave Patch Diathermy Generates Healing In Hard To Heal Wounds,&rdquo;
European Wound Management Association 2011, for which we supplied devices but had no further involvement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tpg44b.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Picture of WoundShield Driver and Instillation
Patch</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WoundShield delivers surface acoustic waves
to the location of the wound. Surface acoustic waves move laterally across the surface of the wound, which enables the transfer
of the acoustic energy of the waves along the entire wound surface in a continuous and consistent mode, providing access to the
waves&rsquo; benefits for a longer treatment period than conventional ultrasound without the need for supervision or a treatment
session by a clinician.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WoundShield has been found to have a positive
effect on the epithelialization (healing by the growth of epithelial cells) of diabetic wounds, as well as on the stimulation of
the precursors of dermal and epidermal (skin) growth. As such, it is a useful adjunct to wound care by increasing dermal and epidermal
growth, including glycosaminoglycans, or GAGs (which bind to extracellular proteins like collagen, fibronectin, laminin, etc. and
retain considerable amounts of water, thus preserving the skin structure) as well as the amount of collagen (a protein that helps
skin heal) and decreasing the number of cells in mitosis (a type of cell division) (Gasser P, Study Report delivered by BIO-EC
Microbiology Laboratory, Dec 2007, which we ordered, paid for, and provided devices for; Rosenblum J, &ldquo;Surface Acoustic Wave
Patch Diathermy Generates Healing In Hard To Heal Wounds,&rdquo; European Wound Management Association 2011, for which we supplied
devices but had no further involvement). In addition, the WoundShield instillation patch allows for administration of therapeutic
agents into the wound area through a sonophoresis effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Many key processes in wound healing are
dependent upon an adequate supply of oxygen. Diabetic foot ulcers are particularly in need of an adequate oxygen supply because
the disease often results from poor perfusion (blood flow) and decreased oxygen tension. Oxygen is also important for the immune
system to ensure bacterial killing, synthesis of collagen, fibroblast proliferation (fibroblasts are a type of cell that play a
critical role in wound healing), oxidative (taking place in the presence of oxygen) pathways for adenosine triphosphate, or ATP,
formation (ATP transports chemical energy within cells for metabolism) and the nitric oxide dependent signaling pathways. It is
generally believed that a lack of available oxygen is a basic contributing factor in the perpetuation of these wounds. Recently,
wound healing experts have developed a technique of perfusing ischemic wounds (which occur when blood flow is blocked) with hyper-oxygenated
saline, while the wound is being treated with ultrasound, also known as sonication. This localized oxygenation therapy has many
advantages over the use of hyperbaric chambers (large chambers in which the oxygen pressure is above normal), a common method for
delivering oxygen to wounds, as it is more cost-effective, can be done at the patient&rsquo;s bedside and can be administered more
frequently. The WoundShield instillation patch was tested as a potential ultrasound technology for this localized oxygen therapy
and its performance exceeded the performance of the other ultrasound technologies tested. In one study (Morykwas M, &ldquo;Oxygen
Therapy with Surface Acoustic Waveform Sonication,&rdquo; European Wound Management Association 2011; we supplied devices for this
study, but had no further involvement with it), oxygen sensors were placed in the wound bed to directly measure partial pressure
of oxygen in an ischemic wound bed on a pig. The wound was perfused with hyperbaric oxygen and sonicated using the WoundShield
instillation patch. With surface acoustic wave ultrasound technology, tissue oxygen levels (partial pressure of oxygen in the blood,
or PaO2) were raised from a range of 20 mmHg (millimeters of mercury) to 60 mmHg in peripheral (periwound) areas, a 3 centimeter
distance away from the transducer, and from 40 mmHg to greater than 100 mmHg in the central wound bed lying below the WoundShield
instillation patch (see table below). The results of this study illustrated that the WoundShield instillation patch allowed oxygen
to directly enter into the wound. The direct entry of the oxygen increased the amount of oxygen reaching the wound, which has been
shown to advance the healing process. In addition, we believe that WoundShield&rsquo;s small size, lower cost and ease of use makes
localized oxygen treatment commercially viable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tpg45.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In 2012, results were published of a human
feasibility trial for the WoundShield instillation patch that was performed at Duke University in North Carolina. Seven patients
were treated with the WoundShield instillation patch for their wounds and average tissue oxygen levels (PaO2) increased by an average
of 58% over baseline (Covington S, &ldquo;Ultrasound-Mediated Oxygen Delivery to Lower Extremity Wounds,&rdquo; Wounds 2012; 24(8)).
We supplied devices for this trial, but had no further involvement with it. Based upon the results of this trial, we are planning
a series of clinical trials with an end point claim that our WoundShield product enhances perfusion in chronic wounds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>NanoVibronix NPWT</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NanoVibronix NPWT is a small, lightweight
pump that provides for enhanced patient mobility through negative pressure wound therapy. Negative pressure wound therapy is a
topical treatment intended to promote healing in acute and chronic wounds affected by conditions including diabetes, arterial insufficiency
(a lack of enough blood flow through the arteries) and venous insufficiency (impaired blood flow through the veins). Negative pressure
wound therapy promotes wound healing by delivering controlled and regulated negative pressure (a vacuum) to the wound bed. This
distributed negative pressure helps draw wound edges together, removes infectious materials and actively promotes granulation at
the cellular level. The vacuum system of NanoVibronix NPWT provides drainage for open cavity wounds, which promotes healing in
acute or chronic wounds and severe burns, and allows for infected wound exudate to be disposed of safely without cross contamination.
Negative pressure wound therapy is an accepted standard of care for wound treatment and carries favorable reimbursement coding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tpg46.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Picture of NanoVibronix NPWT</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Integrated WoundShield
and NanoVibronix NPWT Product</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While we are currently developing and marketing
WoundShield and NanoVibronix NPWT as separate products, we intend to develop and market a new product that integrates the two.
We anticipate that the integration of the WoundShield ultrasound technology and the NanoVibronix NPWT platform will create a product
that provides the benefits of both negative pressure wound therapy and ultrasound therapy. We believe that this new device will
be very attractive due its ability to deliver multiple methods of wound therapy in one device. This product, however, will require
separate approval by the U.S. Food and Drug Administration. To secure early approval for this product, we intend to design a clinical
trial that is similar to the clinical trials being designed for WoundShield that focus on enhancing perfusion in chronic wounds.
We anticipate that the integrated WoundShield and NanoVibronix NPWT product could be developed and submitted for U.S. Food and
Drug Administration approval in the fourth quarter of 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Market for Wound-Healing
Devices </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The global wound care device market is continuously
growing and expected to reach $20.3 billion by 2015 (&ldquo;Anticipated market in 2015, Wound Care Products: A Global Strategic
Business Report,&rdquo; September 2011). In addition, the negative pressure wound therapy market is expanding, in light of recent
approvals in Japan and a growing diabetes patient pool and currently is estimated at approximately $2 billion (&ldquo;Negative
Pressure Wound Therapy Market to 2017,&rdquo; <I>GBI Research</I>, June 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to a report entitled &ldquo;Advances
in Wound Closure Technology&rdquo; by Frost and Sullivan (2005), approximately 25% of all patients with diabetes develop a foot
or leg ulceration at some time during the course of their disease. Some 3.5 million individuals globally suffer from diabetes related
foot or leg ulcerations each year. In addition, according to the National Hospital Ambulatory Medical Survey (2000-2004), approximately
500,000 patients receive medical treatment annually for burn injuries in the U.S., with the global number estimated at 1 million.
There are also policy-based factors that may increase the size of the wound care market. For example, the Commonwealth of Massachusetts
announced a policy not to pay for patients who develop Grade 3 or 4 pressure ulcers acquired in a healthcare facility. We anticipate
that these types of decisions will be made on a more widespread basis, which may create a large market opportunity for wound care
products, including WoundShield. Furthermore, in 2009, the Centers for Medicare and Medicaid Services announced that they would
stop reimbursements for treatment of certain complications that they believed were preventable with proper care. One such complication
was surgical site infections after certain elective procedures, including some orthopedic surgeries and bariatric surgery. We believe
that such developments incentivize medical care providers to invest in reducing the risk of infection through the use of wound
care products, including WoundShield and our planned NanoVibronix NPWT product with WoundShield technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Competition for
WoundShield and NanoVibronix NPWT</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The market for advanced wound care includes
a large number of competitors, such as Kinetic Concepts, Inc., or KCI, Smith and Nephew plc and Convatec Inc., all of whom market
wound-healing medical devices. Due to their size, in general these companies may have significant advantages over us. These competitors
have their own distribution networks for their products, which gives them an advantage over us in reaching potential customers.
In addition, they are vertically-integrated, which may allow them to maximize efficiencies that we cannot achieve with our third-party
suppliers and distributors. Finally, because of their significantly greater resources, they could potentially choose to focus on
research and development of technology similar to ours, more than we are able to. In general, we believe that these competitors
have, and will continue to have, substantially greater financial, technological, research and development, regulatory and clinical,
manufacturing, marketing and sales, distribution and personnel resources than we do. However, we believe that our products differentiate
us from these competitors, and we will be competitive on the basis of our advantageous technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At present, ultrasound treatment for wounds
is limited only to wound debridement (removal of damaged tissue or foreign objects from a wound) and such products are marketed
by Misonix Inc., which produces SonicOne products, and Celleration Inc., which produces the MIST Therapy System. Due to their size,
in general these companies may have the same advantages over us discussed with respect to our competitors in the paragpraph above.
However, both of these ultrasound devices are indicated for use only in medical clinics and require an operator to deliver their
treatment, thus limiting their use and application. The MIST Therapy System is a non-contact ultrasound device that delivers ultrasound
through a mist that is applied directly on the wound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that these therapies are less
advantageous than WoundShield because they require an operator to deliver the treatment and the removal of bandages to target the
wound bed. In contrast, the WoundShield patch sits on normal skin bordering the open wound and no manipulation of the wound bandage
is required. Moreover, WoundShield can be self-administered, without an operator, in both clinics and home settings. We also believe
that WoundShield will be able to provide superior wound care therapy at a lower price than the existing products being used by
medical practitioners. As such, we believe that facilities that are reimbursed based upon diagnosis-related groups will be more
inclined to adopt WoundShield because it will provide the same therapeutic results at a significantly lower cost than traditional
ultrasound therapies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The most common method of oxygen administration
for wound healing is hyperbaric oxygen therapy, especially to treat specific ulcerations in diabetic patients. Hyperbaric oxygen
therapy has been shown to increase vascular endothelial growth factor expression, which measures the creation of new blood vessels
(Fok TC, at el, &quot;Hyperbaric oxygen results in increased vascular endothelial growth factor (VEGF) protein expression in rabbit
calvarial critical-sized defects&quot;, Schulich School of Medicine and Dentistry, University of Western Ontario, Canada). The
activation of endothelial cells by VEGF sets in motion a series of steps toward the creation of new blood vessels (J Lewis et
al, National Cancer Institute, Understanding Cancer and Related Topics, Understanding Angiogenesis). We believe that the WoundShield
instillation patch, which can be used as an oxygen instillation system, will be complementary to, or in some cases an alternative,
to the use of hyperbaric chamber therapy. This complementary treatment option will allow the treating physician greater therapeutic
versatility in treating wounds. For a certain populace of patients, we believe that the WoundShield instillation patch could provide
physicians with an alternative to hyperbaric oxygen therapy because it provides the same benefits as hyperbaric oxygen therapy
at a lower cost to the patient. There are a number of competitors in the hyperbaric chamber therapy market, including over twelve
companies in the U.S. Due to their size, in general these companies may have the same advantages over us discussed with respect
to our competitors in the first paragpraph of this section. However, we believe that the WoundShield instillation patch possesses
certain advantages over the existing hyperbaric chamber therapy, including lower cost and greater ease of use. In addition, we
do not believe that the WoundShield instillation patch will necessarily compete with hyperbaric chamber therapy, but rather will
often complement such therapy.<B> &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While we believe that WoundShield is well
positioned to capture a share of the wound care market, WoundShield may be unable to achieve its anticipated place in the wound
care market due to a number of factors, including, but not limited to, an inability to obtain the approval of the U.S. Food and
Drug Administration, its failure to treat wounds for which it is indicated and its failure to be adopted by health care practitioners
and facilities or patients because of its status as a new product in a market that relies on patient-focused initiative to treat
wounds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the negative pressure wound therapy market,
in 2010, Kinetic Concepts, Inc. possessed a 74% global market share. Smith &amp; Nephew plc was the only major company at that
time to compete with Kinetic Concepts, Inc. However, due to the expiration of Kinetic Concepts, Inc.&rsquo;s patents for negative
pressure technology, additional companies such as Medela, Talley Group Limited and M&ouml;lnlycke Health Care have entered this
market and now offer competing products in the U.S. and abroad. It is predicted that Kinetic Concepts, Inc.&rsquo;s global market
share will decline as more companies enter the negative pressure market (&ldquo;Negative Pressure Wound Therapy Market to 2017,&rdquo;
<I>GBI Research</I>, June 2012). While the current negative pressure wound therapy market contains both established companies and
a growing number of smaller competitors, we believe NanoVibronix NPWT will be able to establish itself in the market due to its
competitive pricing and the fact that all of the product&rsquo;s parts that come in contact with wound exudates are disposable.
However, as more negative pressure wound therapy pumps are marketed, it is possible that NanoVibronix NPWT will be unable to compete
against more competitively priced alternatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, we believe that there currently
is no product in the negative pressure wound therapy market similar to the anticipated integrated WoundShield and NanoVibronix
NPWT product, which we believe should be able to provide both negative pressure therapy and the benefits of ultrasound therapy.
However, we note that because this integrated product is still in its early stages, its anticipated success is dependent upon a
number of factors, including WoundShield obtaining U.S. Food and Drug Administration approval and the ability for the integrated
product to be commercialized prior to the commercialization of any similar products by our competitors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Regulatory Strategy</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For a general discussion of the U.S. Food
and Drug Administration approval process with respect to our products, and regulation of our products in general, see &ldquo;&ndash;Government
Regulation&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our general regulatory strategy for our
WoundShield products is focused on seeking U.S. Food and Drug Administration approval for our products for a variety of indications.
We received 510(k) clearance from the U.S. Food and Drug Administration to market NanoVibronix NPWT in the U.S. in August 2012.
Such clearance is for patients who would benefit from a suction device (negative pressure to help promote wound healing by removing
fluids including irrigation and body fluids, wound exudates and infectious materials). Examples of appropriate wound types include
diabetic/neuropathic ulcers, pressure ulcers, chronic wounds, acute wounds, dehisced wounds, partial-burns, and flaps and grafts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WoundShield obtained CE Mark approval in
November 2012 for use in wound healing. Following preliminary clinical studies that demonstrated WoundShield&rsquo;s ability to
enhance blood perfusion, we plan to design a clinical trial for WoundShield with an end point of enhanced perfusion in chronic
wounds. We believe that this trial will take approximately six months. We are finalizing the protocol for this study, which we
anticipate will commence before the end of the year. We intend to coordinate this trial with the Centers for Medicare and Medicaid
Services, private insurers and the U.S. Food and Drug Administration to insure that the data generated will be adequate to obtain
U.S. Food and Drug Administration approval and reimbursement when used in the outpatient setting. We believe that seeking U.S.
Food and Drug Administration approval for an indication limited to enhancing perfusion in chronic wounds will require less complicated
clinical trials than if we were to seek approval for other indications, such as wound healing, which in turn will shorten the time
necessary to commercialize WoundShield.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following U.S. Food and Drug Administration
approval for WoundShield, and once the product is developed, we intend to submit a second U.S. Food and Drug Administration application
for the integrated WoundShield and NanoVibronix NPWT product. Similar to our clinical trials for WoundShield, we intend to structure
these trials with an end point claim of enhanced perfusion in chronic wounds. We believe that the approval process for the integrated
product should be the shorter 510(k) clearance, because both components will already have U.S. Food and Drug Administration approval.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also intend to begin clinical studies
that compare localized surface acoustic wave-enhanced oxygen therapy for wounds versus either the current standard of care for
such wounds or treatment with the hyperbaric chamber for ischemic wounds. For these studies, we intend to coordinate with the U.S.
Food and Drug Administration to insure that the data generated will be adequate to obtain U.S. Food and Drug Administration approval
for the WoundShield instillation patch and lead to reimbursement of this product. Once we have obtained U.S. Food and Drug Administration
approval for certain limited indications for our WoundShield products, we intend to seek approval for a wider range of indications,
including wound healing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Sales and Marketing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In January 2013, we entered into an exclusive
distribution agreement for the distribution of NanoVibronix NPWT in the U.S. The distributor has begun marketing NanoVibronix NPWT
through participating in product presentations at conferences related to wound therapy and targeting distributors who are selling
or renting negative pressure wound therapy equipment to clinics and hospitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have sold limited numbers of our WoundShield
products through our website and our distributor in Italy. Following completion of this offering, we intend to aggressively market
WoundShield in Europe and pursue the necessary approvals to commence marketing in the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Clinical Trials</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Negative pressure wound treatment is not
a novel technology and already has a reimbursement code. Therefore, clinical trials with respect to NanoVibronix NPWT are not needed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to WoundShield, to date, we
have conducted the following evaluation studies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap style="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Purpose</b></font></td>
    <td nowrap style="vertical-align: top; width: 1%">&nbsp;</td>
    <td nowrap style="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Doctor/Location</b></font></td>
    <td nowrap style="vertical-align: top; width: 1%">&nbsp;</td>
    <td nowrap style="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Time,</b></font><br>
<font style="font-size: 10pt"><b>subjects</b></font></td>
    <td nowrap style="vertical-align: top; width: 1%">&nbsp;</td>
    <td nowrap style="vertical-align: bottom; width: 30%; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Objectives</b></font></td>
    <td nowrap style="vertical-align: top; width: 1%">&nbsp;</td>
    <td nowrap style="vertical-align: bottom; width: 28%; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Results</b></font></td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clinical evaluation</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Physician initiated</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Dr. J. Rosenblum, Shaare Zedek Medical Center</font></td>
    <td>&nbsp;</td>
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2008</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8 patients</P></td>
    <td>&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To evaluate novel technology on wound healing in diabetic foot
        ulcers.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Therapy showed significant changes in wound, wound size was reduced, patients felt less pain, necrotic tissue was less adhesive, necrotic tissue decreased in size.</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clinical evaluation</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Physician initiated</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Dr. J. Rosenblum, Shaare Zedek Medical Center</font></td>
    <td>&nbsp;</td>
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2010</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8 patients</P></td>
    <td>&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To evaluate novel technology on wound healing in diabetic foot
        ulcers.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">The device had a positive effect on both epitheliazation of diabetic wounds as and stimulating the precursors of dermal and epidermal growth. </font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clinical evaluation</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Physician initiated</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Dr. S. Covington</font></td>
    <td>&nbsp;</td>
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2010</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7 patients</P></td>
    <td>&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The study aimed to determine if hyper oxygenated saline delivered
        by surface acoustic waves improves tissue oxygenation in lower extremity wounds.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Surface acoustic wave technology in conjunction with oxygenated saline can increase interstitial oxygen in wound bed. This trial to validate proof of concept was put on hold due to financial constraints.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are able to obtain sufficient funding,
we anticipate conducting the following clinical trials:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap style="width: 27%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Trial</b></font></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 18%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Place</b></font></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 13%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Start Date/Timing</b></font></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 39%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Objectives</b></font></td></tr>
<tr style="vertical-align: top">
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Woundshield ultrasound patch enhances perfusion
        of blood</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">30 patient trial</P></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">University of North Carolina (Rex Hospital)</FONT></td>
    <td>&nbsp;</td>
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6-month duration</P></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">Safety and efficacy of Woundshield in enhancing blood flow and oxygenation of wounds.</FONT></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Woundshield ultrasound patch enhances wound healing</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">200 patient trial</P></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">University of North Carolina (Rex Hospital)</FONT></td>
    <td>&nbsp;</td>
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12-month duration</P></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">Safety and efficacy of WoundShield in wound healing.</FONT></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt">Woundshield ultrasound patch combined with NanoVibronix NPWT 200 patient trial</FONT></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">University of North Carolina (Rex Hospital)</FONT></td>
    <td>&nbsp;</td>
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 2015</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12-month duration</P></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">Safety and efficacy of combination product in enhancing instillation therapy in NanoVibronix
    NPWT.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>PainShield</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PainShield is an ultrasound diathermy device
(diathermy is the production of heat in a part of the body by high-frequency electric currents), consisting of a driver unit and
a disposable patch, which contains our proprietary therapeutic transducer. It delivers a localized ultrasound effect to treat pain
and induce soft tissue healing in a targeted area, while keeping the level of ultrasound energy at a safe and consistent level
of 0.4 watts. We believe that PainShield is the smallest and most portable therapeutic ultrasound device on the market and the
only product in which the ultrasound transducer is integrated in a therapeutic disposable application patch.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The existing ultrasound therapy devices
being used for pain reduction are primarily large devices used exclusively by clinicians in medical settings. PainShield is able
to deliver ultrasound therapy without being located in a health care facility or clinic because it is portable, due to it being
lightweight and battery operated. Because it is patch based and easy to apply, PainShield does not require medical personnel to
apply ultrasound therapy to the patient. The patient benefits include its ease of application and use, faster recovery time, high
compliance, safety and efficacy (Adahan M, et al, &ldquo;A Sound Solution to Tendonitis: Healing Tendon Tears With a Novel Low-Intensity,
Low-Frequency Surface Acoustic Ultrasound Patch,&rdquo; <I>American Academy of Physical Medicine and Rehabilitation Vol. 2</I>,
685-687, July 2010). PainShield can be used by patients at home or work or in clinical setting and can be used even while the
patient is sleeping. Its range of applications includes acute and chronic pain reduction and anti-inflammatory treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tpg50.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Picture of PainShield with Patch</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PainShield is used to treat tendon disease
and trigeminal neuralgia (a chronic pain condition that affects the trigeminal or 5th cranial nerve, one of the most widely distributed
nerves in the head); previously, the therapeutic options for these disorders have been very limited. PainShield has also been used
to treat pelvic and abdominal pain. To date, the only treatment options for these conditions are pain medication and surgery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Market for PainShield
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pain is one of the most common conditions
that hinder quality of life of vast populations of patients on a regular basis. Pain-related complaints are the most common reason
patients seek treatment from physicians (Prince V, &ldquo;Pain Management in Patients with Substance-Use Disorders,&rdquo; Pain
Management, PSAP-VII, Chronic Illnesses). According to Bonica&rsquo;s Management of Pain (2001), a work considered current in the
industry based on available industry data, and Landro L, &ldquo;New Ways to Treat Pain: Tricking the Brain, Blocking the Nerves
in Patients When all Else Has Failed,&rdquo; Wall Street Journal, May 11, 2010, approximately 25% of the U.S. population, 75 million
people, suffer from chronic pain. We estimate that approximately 150 million individuals globally suffer from chronic pain. Studies
have shown that low-frequency ultrasound treatment has yielded positive results for a variety of indications, including tendon
injuries and short-term pain relief (Warden SJ, &ldquo;A new direction for ultrasound therapy in sports medicine,&rdquo; Sports
Med. 2003; 33 (2):95-107), chronic low back pain (Ansari NN, Ebadi S, Talebian S, Naghdi S, Mazaheri H, Olyaei G, Jalaie SA, &ldquo;Randomized,
single blind placebo controlled clinical trial on the effect of continuous ultrasound on low back pain,&rdquo; Electromyogr Clin
Neurophysiol. 2006 Nov; 46(6):329-36) and sinusitis (Ansari NN, Naghdi S, Farhadi M, Jalaie S, &ldquo;A preliminary study into
the effect of low-intensity pulsed ultrasound on chronic maxillary and frontal sinusitis,&rdquo; Physiother Theory Pract. 2007
Jul-Aug; 23(4):211-8). We believe that PainShield&rsquo;s technology, portability and ease of use may result in it becoming an
attractive product in the pain management and therapy field.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Competition</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are numerous products and approaches
currently utilized to treat chronic pain. The pharmacological approach, which may be the most common, focuses on drug-related treatments.
Alternatively, there are a large number of non-pharmacological pain treatment modalities available, such as ultrasound, transcutaneous
electrical nerve stimulation, or TENS, laser therapy and pulsed electromagnetic treatment. In addition, there are some technologies
and devices in the market that utilize low frequency ultrasound or patch technology. Many patients are initially prescribed anti-pain
medication; however, ongoing use of drugs may cause substantial side effects and lead to addiction. Therefore, patients and clinicians
have shown great interest in alternative pain therapy using medical devices that do not carry these side effects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The currently available ultrasound treatments
for chronic pain have generally been accepted by the medical community as standard treatment for pain management. However, the
traditional ultrasound treatments, such as those manufactured or distributed by Mettler Electronics Corp, Metron USA and Zimmer
MedizinSysteme, are stationary devices found only in clinics and other health care facilities that need to be administered to
patients by health care professionals. We are aware of three companies that market smaller ultrasound devices capable of certain
self-administered use for the treatment of pain: Koalaty Products, Inc., Sun-Rain System Corp. and PhysioTEC. These devices generally
function in the same manner, at the same frequency and with the same administration and safety requirements and limitations as
traditional, larger ultrasound devices. We are also aware of one product under U.S. Food and Drug Administration review and with
CE Mark approval, marketed by ZetrOZ, Inc., that we understand may eliminate certain of these requirements and limitations, namely
the requirement to be plugged in, the need for movement around the treated area and the relatively short safe treatment period.
However, like traditional ultrasound, we understand that this product does not generate surface acoustic waves as our products
do, which means that the treatment area is generally limited to that of the transducer&rsquo;s diameter, that the use of transmission
gel is still required and that the transducer thickness is significantly greater than ours (approximately 1.5cm). In addition,
there are other patch-based methods of pain treatment, such as TENS therapy. TENS therapy is generally not supported by widespread
clinical evidence of its efficacy. In addition, TENS therapy may be painful and irritating for the patient due to the muscle contractions
resulting from the electrical pulses. PainShield combines the efficacy of ultrasound treatment for pain with the ease of use and
portability of a patch-based system. PainShield also may be self-administered by the patient, including while the patient is sleeping.
However, if we are unable to obtain widespread insurance coverage and reimbursement for PainShield, its acceptance as a pain management
treatment would likely be hindered, as patients may be reluctant to pay for the product out-of-pocket. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Regulatory Strategy</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PainShield received 510(k) clearance from
the U.S. Food and Drug Administration in October 2008 for treatment of selected medical conditions such as relief of pain, muscle
spasms and joint contraction. PainShield received CE Mark approval in July 2008 and was also approved for sale by the Israeli Ministry
of Health in 2010. We have a Canadian medical device license for PainShield, a certificate allowing us to sell PainShield in Australia,
and we are able to sell PainShield in India and Ecuador based on our CE Mark. In addition, our distributors in Korea and Chile
have applied for approval to sell PainShield, which approvals we believe we will receive within a few months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the U.S., PainShield falls under the
diathermy classification for the treatment of pain for initial reimbursement purposes. The permitted reimbursement codes can be
used in the outpatient supervised medical setting. We intend to coordinate with the Centers for Medicare and Medicaid Services
and private insurers so that reimbursement can be extended to cover the administration of PainShield outside of health care facilities
and clinics. In addition, we intend to conduct clinical trials in order to effectively market PainShield for a larger range of
indications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Sales and Marketing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PainShield was introduced in 2009 as a treatment
for pain and other clinical problems, such as tendonitis, sports injuries, pelvic pain and neurologic pain and we have sold approximately
1,000 units and 6,000 treatment patches since its introduction. We have entered into distribution agreements in North America,
Europe, Asia, the Middle East and Australia and New Zealand for the distribution of PainShield. We intend to seek additional distribution
opportunities in Europe, East Asia and South America. In addition, we sell PainShield directly to patients through our website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Clinical Trials</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To date, we have conducted the clinical
trials set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap style="width: 18%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Purpose</b></font></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 15%; border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font-size: 10pt"><b>Doctor/Location</b></font></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 8%; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Time,</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>subjects</b></P></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 31%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Objectives</b></font></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 24%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Results</b></font></td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A sound solution for Trigerminal Neuralgia</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Physician initiated</P></td>
    <td>&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. Ch. Adahan</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shiba medical Center</P></td>
    <td>&nbsp;</td>
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2009</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15 patients</P></td>
    <td>&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;Reduction
        in pain</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;Reduction
        in disability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;Improvement
        of function and quality of life</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;Accelerating
        of healing</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">73% of the subjects experienced complete or near complete relief.</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Randomized control trial examining the efficacy of low intensity
        low frequency Surface Acoustic wave ultrasound in trigerminal neuralgia pain</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For Ph.D., Funded by Israeli Ministry of Health</P></td>
    <td>&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. M. Zwecker</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chaim Sheba Medical Center, Tel Hashomer, Israel</P></td>
    <td>&nbsp;</td>
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2012-2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19 patients</P></td>
    <td>&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;Reduction
        in pain</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;Reduction
        in disability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;Improvement
        of function and quality of life</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;Accelerating
        of healing</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">In conclusion this study supports the hypothesis that the application of Low Intensity Low Frequency Surface Acoustic Wave Ultrasound (LILF/SAW) may be associated with a clinically significant reduction of pain severity among patients suffering from trigerminal neuralgia disease.</font></td></tr>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Treating Rutgers university athletic injuries with bandaid sized
        ultrasound unit Painshield</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 15%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">R. Monaco,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">G. Sherman,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rutgers University Athletic, Rutgers, New Jersey</P></td>
    <td style="width: 1%">&nbsp;</td>
    <td nowrap style="width: 8%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2011</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">40 patients</P></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 31%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;To
        assess the pain, functional capacity and discomfort of the subject</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;To
        assess the subject&rsquo;s quality of life</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;To
        assess the injury status</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;To
        assess the efficacy of the treatment</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;To
        assess compliance factors</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt">&nbsp;</P></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 24%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.75pt">Preliminary results:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.75pt">Active group:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.75pt">70% had improvement, 30% no change</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.75pt">Sham group:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.75pt">70% no change, 30% had improvement</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is a really good indication of the effectiveness of the
        device.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lack of funding for statistical analysis has stopped this trial
        prior to fulfillment.</P></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Reduction of chronic abdominal and pelvic pain, urological and GI symptoms using wearable device delivering low frequency ultrasound</font></td>
    <td>&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">D. Wiseman,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Synechion Institute for Pelvic Pain</P></td>
    <td>&nbsp;</td>
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2011</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19 patients</P></td>
    <td>&nbsp;</td>
    <td style="padding-left: 0.25in; text-indent: -9pt"><font style="font: 10pt Symbol">&middot;</font><font style="font-size: 10pt">&nbsp;&nbsp;To assess the efficacy of Painshield for pelvic and related pain</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Improvement in pain related symptoms noted for all symptoms.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are able to obtain sufficient funding,
we anticipate conducting the following clinical trials:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap style="width: 25%; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Trial</b></font></td>
    <td nowrap style="width: 1%">&nbsp;</td>
    <td nowrap style="width: 13%; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Place</b></font></td>
    <td nowrap style="width: 1%">&nbsp;</td>
    <td nowrap style="width: 18%; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Start&nbsp;Date/Timing</b></font></td>
    <td nowrap style="width: 1%">&nbsp;</td>
    <td nowrap style="width: 41%; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Objectives</b></font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">PainShield for Trigeminal Neuralgia 80 patient trial</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">To be determined</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">To be determined</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Safety and Efficacy of PainShield in Trigeminal Neuralgia</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PainShield for Pelvic Pain</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">200 patient trial</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">To be determined</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">To be determined</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Safety and Efficiacy of PainShield in Chronic Pelvic Pain</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>UroShield</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">UroShield is intended to prevent biofilm,
increase antibiotic efficacy in the catheter lumen and decrease pain and discomfort associated with urinary catheter use. It is
designed to be used with any type of indwelling urinary catheter regardless of the material or coating. We believe UroShield is
the first medical device on the market that attempts to simultaneously address all of the aforementioned catheter-related issues.
UroShield is similar in design to WoundShield and PainShield, in that it uses a driver unit that produces low frequency, low intensity
ultrasound. The driver unit connects to a disposable transducer that is clipped onto the external portion of the catheter to deliver
ultrasound therapy to all catheter surfaces as well as the tissue surrounding the catheter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="tpg53.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Picture of UroShield with actuator</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The UroShield system has the following advantageous
effects:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt"><b>Prevention or Reduction of Biofilm</b>. The low frequency ultrasound generated by UroShield has been shown to decrease adherence of bacteria to catheter surfaces, thereby reducing biofilm. Biofilm is the complex matrix required for bacteria to grow and cause infection. See the discussion of our Heidelberg 1 trial below.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt"><b>Decreased Catheter Associated Pain and Discomfort</b>. We believe that UroShield creates an acoustic envelope on the surfaces of the catheter, which decreases friction and tissue trauma, pain and discomfort caused by the catheter. In addition, the tissue in contact with the catheter remains healthier and less traumatized as a result of the application of low frequency and low intensity ultrasound (Tenke P, &ldquo;The effectiveness of acoustic energy induced by UroShield in the prevention of bacteriuria and the reduction of patients&rsquo; complaints related to long-term indwelling urinary catheters,&rdquo; 26th Annual Congress of the European Association of Urology (EAU) Congress, Vienna, March 2011; we supplied devices for this study and paid for electron microscopy analysis, but had no further involvement with it).</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt"><b>Acoustically Augmented Antibiotic Therapy.</b> Antibiotic resistance in biofilm bacteria is a well-known phenomenon. Although it has been known that ultrasound can increase antibiotic efficacy in in-vitro models, we do not believe that there has been a practical ultrasound-based medical device that was able to augment antibiotic efficacy in the clinical setting. UroShield technology has been shown to eradicate biofilm-residing bacteria by greater than 85% when applied simultaneously with an antibiotic in three clinically relevant species, escherichia coli, staphylococcus epidermidis and pseudomonas aeruginosa (Banin E, et al., &ldquo;Surface acoustic waves increase the susceptibility of Pseudomonas aeruginosa biofilms to antibiotic treatment,&rdquo; Biofouling, August 2011; we supplied devices for this study, but had no further involvement with it).</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt"><b>Preservation of the Patency of Catheters.</b> We believe that low frequency ultrasound applied to catheters will add an anti-clogging effect and will preserve patency of catheters. This effect is achieved by ultrasound waves creating an acoustic layer on the inner lumen of the urinary catheter, thereby preventing adherence of biological material and bilofilm formation. We believe that this anti-clogging benefit will help prevent local infection and sepsis secondary to catheter obstruction.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">UroShield has undergone a number of clinical
trials. The Heidelberg 1 trial, which we sponsored, was a 22 patient randomized, double blind, sham-controlled, independent trial
that tested UroShield&rsquo;s safety and ability to prevent biofilm in patients with an indwelling Foley catheter. The trial demonstrated
that UroShield prevented biofilm in all patients with the active device as compared to biofilm being found in seven of eleven of
the control patients. In addition, there was a marked decrease in pain, discomfort and spasm in the active UroShield patients,
as evidenced by a statistically significant decrease in the requirement for the medications required to treat urinary catheter
associated pain and discomfort (Ikinger U, &ldquo;Biofilm Prevention by Surface Acoustic Nanowaves: A New Approach to Urinary Tract
Infections?,&rdquo; 25th World Congress of Endourology and SWL, Cancun, Mexico, October 2007).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In a subsequent physician-sponsored trial
known as Heidelberg 2, 40 patients who underwent radical prostatectomies were divided into two groups, with the active group receiving
one intra-operative dose of antibiotics and UroShield and the control group receiving one intra-operative dose of antibiotics
and then five subsequent doses over three days. At the end of the trial, the control group had four cases of bacteruria, as compared
to one in the active group. In a third trial, a physician-sponsored open label trial, ten patients who received emergency placement
of a urinary catheter due to acute obstruction were given a UroShield device and followed with regard to their pain, discomfort,
spasm and overall well-being. Within 24 hours, all patients showed improvement and increased toleration of the catheter (Zillich
S., Ikinger U, &ldquo;Biofilmpr&auml;vention durch akustische Nanowellen: Ein neuer Aspekt bei katheterassoziierten Harnwegsinfektionen?,&rdquo;
Gesellschaft f&uuml;r Urologie, Heilbronn, Germany, May 2008). We supplied devices for this trial, but had no further involvement
with it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Market for UroShield</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to Urological Catheters &ndash;
A Global Strategic Business Report, Global Industry Analysis Inc. 2003, over 55 million indwelling urinary catheters are sold annually
worldwide. In addition, as of October 1, 2008, Medicare stopped authorizing its payment to hospitals in which patients have developed
a catheter-associated urinary tract infection that was not present on admission. This provides hospitals in the U.S. with a substantial
financial incentive to reduce the occurrence of such infections through the use of products such as UroShield, which help prevent
infections hospitals would otherwise have to treat without reimbursement. In addition, it has been noted that the Centers for Medicare
&amp; Medicaid Services may fine hospitals in the future when their patients develop catheter acquired urinary tract infection,
which will likely increase the incentive of hospitals to invest in technologies that may prevent this complication (Brown J, et
al. &ldquo;Never Events: Not Every Hospital-Acquired Infection Is Preventable, Clinical Infectious Diseases, 2009, 49 (5)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Competition</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Several types of products have been introduced
to address the growing problem of catheter-acquired infection and biofilm formation on catheter surfaces. Manufacturers offer antibiotic-coated
and antiseptic-impregnated catheters. In addition, manufacturers have produced silver-coated catheters, which have been shown in
small studies to delay bacteruria for about two to four days. However, larger studies did not corroborate this result; on the contrary,
silver hydrogel was associated with overgrowth of gram positive bacteria in the urine (Riley DK, Classen DC, &ldquo;A large randomized
clinical trial of a silver-impregnated urinary catheter: lack of efficacy and staphylococcal superinfection,&rdquo; Am. J. Med.
1995 April; 98(4):349-56).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">UroShield has been designed to be added
to any type of catheter, including Foley catheters and silver-coated catheters, to improve a catheter&rsquo;s infection prevention
performance. UroShield is not intended to replace any existing products or technologies, but instead is intended to assist these
existing products or technologies in preventing catheter-acquired urinary injury and catheter associated complications. UroShield
may be unable to achieve its anticipated catheter market share due to a number of factors, including, but not limited to, an inability
to obtain approval of the U.S. Food and Drug Administration and failure to be adopted by health care practitioners and facilities
because of its status as a new product in the market, without an established niche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Regulatory Strategy</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">UroShield received CE Mark approval in September
2007 and was also approved for sale by the Israeli Ministry of Health in 2008. We have a Canadian medical device license for UroShield
and we are able to sell UroShield in India and Ecuador based on our CE Mark. In addition, our distributors in Korea and Chile have
applied for approval to sell UroShield, which approvals we believe we will receive within a few months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the European Union, UroShield has been
marketed for the prevention of biofilm, decreased pain and discomfort associated with urinary catheters and increased antibiotic
efficacy. In the U.S., we intend to seek clearance from the U.S. Food and Drug Administration through the de novo classification
process for UroShield. We submitted our application for 510(k) approval on January 3, 2011. On May 21, 2012, we received a response
from the U.S. Food and Drug Administration proposing that the approval go through the de novo route, which will require clinical
trials with proposed study protocols to be pre-cleared by the U.S. Food and Drug Administration. We are currently seeking a strategic
partner that is active in the urology market to help fund the clinical trials for UroShield to support our U.S. Food and Drug Administration
application. We have not made any further submissions to the U.S. Food and Drug Administration related to UroShield.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Sales and Marketing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are currently seeking a strategic partner
that is active in the urology market and would be interested in integrating UroShield into its range of products. We have sold
limited numbers of our UroShield products through our website and our distributor in Italy.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Clinical Trials</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To date, we have conducted the clinical
trials set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap style="width: 20%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Purpose</b></font></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 20%; border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font-size: 10pt"><b>Doctor/Location</b></font></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 10%; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Time,</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>subjects</b></P></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 25%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Objectives</b></font></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 21%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Results</b></font></td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To assess the safety of the UroShield</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>&nbsp;</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Double Blind, Comparative, Randomized Study for the Safety Evaluation
        of the UroShield System (HD1)</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Dr. U. Ikinger, Salem Academic Hospital, University of Heidelberg, Germany </font></td>
    <td>&nbsp;</td>
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2005-2006</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">40 patients</P></td>
    <td>&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To demonstrate that the use of the UroShield is safe and that
        the device is well tolerated by the patients and user friendly to the medical staff.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Efficacy objectives were to demonstrate that the UroShield helps
        in prevention of biofilm formation in comparison with the urinary catheter alone, as well as bacteriuria.</P></td>
    <td>&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UroShield was both safe and well tolerated.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UroShield proved markedly efficacious in prevention of biofilm.
        Subjects required significantly less medications than the control group for catheter related pain and discomfort.</P></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Double Blind, Comparative, Randomized Study for the Safety Evaluation
        of the UroShield System (HD2<b>)</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Physician initiated</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Dr. U. Ikinger, Salem Academic Hospital, University of Heidelberg, Germany</font></td>
    <td>&nbsp;</td>
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2007</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">40 patients</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">To demonstrate that the use of the UroShield is safe and helps in prevention of biofilm formation and UTI in comparison with the urinary catheter alone, as well as decrease antibiotic use.</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">In this&nbsp;&nbsp;trial, only 1/20 patients in UroShield device (no antibiotics) group developed urinary tract infection compared to 4/20 patients within control group treated with the antibiotic prophylaxis alone.</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Effect of UroShield on Pain and Discomfort in Patients Released
        from the Emergency Room with Urinary Catheter Due to Urine Incontinence</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Physician initiated</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Shaare Zedek Medical Center Jerusalem, Israel.</font></td>
    <td>&nbsp;</td>
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2007</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10 patients</P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">The study aimed to assess the effectiveness of the UroShield in reducing pain and discomfort levels and improve the well-being of the subjects. Efficacy objectives included reduction of pain, spasm, burning and itching sensation levels of the subjects.</font></td>
    <td>&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The results demonstrated a reduction in pain, itching, burning
        and spasm levels. Additionally, the well-being of the subjects showed a significant increase.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Use of the UroShield Device in Patients with Indwelling
        Urinary Catheters</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>&nbsp;</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Open labeled, comparative, randomized study</P></td>
    <td>&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. Shenfeld</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shaare Zedek Medical Center Jerusalem, Israel.</P></td>
    <td>&nbsp;</td>
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2007-2009</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">40 patients</P></td>
    <td>&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Patient complaints related to catheter regarding pain according
        to VAS scale and discomfort according to 0-10 scale</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Presence of Clinically Significant UTI</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Presence of Bacteriuria</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Presence of Biofilm</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Use of medication</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>&nbsp;</b></P></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">UroShield device was effective in reducing postoperative catheter related pain discomfort and bladder spasms. There was also a notable trend towards reduction of bacteriuria.</font></td></tr>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="width: 20%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Evaluation of the UroShield in urinary and nephrostomies to
        reduce bacteruria</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Physician initiated</P></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 20%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prof. P.Tenke,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hungary</P></td>
    <td style="width: 1%">&nbsp;</td>
    <td nowrap style="width: 10%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2010-2011</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">26 patients</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 25%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;Pain,
        disability and QOL</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;Catheter
        patency</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;Bacteriuria
        / UTI</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;Hospitalization
        period</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.9pt; text-indent: -9pt"><font style="font-family: Symbol">&middot;</font>&nbsp;&nbsp;Analgesics
        and Antibiotics intake</P></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 21%"><font style="font-size: 10pt">Showed reduction in pain and significant decrease in&nbsp;&nbsp;bacteriuria rate.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are able to locate a strategic partner
or otherwise obtain sufficient funding, we anticipate conducting the following clinical trial:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td nowrap style="width: 15%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Trial</b></font></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 13%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Place</b></font></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 15%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Start Date/Timing</b></font></td>
    <td nowrap style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td nowrap style="width: 54%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Objectives</b></font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">UroShield FDA trial 80 patient trial</font></td>
    <td>&nbsp;</td>
    <td nowrap><font style="font-size: 10pt">To be determined</font></td>
    <td>&nbsp;</td>
    <td nowrap><font style="font-size: 10pt">To be determined</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Safety and efficacy of UroShield in urinary catheter related pain and infection</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Third Party Reimbursement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We anticipate that sales volumes and prices
of the products we commercialize will depend in large part on the availability of coverage and reimbursement from third party payers.
Third party payers include governmental programs such as Medicare and Medicaid, private insurance plans and workers&rsquo; compensation
plans. These third party payers may deny coverage and reimbursement for a product or therapy, in whole or in part, if they determine
that the product or therapy was not medically appropriate or necessary. The third party payers also may place limitations on the
types of physicians or clinicians that can perform specific types of procedures. In addition, third party payers are increasingly
challenging the prices charged for medical products and services. Some third party payers must also pre-approve coverage for new
or innovative devices or therapies before they will reimburse healthcare providers who use the products or therapies. Even though
a new product may have been approved or cleared by the U.S. Food and Drug Administration for commercial distribution, we may find
limited demand for the device until adequate reimbursement has been obtained from governmental and private third party payers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In international markets, reimbursement
and healthcare payment systems vary significantly by country, and many countries have instituted price ceilings on specific product
lines and procedures. There can be no assurance that procedures using our products will be considered medically reasonable and
necessary for a specific indication, that our products will be considered cost-effective by third party payers, that an adequate
level of reimbursement will be available or that the third party payers&rsquo; reimbursement policies will not adversely affect
our ability to sell our products profitably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the U.S., some insured individuals are
receiving their medical care through managed care programs, which monitor and often require pre-approval of the services that a
member will receive. Some managed care programs are paying their providers on a per capita basis, which puts the providers at financial
risk for the services provided to their patients by paying these providers a predetermined payment per member per month, and consequently,
may limit the willingness of these providers to use products, including ours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">One of the components in the reimbursement
decision by most private insurers and governmental payers, including the Centers for Medicare &amp; Medicaid Services, which administers
Medicare, is the assignment of a billing code. Billing codes are used to identify the procedures performed when providers submit
claims to third party payers for reimbursement for medical services. They also generally form the basis for payment amounts. We
anticipate that our distributors will be responsible for the process for obtaining billing codes for our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial phase of establishing a professional
billing code for a medical service typically includes applying for a Current Procedural Terminology, or CPT, Category III code.
This is a tracking code without relative value assigned that allows third party payers to identify and monitor the service as well
as establish value if deemed medically necessary. The process includes CPT application submission, clinical discussion with Medical
Professional Society CPT advisors as well as American Medical Association CPT Editorial Panel review. A new CPT Category III code
will be assigned if the American Medical Association CPT Editorial Panel committee deems it meets the applicable criteria and is
appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The secondary phase in the CPT billing code
process includes the establishment of a permanent CPT Category I code in which relative value is analyzed and established by the
American Medical Association. The approval of this code is based on, among other criteria, widespread usage and established clinical
efficacy of the medical service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that the overall escalating costs
of medical products and services has led to, and will continue to lead to, increased pressures on the healthcare industry to reduce
the costs of products and services. In addition, recent healthcare reform measures, as well as legislative and regulatory initiatives
at the federal and state levels, create significant additional uncertainties. There can be no assurance that third party coverage
and reimbursement will be available or adequate, or that future legislation, regulation, or reimbursement policies of third party
payers will not adversely affect the demand for our products or our ability to sell these products on a profitable basis. The unavailability
or inadequacy of third party payer coverage or reimbursement would have a material adverse effect on our business, operating results
and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Diagnosis Related Group System, or DRG,
is the system of reimbursement that is used in the United States for hospitalized patients as well as patients who are cared for
in skilled nursing facilities and long term care facilities. These facilities are not subject to the same reimbursement codes as
described above. In the DRG system, each patient admitted to the hospital or facility is assigned a code based on his or her diagnosis.
That code is known to be associated with an average hospital stay and the health care facility is reimbursed for the amount of
days as defined by the DRG code, regardless of how many days the patient is in the facility. This system gives a strong incentive
for these health care facilities to deliver efficient care and to complete the needed treatment as quickly as possible. For example,
if the patient has a wound that requires healing before discharge and they succeed in treating the wound in less hospital days
than allowed by the DRG code for this diagnosis, the facility will be rewarded by being paid more for more days than the patient
was actually in the hospital for. Conversely, if the treatment takes longer, the facility would actually lose income, as they will
be paid for the DRG code only. This system serves as a stimulus for these facilities to purchase and utilize devices and technologies
that allow more efficient therapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>PainShield</B>. PainShield is presently
reimbursed in the U.S. by many private insurers for use of the ultrasound device in a supervised medical setting and is reimbursed
in units of 15 minutes up to an hour a day, 5 hours a week and 20 hours a month. If the device is efficacious in the treatment
of the patient&rsquo;s condition, the treatment period can be extended in some cases for months. Presently, PainShield is typically
purchased by a clinic that bills the existing reimbursement codes. PainShield is not reimbursed for therapy in the home setting.
Following completion of the offering to which this prospectus relates, we intend to work to obtain reimbursement in the home setting
as well as codes that would allow for reimbursement for use of the non-disposable and disposable components of the PainShield device.
Our anticipated clinical trials for PainShield would support this effort.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NanoVibronix NPWT</B>. Negative pressure
wound therapy is an accepted advanced wound care therapeutic modality and is reimbursable under accepted codes. NanoVibronix NPWT
is reimbursable under a code that describes a stationary or portable negative pressure wound therapy electrical pump that provides
controlled subatmospheric pressure designed for use with negative pressure wound therapy dressings and canisters to promote wound
healing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WoundShield</B>. We believe that the
initial usage of the WoundShield patch will be in the hospital setting. Reimbursement in the hospital setting is governed by the
diagnosis-related group system, which does not require specific reimbursement codes. In parallel to introducing the WoundShield
device to hospitals, we intend to apply for reimbursement codes for outpatient use. Although obtaining these codes can take two
to five years and may require extensive clinical data, we believe that the desirable characteristics of the WoundShield may serve
as an incentive to insurance companies to grant these codes more quickly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>UroShield</B>. We expect UroShield to
be used in hospital settings and therefore reimbursed under the diagnosis-related group reimbursement system. In addition, we anticipate
that UroShield will initially be purchased privately until a reimbursement code is obtained. However, we believe that if we can
empirically demonstrate UroShield&rsquo;s efficacy in preventing recurrent hospital admission in chronic Foley catheter patients
and reducing overall per-patient cost, third party payers may accelerate the reimbursement approval process since the device could
reduce their overall per-patient cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Research and Development Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the years ended December 31, 2012
and 2011, we spent approximately $572,000 and $623,000 on research and development activities, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Intellectual Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Patents</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that our patent portfolio provides
us with sufficient protection of our patentable intellectual property. We have six patents registered in the U.S. and three filed
applications. Granted U.S. Patent No. 7,393,501 (having the following foreign counter-parts: China ZL03818327.7; Israel 165422;
Japan 4504183; India 246351; Australia 2003231892; European Union 1511414 B), &ldquo;Method, apparatus and system for treating
biofilms associated with catheters&rdquo; and granted U.S. Patent No. 7,829,029 (having the following foreign counter-parts: China
ZL200780019732.3 and European Union 1998834), &ldquo;Acoustic add-on device for biofilm prevention in urinary catheter,&rdquo;
both relate to the use of surface acoustic waves to prevent biofilm formation on indwelling catheters. These granted U.S. patents
expire on December 19, 2023 and August 28, 2029, respectively. Granted U.S. Patent No. 7,892,191 (having the following foreign
counter-parts: Russia 2419395 and Australia 2005331251), &ldquo;Nanovibration coating process for medical devices using multi vibration
modes of thin piezo element&rdquo; and U.S Patent Application No. 11/710,616, &ldquo;System and method for SAW treatment of medical
devices,&rdquo; relate to methods of generating surface acoustic waves on medical device surfaces on both indwelling medical devices
and implants to prevent biofilm formation. U.S. Patent No. 7,892,191 will expire on December 19, 2023. U.S. Patent Application
No. 11/710,615 (having the following foreign counter-parts: China ZL200780014875.5; applications in India, European Union, Canada
and Israel), &ldquo;System and method for surface acoustic waves treatment of skin,&rdquo; relates to methods of using surface
acoustic waves for treatment of skin for the purpose of wound-healing, reducing infection, pain reduction and cosmetic enhancements.
U.S Patent Application No. 13/521,060, &ldquo;Method for friction reduction in medical tubing and applications using this method,&rdquo;
relates to the use of acoustic lubrication (complex vibrations) to reduce friction between indwelling medical devices and vital
tissue.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also license three patents pursuant
to a license agreement with Piezo-Top Ltd and PMG Medica Ltd., U.S. Patent No. 6,454,716 B1, &ldquo;A system and method for detection
of fetal heartbeat,&rdquo; and U.S. Patent No. 6,964,640 B2, &ldquo;A system and method for detection of motion,&rdquo; relate
to certain technology related to biofilm prevention for medical purposes, including biofilm prevention in indwelling catheters,
biofilm prevention in dialysis and respiratory assist devices and control of bacteria in hospital and outpatient environments
by biofilm prevention and the killing of bacteriato. These patents expire on May 23, 2020 and January 22, 2023, respectively.
U.S. Patent No. 7,431,892 B2, &ldquo;Apparatus for sterilizing a liquid with focused acoustic standing waves,&rdquo; relates to
our original work introducing multiple modes of power into an ultrasonic transducer for purpose of sterilizing liquids. This patent
has been the genesis of the more practical patents described above. This patent expires on July 29, 2024. See &ldquo;&mdash;License
Agreements&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We believe the granted patents, patent
applications and license agreements (described below) collectively cover our existing products to the extent necessary, and may
be useful for protecting our future technology developments. With respect to our NanoVibronix NPWT product, negative wound pressure
therapy is an established technology and we believe that our ability to use such technology is not dependent upon or limited by
the terms or existence of a particular patent or patents. Nonetheless, we are party to a license agreement related to our negative
pressure wound therapy technology, described below. We intend to continue patenting new technology as it is developed, and to
actively pursue any infringement of any of our patents. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To date, we are not aware of other companies
that have patent rights to a system and method for surface acoustic wave treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Trademarks</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that our product brand names
are an important factor in establishing and maintaining brand recognition. We have the following trademark registrations in the
U.S.: NanoVibronix&reg;, WoundShield&reg;, PainShield&reg;, UroShield&reg; and &ldquo;Curing though prevention&rdquo;&reg;. Generally,
the protection afforded for trademarks is perpetual, if they are renewed on a timely basis, if registered, and continue to be used
properly as trademarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>License Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In October 2003, we entered into a license
agreement with Piezo-Top Ltd and PMG Medica Ltd, pursuant to which we were granted an exclusive, worldwide license for the duration
of the patent life of U.S. Patent No. 6,454,716 B1, U.S. Patent No. 6,964,640 B2 and U.S. Patent No. 7,431,892 B2 (see &ldquo;&mdash;Patents&rdquo;
above). In exchange for the license, we paid Piezo-Top Ltd and PMG Medica Ltd payments of (i) $5,000 each after the first round
of investment in us, (ii) $7,500 each after the second round of investment in us, and (iii) $25,000 each after either the third
round of investment, the purchase of at least 40% of our stock or our initial public offering. We have made all three of the required
payments under this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In December 2011, we entered into a license
agreement with AC Engineering Ltd. for the exclusive license to manufacture, market, sell, lease and distribute AC Engineering
Ltd.&rsquo;s negative pressure wound therapy technology within the U.S. for a term of two years, commencing from the date of the
U.S. Food and Drug Administration approval of the negative pressure wound therapy product, which occurred in August 2012. This
technology is the basis of our NanoVibronix NPWT product. The license agreement also granted us a non-exclusive license to use
AC Engineering Ltd.&rsquo;s know-how related to the product and to develop modifications and improvements to the product and to
integrate the product into our existing products. The term of the license agreement will be extended automatically for an additional
three year non-exclusive term if we sell at least 3,500 units of pumps during the first two years of the license agreement, and
the term of the license agreement will be extended automatically thereafter for an additional one year non-exclusive term if we
sell at least 1,000 units of pumps during the preceding year. We are obligated to pay AC Engineering Ltd. a royalty payment of
5% of gross revenues from the sale of the pumps and $0.70 per canister. If we have not paid AC Engineering Ltd. aggregate royalty
payments of at least $150,000 by the end of the initial two year term, we will have to pay the difference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Government Regulation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>U.S. Food and
Drug Administration Regulation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of our products must be approved or
cleared by the U.S. Food and Drug Administration before it is marketed in the U.S. Before and after approval or clearance in the
U.S., our product candidates are subject to extensive regulation by the U.S. Food and Drug Administration under the Federal Food,
Drug, and Cosmetic Act and/or the Public Health Service Act, as well as by other regulatory bodies. The U.S. Food and Drug Administration
regulations govern, among other things, the development, testing, manufacturing, labeling, safety, storage, record-keeping, market
clearance or approval, advertising and promotion, import and export, marketing and sales, and distribution of medical devices and
pharmaceutical products. Two of our products, PainShield and NanoVibronix NPWT, have already obtained 510(k) marketing approval
by the U.S. Food and Drug Administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>U.S. Food and
Drug Administration Approval or Clearance of Medical Devices</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the U.S., medical devices are subject
to varying degrees of regulatory control and are classified in one of three classes depending on the extent of controls the U.S.
Food and Drug Administration determines are necessary to reasonably ensure their safety and efficacy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Class I: general controls, such as labeling and adherence to quality system regulations;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Class II: special controls, pre-market notification (510(k)), specific controls such as performance standards, patient registries and post-market surveillance and additional controls such as labeling and adherence to quality system regulations; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Class III: special controls and approval of a pre-market approval, or PMA, application.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All our products are classified as Class
II medical devices and require U.S. Food and Drug Administration authorization prior to marketing, by means of 510(k) clearance,
except for our UroShield product, which we intend to seek clearance from the U.S. Food and Drug Administration through the de novo
classification process, described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To request marketing authorization by
means of a 510(k) clearance, we must submit a pre-market notification demonstrating that the proposed device is substantially
equivalent to another legally marketed medical device, has the same intended use, and is as safe and effective as a legally marketed
device and does not raise different questions of safety and effectiveness than a legally marketed device. 510(k) submissions generally
include, among other things, a description of the device and its manufacturing, device labeling, medical devices to which the
device is substantially equivalent, safety and biocompatibility information and the results of performance testing. In some cases,
a 510(k) submission must include data from human clinical studies. Marketing may commence only when the U.S. Food and Drug Administration
issues a clearance letter finding substantial equivalence. The typical duration to receive 510(k) approval is approximately nine
months from the date of the initial 510(k) submission, although there is no guaranty that the timing will not be longer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the past, the 510(k) pathway for product
marketing required only the proof of significant equivalence in technology for a given indication with a previously cleared device.
Currently, there has been a trend of the U.S. Food and Drug Administration requiring additional clinical work to prove efficacy
in addition to technological equivalence. Thus, no matter which regulatory pathway we may take in the future towards marketing
products in the U.S., we believe we will be required to provide clinical proof of device effectiveness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After a device receives 510(k) clearance,
any product modification that could significantly affect the safety or effectiveness of the product, or that would constitute a
significant change in intended use, requires a new 510(k) clearance or, if the device would no longer be substantially equivalent,
would require a PMA. If the U.S. Food and Drug Administration determines that the product does not qualify for 510(k) clearance,
then a company must submit and the U.S. Food and Drug Administration must approve a PMA before marketing can begin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A PMA application must provide a demonstration
of safety and effectiveness, which generally requires extensive pre-clinical and clinical trial data. Information about the device
and its components, device design, manufacturing and labeling, among other information, must also be included in the PMA. As part
of the PMA review, the U.S. Food and Drug Administration will inspect the manufacturer&rsquo;s facilities for compliance with
quality system regulation requirements, which govern testing, control, documentation and other aspects of quality assurance with
respect to manufacturing. If the U.S. Food and Drug Administration determines the application or manufacturing facilities are
not acceptable, the U.S. Food and Drug Administration may outline the deficiencies in the submission and often will request additional
testing or information. Notwithstanding the submission of any requested additional information, the U.S. Food and Drug Administration
ultimately may decide that the application does not satisfy the regulatory criteria for approval. During the review period, a
U.S. Food and Drug Administration advisory committee, typically a panel of clinicians and statisticians, is likely to be convened
to review the application and recommend to the U.S. Food and Drug Administration whether, or upon what conditions, the device
should be approved. The U.S. Food and Drug Administration is not bound by the advisory panel decision. While the U.S. Food and
Drug Administration often follows the panel&rsquo;s recommendation, there have been instances where the U.S. Food and Drug Administration
has not. If the U.S. Food and Drug Administration finds the information satisfactory, it will approve the PMA. The PMA approval
can include post-approval conditions, including, among other things, restrictions on labeling, promotion, sale and distribution,
or requirements to do additional clinical studies post-approval. Even after approval of a PMA, a new PMA or PMA supplement is
required to authorize certain modifications to the device, its labeling or its manufacturing process. Supplements to a PMA often
require the submission of the same type of information required for an original PMA, except that the supplement is generally limited
to that information needed to support the proposed change from the product covered by the original PMA. The typical duration to
receive PMA approval is approximately two years from the date of submission of the initial PMA application, although there is
no guaranty that the timing will not be longer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As describe above, we anticipate that our
UroShield product will receive, a de novo review from the U.S. Food and Drug Administration. De novo is a two-step process that
requires a company to submit a 510(k) and complete a standard review, including an analysis of the risk to the patient and operator
associated with the use of the device and the substantial equivalence rationale. Once that has been accomplished, and the medical
device in question has been determined to be not substantially equivalent to another approved device, the product is automatically
classified as a Class III device. The manufacturer can then submit a request for an evaluation to have the product reclassified
from Class III into Class I or Class II. The U.S. Food and Drug Administration will review the device classification proposal and
either recommend special controls to create a new Class I or II device classification or determine that the product is a Class
III device. If the U.S. Food and Drug Administration determines that the level of risk associated with the use of the device is
appropriate for a Class II or Class I designation, then the product can be cleared as a 510(k) and the U.S. Food and Drug Administration
will issue a new classification regulation and product code. If the device is not approved through de novo review, then it must
go through the standard PMA process for Class III devices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Clinical Trials
of Medical Devices</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">One or more clinical trials are generally
required to support a PMA application and more recently are becoming necessary to support a 510(k) submission. Clinical studies
of unapproved or uncleared medical devices or devices being studied for uses for which they are not approved or cleared (investigational
devices) must be conducted in compliance with U.S. Food and Drug Administration requirements. If an investigational device could
pose a significant risk to patients, the sponsor company must submit an investigational device exemption application to the U.S.
Food and Drug Administration prior to initiation of the clinical study. An investigational device exemption application must be
supported by appropriate data, such as animal and laboratory test results, showing that it is safe to test the device on humans
and that the testing protocol is scientifically sound. The investigational device exemption will automatically become effective
30 days after receipt by the U.S. Food and Drug Administration unless the U.S. Food and Drug Administration notifies the company
that the investigation may not begin. Clinical studies of investigational devices may not begin until an institutional review board
has approved the study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the study, the sponsor must comply
with the U.S. Food and Drug Administration&rsquo;s investigational device exemption requirements. These requirements include investigator
selection, trial monitoring, adverse event reporting, and record keeping. The investigators must obtain patient informed consent,
rigorously follow the investigational plan and study protocol, control the disposition of investigational devices, and comply with
reporting and record keeping requirements. The sponsor, the U.S. Food and Drug Administration, or the institutional review board
at each institution at which a clinical trial is being conducted may suspend a clinical trial at any time for various reasons,
including a belief that the subjects are being exposed to an unacceptable risk. During the approval or clearance process, the U.S.
Food and Drug Administration typically inspects the records relating to the conduct of one or more investigational sites participating
in the study supporting the application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Post-Approval
Regulation of Medical Devices</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After a device is cleared or approved for
marketing, numerous and pervasive regulatory requirements continue to apply. These include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the U.S. Food and Drug Administration quality systems regulation, which governs, among other things, how manufacturers design, test, manufacture, exercise quality control over, and document manufacturing of their products;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">labeling and claims regulations, which prohibit the promotion of products for unapproved or &ldquo;off-label&rdquo; uses and impose other restrictions on labeling; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the Medical Device Reporting regulation, which requires reporting to the U.S. Food and Drug Administration of certain adverse experiences associated with use of the product.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Good Manufacturing
Practices Requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Manufacturers of medical devices are required
to comply with the good manufacturing practices set forth in the quality system regulations promulgated under section 520 of the
Food, Drug and Cosmetic Act. Current good manufacturing practices regulations require, among other things, quality control and
quality assurance as well as the corresponding maintenance of records and documentation. The manufacturing facility for an approved
product must meet current good manufacturing practices requirements to the satisfaction of the U.S. Food and Drug Administration
pursuant to a pre-PMA approval inspection before the facility can be used. Manufacturers, including third party contract manufacturers,
are also subject to periodic inspections by the U.S. Food and Drug Administration and other authorities to assess compliance with
applicable regulations. Failure to comply with statutory and regulatory requirements subjects a manufacturer to possible legal
or regulatory action, including the seizure or recall of products, injunctions, consent decrees placing significant restrictions
on or suspending manufacturing operations, and civil and criminal penalties. Adverse experiences with the product must be reported
to the U.S. Food and Drug Administration and could result in the imposition of marketing restrictions through labeling changes
or in product withdrawal. Product approvals may be withdrawn if compliance with regulatory requirements is not maintained or if
problems concerning safety or efficacy of the product occur following the approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>International
Regulation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to regulations and product
registration requirements in many foreign countries in which we may sell our products, including in the areas of product standards,
packaging requirements, labeling requirements, import and export restrictions and tariff regulations, duties and tax requirements.
The time required to obtain clearance required by foreign countries may be longer or shorter than that required for U.S. Food and
Drug Administration clearance, and requirements for licensing a product in a foreign country may differ significantly from U.S.
Food and Drug Administration requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The primary regulatory environment in Europe
is the European Union, which consists of 25 member states and 42 competent authorities encompassing most of the major countries
in Europe. In the European Union, the European Medicines Agency and the European Union Commission determined that WoundShield,
PainShield and UroShield are to be regulated as medical device products. These products are classified as Class II devices. These
devices are CE Marked and as such can be marketed and distributed within the European Economic Area. We are required to be recertified
each year for CE by Intertek, which conducts an annual audit. The audit procedure, which includes on-site visits at our facility,
requires us to provide Intertek with information and documentation concerning our management system and all applicable documents,
policies, procedures, manuals, and other information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The primary regulatory bodies and paths
in Asia, Australia, Canada and Latin America are determined by the requisite country authority. In most cases, establishment registration
and device licensing are applied for at the applicable Ministry of Health through a local intermediary. The requirements placed
on the manufacturer are typically the same as those contained in ISO 9001 or ISO 13485, requirements for quality management systems
published by the International Organization of Standardization. In some countries outside Europe, we are or will be able to sell
on the basis of our CE Mark. We have a Canadian medical device license for PainShield and UroShield, a certificate allowing us
to sell PainShield, WoundShield and UroShield in Israel, a certificate allowing us to sell PainShield in Australia, and we are
able to sell PainShield, WoundShield and UroShield in India and Ecuador based on our CE Mark. In addition, our distributor in Korea
has applied for approval to sell PainShield and UroShield, and our distributor in Chile has applied for approval to sell PainShield.
We generally apply, through our distributor, for approval in a particular country for a particular product only when we have a
distributor in place with respect to such product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>European Good
Manufacturing Practices</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the European Union, the manufacture of
medical devices is subject to good manufacturing practice, as set forth in the relevant laws and guidelines of the European Union
and its member states. Compliance with good manufacturing practice is generally assessed by the competent regulatory authorities.
Typically, quality system evaluation is performed by a notified body, which also recommends to the relevant competent authority
for the European Community CE Marking of a device. The competent authority may conduct inspections of relevant facilities, and
review manufacturing procedures, operating systems and personnel qualifications. In addition to obtaining approval for each product,
in many cases each device manufacturing facility must be audited on a periodic basis by the notified body. Further inspections
may occur over the life of the product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>U.S. Anti-Kickback
and False Claims Laws</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the U.S., there are federal and state
anti-kickback laws that prohibit the payment or receipt of kickbacks, bribes or other remuneration intended to induce the purchase
or recommendation of healthcare products and services. Violations of these laws can lead to civil and criminal penalties, including
exclusion from participation in federal healthcare programs. These laws are potentially applicable to manufacturers of products
regulated by the U.S. Food and Drug Administration as medical devices, such as us, and hospitals, physicians and other potential
purchasers of such products. Other provisions of federal and state laws provide civil and criminal penalties for presenting, or
causing to be presented, to third-party payers for reimbursement, claims that are false or fraudulent, or which are for items or
services that were not provided as claimed. In addition, certain states have implemented regulations requiring medical device and
pharmaceutical companies to report all gifts and payments over $50 to medical practitioners. This requirement does not apply to
instances involving clinical trials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Customers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We initially sell our products both through
our website and distribution agreements, though a majority of our sales are currently through distributors. We currently have exclusive
distribution agreements for our products with medical product distributors based in the U.S. (for PainShield since 2012, for NanoVibronix
NPWT since 2013), Italy (since 2013), India (since 2012), Australia (since 2012), New Zealand (since 2012), Ecuador (since 2012),
United Kingdom (since 2010) and Israel (since 2012). In May 2013, we entered into a non-exclusive distribution agreement for the
distribution of PainShield for all indications other than abdominal and pelvic pain in the U.S. and Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are currently in discussions with multiple
distribution companies in Europe, Asia, and Latin America. Current and future agreements with distributors stipulate that, while
we are responsible for training, providing marketing guidance, marketing materials, and technical guidance, distributors will be
responsible for carrying out local marketing activities and sales. In addition, in most cases, all sales costs, including sales
representatives, incentive programs, and marketing trials, will be borne by the distributor. Under current agreements, distributors
purchase our products from us at a fixed price. Our current agreements with distributors are generally for a term of approximately
two to three years and automatically renew for an additional annual terms unless modified by either party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Manufacturing and Suppliers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We assemble our own products at our facilities
in Nesher, Israel. All of the component parts of our products are readily available from a number of manufacturers and suppliers.
We order component parts on an as-needed basis, generally from the manufacturer that provides us with the most competitive pricing.
Our most significant suppliers are APC International, Ltd., Rotel Product Engineering Ltd. and Amit Industries L.T.D (AmiCell).
We do not have written agreements with any of these suppliers, but we believe any one could be easily replaced if necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As of February 6, 2014, we had eight
full-time employees and one part-time employee. Our employees are not party to any collective bargaining agreements. We consider
our relations with our employees to be good. We believe that our future success will depend, in part, on our continued ability
to attract, hire and retain qualified personnel. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Properties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We lease an office and manufacturing facility
in Nesher, Israel and an office in Melville, New York. Our lease for the facility in Nesher expires December 31, 2015, with an
option to renew annually. The space is approximately 230 square meters. We pay approximately $2,700 per month under our lease.
Our lease for the facility in Melville expires May 24, 2014, with an option to renew annually. The space is approximately 15 square
meters. We pay $915 per month under our lease. We believe that our facilities are adequate to meet our current and proposed needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal Proceedings </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time, we may be involved in
litigation that arises through the normal course of business. As of the date of this filing, we are not a party to any material
litigation nor are we aware of any such threatened or pending litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are no material proceedings in which
any of our directors, officers or affiliates or any registered or beneficial shareholder of more than 5% of our common stock, or
any associate of any of the foregoing is an adverse party or has a material interest adverse to our interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth information
regarding our executive officers and the members of our board of directors. All directors hold office for one-year terms until
the election and qualification of their successors. Officers are elected by the board of directors and serve at the discretion
of the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 22%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Name</FONT></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</td>
    <td style="width: 6%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Age</FONT></td>
    <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 70%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Position</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt">Harold Jacob, M.D.</FONT></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><FONT STYLE="font-size: 10pt">60</FONT></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">Chief Executive Officer, Chairman of the Board of Directors and Acting Principal Financial
    Officer</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt">Jona Zumeris, Ph.D.</FONT></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><FONT STYLE="font-size: 10pt">63</FONT></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">Vice President of Technology and Director</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt">Ira Greenstein</FONT></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center"><FONT STYLE="font-size: 10pt">52</FONT></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-size: 10pt">Director</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Harold Jacob, M.D., Chief Executive Officer
and Chairman of the Board of Directors.</B> Dr. Jacob has served as our chief executive officer and chairman of the board of directors
since September 2003. Dr. Jacob is also currently performing the functions of a principal financial officer. Dr. Jacob is our co-founder
and has worked extensively in medical device development. Dr. Jacob also served part-time as an attending gastroenterologist at
Shaare Zedek Medical Center in Jerusalem, Israel from 2004 to March 2011. Since April 2011, he has been an attending physician
in Gastroenterology at Hadassah University Hospital in Jerusalem, Israel. From 1999 to the present, Dr. Jacob has served as the
president of Medical Instrument Development Inc., which provides consulting services to start-up and early stage companies and
patents its own proprietary medical devices. From 1997 to 2003, Dr. Jacob served as director of medical affairs at Given Imaging
Ltd., a company that developed the first swallowable wireless pill camera for inspection of the intestines. Dr. Jacob also currently
serves as a director for Oramed Pharmaceuticals Inc., a pharmaceutical company focused on the development of innovative orally
ingestible capsule medication. We believe that Dr. Jacob&rsquo;s qualifications to serve on our board include his years of experience
in the biomedical industry and his experience serving in management roles of various companies. In addition, as chief executive
officer, Dr. Jacob&rsquo;s position on the board ensures a unity of vision between the broader goals our company and our day-to-day
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Jona Zumeris, Ph.D., Vice President of
Technology and Director.</B> Dr. Zumeris is our co-founder and has served as our vice president of technology since September 2003.
From 1999 to 2003, Professor Zumeris served as director of research and development for PMG Medica Ltd., a medical device company
focused on ultrasound and piezomechanics technology. Dr. Zumeris was a founder, president and director of research and development
of Nanomotion Ltd., a company that designs and manufactures motion solutions using ceramic servo motors, drivers and controllers,
from 1993 to 1996. Dr. Zumeris&rsquo;s extensive experience in the nano-technology and medical fields, especially in leadership
and research roles, provide him the appropriate experience to serve on our board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Ira Greenstein, Director.</B> Mr. Greenstein
has served as our director since August 2009. Mr. Greenstein has served as president of Genie Energy Ltd., an energy and gas holding
company, since December 2011. Mr. Greenstein currently also serves as counsel to the chairman of IDT Corporation, a multinational
holding company with operations primarily in the telecommunications industry, and served as the president of IDT Corporation from
2001 through 2011 and counsel to the chairman of IDT Corporation in 2000 and 2001. Mr. Greenstein serves on the boards of directors
of Document Security Systems, Inc. and Ohr Pharmaceuticals, Inc. Mr. Greenstein&rsquo;s experience serving in corporate roles
in publicly-traded companies provides him with knowledge that assists in directing our long-term strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are no family relationships among
any of our directors and executive officers.&nbsp;&nbsp;Dr. Jacob is party to certain agreements related to his service as chief
executive officer described in the &ldquo;Executive Compensation&rdquo; section of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Director Independence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Our board of directors has determined
that Ira Greenstein satisfies the requirements for independence set out in Section 5605(a)(2) of the Nasdaq Stock Market Rules
and that he has no material relationship with us (other than being a director and/or a stockholder). In making its independence
determinations, the board of directors sought to identify and analyze all of the facts and circumstances relating to any relationship
between a director, his immediate family or affiliates and our company and our affiliates and did not rely on categorical standards
other than those contained in the Nasdaq rule referenced above. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board Committees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the consummation of this offering,
our board of directors will establish an audit committee, a nominating and corporate governance committee and a compensation committee,
each of which will have the composition and responsibilities described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Audit Committee.</B> The audit committee
will consist of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, each of whom
our board has determined to be financially literate and qualify as an independent director under Section 5605(a)(2) of the rules
of the Nasdaq Stock Market. In addition, qualifies as a financial expert, as defined in Item 407(d)(5)(ii) of Regulation S-K. The
function of the audit committee will be to assist the board of directors in its oversight of (1) the integrity of our financial
statements, (2) our compliance with legal and regulatory requirements and (3) the qualifications, independence and performance
of our independent auditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Nominating and Corporate Governance Committee.</B>
The nominating and corporate governance committee will consist of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
each of whom our board has determined qualifies as an independent director under Section 5605(a)(2) of the rules of the Nasdaq
Stock Market. The primary function of the nominating and corporate governance committee will be to identify individuals qualified
to become board members, consistent with criteria approved by the board, and select the director nominees for election at each
annual meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Compensation Committee.</B> The compensation
committee will consist of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, each of whom our board has
determined qualifies as an independent director under Section 5605(a)(2) of the rules of the Nasdaq Stock Market, as an &ldquo;outside
director&rdquo; for purposes of Section 162(m) of the Internal Revenue Code and as a &ldquo;non-employee director&rdquo; for purposes
of Section 16b-3 under the Securities Exchange Act of 1934, as amended. The function of the compensation committee will be to discharge
the board of directors&rsquo; responsibilities relating to compensation of our directors and executives and our overall compensation
programs. The primary objective of the compensation committee will be to develop and implement compensation policies and plans
that are appropriate for us in light of all relevant circumstances and which provide incentives that further our long-term strategic
plan and are consistent with our culture and the overall goal of enhancing enduring stockholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board Leadership Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The board of directors is committed to promoting
our effective, independent governance. Our board believes it is in our best interests and the best interests of our stockholders
for the board to have the flexibility to select the best director to serve as chairman at any given time, regardless of whether
that director is an independent director or the chief executive officer. Consequently, we do not have a policy governing whether
the roles of chairman of the board and chief executive officer should be separate or combined. This decision is made by our board
of directors, based on our best interests considering the circumstances at the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not currently separate the roles of
chief executive officer and chairman of the board. Our board of directors has determined, in connection with our adoption of certain
corporate governance principles in connection with this offering, that one of our independent directors should serve as a lead
director at any time when the title of chairman is held by an employee director or there is no current chairman. The lead director&rsquo;s
responsibilities will include, among other things, presiding over periodic meetings of our independent directors and overseeing
the function of our board of directors and committees. Our board of directors intends to appoint &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
as our lead independent director effective upon the closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Role in Risk Oversight</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors oversees an enterprise-wide
approach to risk management, designed to support the achievement of business objectives, including organizational and strategic
objectives, to improve long-term organizational performance and enhance stockholder value. The involvement of our board of directors
in setting our business strategy is a key part of its assessment of management&rsquo;s plans for risk management and its determination
of what constitutes an appropriate level of risk for the company. The participation of our board of directors in our risk oversight
process includes receiving regular reports from members of senior management on areas of material risk to our company, including
operational, financial, legal and regulatory, and strategic and reputational risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While our board of directors has the ultimate
responsibility for the risk management process, senior management and various committees of our board of directors will also have
responsibility for certain areas of risk management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our senior management team is responsible
for day-to-day risk management and regularly reports on risks to our full board of directors or a relevant committee. Our finance
and regulatory personnel serve as the primary monitoring and evaluation function for company-wide policies and procedures, and
manage the day-to-day oversight of the risk management strategy for our ongoing business. This oversight includes identifying,
evaluating, and addressing potential risks that may exist at the enterprise, strategic, financial, operational, compliance and
reporting levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The audit committee will focus on monitoring
and discussing our major financial risk exposures and the steps management has taken to monitor and control such exposures, including
our risk assessment and risk management policies. As appropriate, the audit committee will provide reports to and receive direction
from the full board of directors regarding our risk management policies and guidelines, as well as the audit committee&rsquo;s
risk oversight activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the compensation committee
will assess our compensation policies to confirm that the compensation policies and practices do not encourage unnecessary risk
taking. The compensation committee will review and discuss the relationship between risk management policies and practices, corporate
strategy and senior executive compensation and, when appropriate, report on the findings from the discussions to our board of directors.
Our compensation committee intends to set performance metrics that will create incentives for our senior executives that encourage
an appropriate level of risk-taking that is commensurate with our short-term and long-term strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Code of Ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with this offering, our board
of directors will adopt a code of business conduct and ethics that will apply to all of our employees, officers, and directors.
Upon completion of this offering, the full text of our code of business conduct and ethics will be available on our website. Information
on, or accessible through, our website is not part of this prospectus. We expect that any amendments to the code, or any waivers
of its requirements, that apply to directors or executive officers, will be disclosed on our website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXECUTIVE COMPENSATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2013, 2012 and 2011 Summary Compensation Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The table below sets forth, for our
last three fiscal years, the compensation earned by our named executive officers, Harold Jacob, M.D., our chief executive officer
and chairman of the board of directors, and Jona Zumeris, our vice president of technology and a member of our board of directors.
No other executive officer had compensation of greater than $100,000 for the last three fiscal years. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Name&nbsp;and&nbsp;Principal <BR>Position </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Salary <BR>($)(1) </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Bonus <BR>($) </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Option <BR>Awards
    <BR>($) </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> All&nbsp;Other <BR>Compensation
    <BR>($)(1) </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total <BR>($)(1) </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 28%; text-align: left"> Harold Jacob, M.D. </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"> 2013 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"> - </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"> - </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt"> 182,728 </FONT></TD><TD STYLE="width: 1%; text-align: left"> (2) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt"> 15,709 </FONT></TD><TD STYLE="width: 1%; text-align: left"> (3) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"> 198,473 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"> Chief Executive Officer and </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2012 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 16,442 </FONT></TD><TD STYLE="text-align: left"> (3) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 16,442 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"> Chairman of the Board of Directors </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2011 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 24,769 </FONT></TD><TD STYLE="text-align: left"> (4) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 46,764 </FONT></TD><TD STYLE="text-align: left"> (5) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 71,533 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Jona Zumeris, Ph.D. </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2013 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 52,584 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 187,536 </FONT></TD><TD STYLE="text-align: left"> (2) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 33,669 </FONT></TD><TD STYLE="text-align: left"> (6) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 273,789 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Vice President of Technology </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2012 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 58,739 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 36,153 </FONT></TD><TD STYLE="text-align: left"> (6) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 94,892 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> and Director </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2011 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 60,346 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 35,510 </FONT></TD><TD STYLE="text-align: left"> (6) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 95,856 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Compensation amounts received in non-U.S. currency have been converted into U.S. dollars using the average exchange rate for the applicable year. The average exchange rate for each of 2013, 2012 and 2011 was 3.765 NIS per dollar, 4.014 NIS per dollar and 3.724 NIS per dollar, respectively.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"> (2) </FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The amounts in this column reflect the dollar amounts
        to be recognized for financial statement reporting purposes with respect to the twelve month period ended December 31,
        2013 in accordance with FASB ASC Topic 718. Fair value is based on the Black-Scholes option pricing model using the fair
        value of the underlying shares at the grant date. For additional discussion of the valuation assumptions used in determining
        stock-based compensation and the grant date fair value for stock options, see &ldquo;Management&rsquo;s Discussion and
        Analysis of Financial Condition and Results of Operation - Critical Accounting Policies -<B><I> </I></B>Stock-based compensation&rdquo;
        and Note 2&mdash;&ldquo;Significant Accounting Policies&rdquo; and Note 9&mdash;&ldquo;Stockholders&rsquo; Equity (Deficiency)&rdquo;
        of the Notes to Consolidated Financial Statements as of December 31, 2012<B> </B>included in this prospectus. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> (3) </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Represents car-related benefits for Dr. Jacob. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"> (4) </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Represents salary for January through May of 2011, after which time Dr. Jacob voluntarily
    served without cash compensation. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"> (5) </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> As compensation for his service from June through December of 2011, Dr. Jacob received
    series B-1 promissory notes in the original aggregate principal amount of $25,000. The terms of the notes are described under
    &ldquo;Certain Relationships and Related Transactions&rdquo; below. This amount also includes $15,470 of car-related benefits
    for Dr. Jacob and $6,294 of other benefits, comprised of contributions towards a pension fund, disability insurance, severance
    pay, an advanced study fund and recreation pay. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"> (6) </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Comprised of car-related benefits for Dr. Zumeris of $18,715 in 2013, $19,665 in 2012
    and $18,717 in 2011 and other benefits, comprised of contributions towards a pension fund, disability insurance, severance
    pay, an advanced study fund and recreation pay, of $14,954 in 2013, $16,488 in 2012 and $16,793 in 2011. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Agreement with Harold Jacob, M.D.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to 2011, we and NanoVibronix Ltd.,
our wholly-owned Israeli subsidiary, were party to an employment agreement with Dr. Jacob, pursuant to which Dr. Jacob served as
chief executive officer of us and NanoVibronix Ltd. Dr. Jacob&rsquo;s salary was set by oral agreement, but he was entitled to
a car, which we lease on his behalf, and contributions towards a pension fund, disability insurance, severance pay, an advanced
study fund and recreation pay, which are customary or statutorily prescribed in Israel. Dr. Jacob was also entitled to 15 vacation
days. Dr. Jacob&rsquo;s employment agreement contained confidentiality restrictions and other terms and provisions that are customary
in Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Beginning in June 2011, Dr. Jacob voluntarily
waived his cash salary. As compensation for his service from May through December of 2011, Dr. Jacob received series B-1 promissory
notes in the original aggregate principal amount of $25,000 on November 22, 2011. We and Dr. Jacob orally agreed to terminate his
employment agreement beginning in 2012, and Dr. Jacob continues to serve without cash compensation or other benefits, except the
use of a car.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B> Agreement with Jona Zumeris, Ph.D. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> NanoVibronix Ltd., our
wholly-owned Israeli subsidiary, is party to an employment agreement with Dr. Zumeris, pursuant to which Dr. Zumeris serves
as its vice president of technology. Dr. Zumeris&rsquo;s salary pursuant to the agreement is 19,500 NIS per month, which was
increased to 20,000 NIS per month by oral agreement commencing in December 2012, and he is entitled to a car, which we lease
on his behalf, and contributions towards a pension fund, disability insurance, severance pay and an advanced study fund and
recreation pay, which are customary or statutorily prescribed in Israel. Dr. Zumeris is also entitled to 15 vacation
days. Dr. Zumeris&rsquo;s employment agreement contains confidentiality restrictions and other terms and provisions that
are customary in Israel.&nbsp; </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Outstanding Equity Awards at Fiscal Year End</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table provides information
on the holdings of stock options of the named executive officer at December 31, 2013. This table includes unexercised and unvested
options awards. Each outstanding award is shown separately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Option Awards </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Number of </B></FONT></TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Number of </B></FONT></TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Securities </B></FONT></TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Securities </B></FONT></TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Underlying </B></FONT></TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Underlying </B></FONT></TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Option </B></FONT></TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Unexercised </B></FONT></TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Unexercised </B></FONT></TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Exercise </B></FONT></TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Option </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B> Date of </B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Options&nbsp;(#) </B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Options
    (#) </B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B> Price </B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B> Expiration </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B> Name </B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Grant </B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Exercisable </B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Unexercisable </B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> ($) </B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Date </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt"> Harold Jacob, M.D. </FONT></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-size: 10pt"> December 31, 2004 </FONT></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt"> 60,000 </FONT></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt"> - </FONT></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt"> 0.01 </FONT></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-size: 10pt"> December 31, 2014 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> December 13, 2007 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 30,000 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> - </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 10.35 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"> December 13, 2017 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> December 9, 2010 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 75,000 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> (1) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> - </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 0.17 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"> December 9, 2020 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><P STYLE="margin: 0pt 0"> March 28, 2013 </P>


</TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><P STYLE="margin: 0pt 0"> 760,000 </P>


</TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp;- </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> 0.01 </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> March 28, 2023 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><P STYLE="margin: 0pt 0"> Jona Zumeris, Ph.D. </P>


</TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><P STYLE="margin: 0pt 0"> March 28, 2013 </P>


</TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><P STYLE="margin: 0pt 0"> 780,000 </P>


</TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp;- </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> 0.01 </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> March 28, 2023 </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Granted as compensation for services as an executive officer in light of his below market salary.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2004 Global Share Option Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In November 2004, our board of directors
adopted the 2004 Global Share Option Plan, pursuant to which 2,800,000 shares of our common stock are reserved for issuance as
awards to employees, directors, consultants and other service providers. The purpose of the 2004 Global Share Option Plan is to
provide an incentive to attract and retain directors, officers, consultants, advisors and employees, to encourage a sense of proprietorship
and stimulate an active interest of such persons in our development and financial success. The 2004 Global Share Option Plan is
administered by our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 28, 2013, we granted options under
the 2004 Global Share Option Plan to the following executive officers and directors. The options all vested immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Number of&nbsp; Securities </B></FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Option </B></FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B> Option </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Underlying
    Unexercised Options&nbsp;(#) </B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B> Exercise </B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B> Expiration </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B> Name </B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Exercisable </B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Price ($) </B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Date </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt"> Harold Jacob, M.D. </FONT></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 24%; text-align: right"><FONT STYLE="font-size: 10pt"> 760,000 </FONT></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 17%; text-align: right"><FONT STYLE="font-size: 10pt"> 0.01 </FONT></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"> March 28, 2023 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt"> Jona Zumeris, Ph.D </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 780,000 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 0.01 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"> March 28, 2023 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt"> Paul Packer(1) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 210,000 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 0.28 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"> March 28, 2023 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding-left: 22.5pt; text-indent: -22.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="padding-left: 22.5pt; text-indent: -22.5pt"><FONT STYLE="font-size: 10pt"> (1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Mr. Packer resigned as a member of our board of directors, effective as of January 15, 2014. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Director Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We paid no compensation to our non-employee
directors for the one year periods ended December 31, 2013 and 2012 and have paid no compensation during 2014 to date, other than
the awards described above. The following table shows information concerning the compensation of our directors other than Dr.
Jacob and Dr. Zumeris, during the twelve months ended December 31, 2013. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Name </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Fees <BR>Earned or
    <BR>Paid in <BR>Cash <BR>($) </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Option Awards <BR>($)(1) </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> All&nbsp;Other <BR>Compensation
    <BR>($) </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total <BR> ($)(1) </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD> Sim Fass(2) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Ira Greenstein </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%"> Paul Packer(3) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> - </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 22,761 </TD><TD STYLE="width: 1%; text-align: left"> (4) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> - </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; text-align: right"> 22,761 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"> (1) </TD><TD> The amounts in this column reflect the dollar amounts to be
                                         recognized for financial statement reporting purposes with respect to the twelve month
                                         period ended December 31, 2013 in accordance with FASB ASC Topic 718. Fair value is based
                                         on the Black-Scholes option pricing model using the fair value of the underlying shares
                                         at the grant date. For additional discussion of the valuation assumptions used in determining
                                         stock-based compensation and the grant date fair value for stock options, see &ldquo;Management&rsquo;s
                                         Discussion and Analysis of Financial Condition and Results of Operation - Critical Accounting
                                         Policies - Stock-based compensation&rdquo; and Note 2&mdash;&ldquo;Significant Accounting
                                         Policies&rdquo; and Note 9&mdash;&ldquo; Stockholders&rsquo; Equity (Deficiency)&rdquo;
                                         of the Notes to Consolidated Financial Statements as of December 31, 2012 included in
                                         this prospectus. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"> (2) </TD><TD> Mr. Fass resigned as a member of our board of directors, effective
                                         as of January 29, 2014. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"> (3) </TD><TD> Mr. Packer resigned as a member of our board of directors,
                                         effective as of January 15, 2014. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"> (4) </TD><TD> See &ldquo;&mdash;2004 Global Share Option Plan&rdquo; above
                                         for more information on this award. </TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Generally, we do not to enter into related
party transactions unless the members of the board who do not have an interest in the potential transaction have reviewed the transaction
and determined that (i) we would not be able to obtain better terms by engaging in a transaction with a non-related party and (ii)
the transaction is in our best interest.&nbsp;&nbsp;This policy applies generally to any transaction in which we are to be a participant
and the amount involved exceeds the lesser of $120,000 or one percent of the average of our total assets at year end for the previous
two completed fiscal years, and in which any related person had or will have a direct or indirect material interest.&nbsp;&nbsp;This
policy is not currently in writing.&nbsp;&nbsp;In addition, our audit committee will be required to pre-approve any related party
transactions pursuant to its charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 20, 2009, we issued 8,696 shares
of series B participating convertible preferred stock and warrants to purchase 8,696 shares of series B participating convertible
preferred stock to Paul Packer, who was then a member of our board of directors and who remained a director until January 15,
2014, in exchange for consideration of $150,000. On January 1, 2010, we issued 2,899 shares of series B participating convertible
preferred stock and warrants to purchase 2,899 shares of series B participating convertible preferred stock to a fund controlled
by Mr. Packer, in exchange for consideration of $50,000. On July 12, 2011, we issued 5,797 shares of series B participating convertible
preferred stock and warrants to purchase 5,797 shares of series B participating convertible preferred stock to a fund controlled
by Mr. Packer, in exchange for consideration of $100,000. The warrants had an exercise price of $17.25 per share and a five-year
term. The series B participating convertible preferred stock was convertible into shares of our common stock at a rate of one
common share per series B participating convertible preferred share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On November 22,
2011, we issued convertible series B-1 promissory notes to certain investors. These investors include three funds controlled by
Mr. Packer. The notes purchased by these funds were in the original aggregate principal amount of $180,000. Dr. Jacob, our Chief
executive officer and chairman, also participated in the offering. As compensation for his service from May through December of
2011, Dr. Jacob received notes in the original aggregate principal amount of $25,000. The convertible series B-1 promissory notes
mature on the earlier of November 15, 2014 or on an accelerated date if there is an event of default, upon which date the entire
outstanding principal balance and any outstanding fees or interest will be due and payable in full. The convertible series B-1
promissory notes bear interest at the rate of 10% per annum, compounded annually. In addition, the convertible series B-1 promissory
notes are convertible at any time at the holder&rsquo;s option into shares of our series B-1 participating convertible preferred
stock at an initial conversion price of $0.284 per share, subject to adjustment for stock dividends, stock splits or combinations.
Our series B-1 participating convertible preferred stock is convertible into shares of our common stock at a rate of one common
share per series B-1 participating convertible preferred share. The convertible series B-1 promissory notes will automatically
convert into series B-1 participating convertible preferred stock upon the occurrence of (i) an aggregate investment in us of
$3 million or more in a transaction or series of transactions or (ii) a fundamental transaction. To date, no principal or interest
has been paid on these notes. As of February 6, 2014, an aggregate of $42,166 in interest has accrued on the notes. These notes
will convert into common stock automatically upon the closing of this offering. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On November 22,
2011, we issued convertible series B-2 promissory notes in the original aggregate principal amount of $340,329 and warrants to
purchase 513,575 shares of series B-2 participating convertible preferred stock to Mr. Packer and the two funds described above
in exchange for the cancellation of the preferred stock and warrants described above. The principal amount of the notes was equal
to the original investment in the series B participating convertible preferred stock plus simple interest at 8% from the date
of the original investment. The number of shares underlying the warrants was equal to Mr. Packer&rsquo;s and the two funds&rsquo;
proportionate share of 30 percent of the number of shares into which the convertible series B-1 promissory notes were convertible.
The terms of the convertible series B-2 promissory notes are the same as those of the convertible series B-1 promissory notes,
except that the initial conversion price is $0.199 per share of series B-2 participating convertible preferred stock. Our series
B-2 participating convertible preferred stock is convertible into shares of our common stock at a rate of one common share per
series B-2 participating convertible preferred share. To date, no principal or interest has been paid on these notes. As of February
6, 2014, an aggregate of $82,143 in interest has accrued on the notes. These notes will convert into common stock automatically
upon the closing of this offering. The warrants had an exercise price of $0.199 per share and a seven-year term. On &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
the warrants were exchanged for warrants to purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common
stock at an exercise price of $ &nbsp;&nbsp;&nbsp;&nbsp; per share. For a description of these new warrants, see &ldquo;Description
of Securities&mdash;Warrants&mdash; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 Warrants.&rdquo; </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> On February 5, 2013, March 28, 2013,
June 3, 2013, August 5, 2013, October 7, 2013, December 9, 2013 and February 6, 2014, we issued secured convertible promissory
notes to two funds controlled by Mr. Packer. The notes were initially issued in the original aggregate principal amount of $100,000.
On each date listed above, such principal amount was increased by $100,000. The sixth amended and restated secured convertible
promissory notes issued on and February 6, 2014 have an original aggregate principal amount of $700,000. The convertible promissory
notes mature on the earlier of April 30, 2014, the closing date of a financing in which we sell an aggregate of at least $250,000
of our debt or equity securities or on an accelerated date if there is an event of default, upon which date the entire outstanding
principal balance and any outstanding fees or interest will be due and payable in full. The convertible promissory notes bear
interest at the rate of 6% per annum, which rate is increased to 10% upon and during the occurrence of an event of default. In
addition, the convertible promissory notes are convertible either at the holders&rsquo; option or upon maturity into shares of
our common stock at an initial conversion price of $0.38 per share, subject to adjustment for stock splits, fundamental transactions
or similar events. The holders of the convertible promissory notes have a security interest in all of our assets and those of
our subsidiaries. To date, no principal or interest has been paid on these notes. As of February 6, 2014, an aggregate of $21,288
in interest has accrued on the notes. These notes will convert into common stock automatically upon the closing of this offering. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">

</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In connection with the issuance of the
notes described above, on each of February 5, 2013, March 28, 2013, June 3, 2013, August 5, 2013, October 7, 2013, December 9,
2013 and February 6, 2014, we issued warrants to purchase up to an aggregate of 263,158 shares of common stock, with an exercise
price of $0.38 per share, subject to adjustment, to the two funds controlled by Mr. Packer. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Following the completion of this offering,
the Company intends, if and to the extent requested by or on behalf of Mr. Packer, to exchange the shares of common stock he beneficially
owns for shares of our series C preferred stock. The series C preferred stock would be established by our board of directors prior
to such exchange. We anticipate that each share of our series C preferred stock would be convertible into shares of our common
stock (subject to adjustment as provided in the related certificate of designation of preferences) at any time at the option of
the holder, provided that the holder would be prohibited from converting series C preferred stock into shares of our common stock
if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of
shares of our common stock then issued and outstanding. For more information regarding the series C preferred stock, see &ldquo;Description
of Securities &ndash; Preferred Stock &ndash; Series C Convertible Preferred Stock.&rdquo; </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The following table sets forth information
with respect to the beneficial ownership of our common stock as of February 6, 2014 by: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">each person known by us to beneficially own more than 5.0%
    of our common stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">each of our directors;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">each of the named executive officers; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all of our directors and executive officers as a group</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The percentages of common stock beneficially
owned are reported on the basis of regulations of the Securities and Exchange Commission governing the determination of beneficial
ownership of securities. Under the rules of the Securities and Exchange Commission, a person is deemed to be a beneficial owner
of a security if that person has or shares voting power, which includes the power to vote or to direct the voting of the security,
or investment power, which includes the power to dispose of or to direct the disposition of the security. Except as indicated
in the footnotes to this table, each beneficial owner named in the table below has sole voting and sole investment power with
respect to all shares beneficially owned and each person&rsquo;s address is c/o Nano Vibronix, Inc., 105 Maxess Road, Suite S124,
Melville, NY 11747. As of February 6, 2014, we had 19,690,608 shares outstanding. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Name&nbsp;of&nbsp;Beneficial&nbsp;Owner </B></FONT></TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Number&nbsp;of </B></FONT> <BR>
    <FONT STYLE="font-size: 10pt"><B>Shares</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Beneficially</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Owned&nbsp;(1)</B></FONT> </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Percentage </B></FONT> <BR>
    <FONT STYLE="font-size: 10pt"><B>Beneficially</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Owned</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Prior to </B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Offering (1) (2)</B></FONT> </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP> &nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Percentage </B></FONT> <BR>
    <FONT STYLE="font-size: 10pt"><B>Beneficially</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Owned</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>After the</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Offering (1) (2)</B></FONT> </TD>
    <TD NOWRAP> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 10pt"><I> 5% Owners </I></FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%"><FONT STYLE="font-size: 10pt"> CollabRx, Inc.(2) </FONT></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 10pt"> 1,303,788 </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt"> (3) </FONT></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 10pt"> 6.6 </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt"> % </FONT></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 12%"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt"> % </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 10pt"> IDT Corporation(4) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 1,230,318 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> (5) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 6.2 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"> Paul Packer (6) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 8,674,050 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> (7) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 39.0 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 10pt"> Miriam Winder-Kelly(8) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 1,699,453 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> (9) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 8.5 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 10pt"><I> Officers and Directors </I></FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"> Harold Jacob, M.D. </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 1,537,255 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> (10) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 7.4 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 10pt"> Jona Zumeris, Ph.D. </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 1,264,824 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> (11) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 6.2 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"> Ira Greenstein </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 471,319 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> (12) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 2.3 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"> All directors and executive officers as a group (3 persons) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 3,273,398 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"> 15.2 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> % </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; border-top: black 1pt solid">&nbsp;&nbsp;*
Less than one percent (1%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"> &nbsp; </TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-size: 10pt"> (1) </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Shares of common stock beneficially owned and the respective percentages of beneficial
    ownership of common stock assume the exercise of all options, warrants and other securities convertible into common stock
    beneficially owned by such person or entity currently exercisable or exercisable within 60 days of February 6, 2014. Shares
    issuable pursuant to the exercise of stock options and warrants exercisable within 60 days are deemed outstanding and held
    by the holder of such options or warrants for computing the percentage of outstanding common stock beneficially owned by such
    person, but are not deemed outstanding for computing the percentage of outstanding common stock beneficially owned by any
    other person. In addition, shares of common stock beneficially owned and the respective percentages of beneficial ownership
    of common stock assume all of the adjustments described on page 4 under &ldquo;Prospectus Summary &ndash; The Offering.&rdquo;
    All conversions are deemed to have occurred on February 6, 2014. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">CollabRx&rsquo;s address is 44 Montgomery Street, Suite 800, San Francisco, California 94104.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Comprised of shares of common stock to be issued upon the conversion of preferred stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">IDT Corporation&rsquo;s address is 520 Broad Street, Newark, New Jersey 07102.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"> &nbsp; </TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-size: 10pt"> (5) </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Comprised of (i) 990,664 shares of common stock to be issued upon the conversion of convertible
    series B-2 promissory notes and (ii) 239,654 shares of common stock that may be purchased upon the exercise of warrants. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Mr. Packer&rsquo;s address is 805 Third Avenue, 15<SUP>th</SUP> Floor, New York, NY 10022.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 30px; font-size: 10pt"><FONT STYLE="font-size: 10pt"> (7) </FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Comprised of (i) 17,253 shares of common stock held
        by Globis Capital Partners, L.P., (ii) 807,105 shares of common stock to be issued upon the conversion of preferred stock
        held by Globis Capital Partners, L.P., (iii) 347,677 shares of common stock to be issued upon the conversion of convertible
        series B-1 promissory notes held by Globis Capital Partners, L.P., (iv) 638,704 shares of common stock to be issued upon
        the conversion of convertible series B-2 promissory notes held by Globis Capital Partners, L.P., (v) 1,628,193 shares
        of common stock that may be purchased by Globis Capital Partners, L.P. upon the exercise of warrants, (vi) 1,518,500 shares
        of common stock to be issued upon the conversion of secured convertible promissory notes held by Globis Capital Partners,
        L.P., (vii) 6,678 shares of common stock held by Globis Overseas Fund, Ltd., (viii) 312,415 shares of common stock to
        be issued upon the conversion of preferred stock held by Globis Overseas Fund, Ltd., (ix) 108,649 shares of common stock
        to be issued upon the conversion of convertible series B-1 promissory notes held by Globis Overseas Fund, Ltd., (x) 355,584
        shares of common stock to be issued upon the conversion of convertible series B-2 promissory notes held by Globis Overseas
        Fund, Ltd., (xi) 454,444 shares of common stock that may be purchased by Globis Overseas Fund, Ltd. upon the exercise
        of warrants, (xii) 379,625 shares to be issued upon the conversion of secured convertible promissory notes held by Globis
        Overseas Fund, Ltd., (xiii) 325,947 shares to be issued upon the conversion of convertible series B-1 promissory notes
        held by Globis International Investments L.L.C., (xiv) 3,339 shares of common stock held by Mr. Packer, (xv) 156,207 shares
        to be issued upon the conversion of preferred stock held by Mr. Packer, (xvi) 1,128,686 shares to be issued upon the conversion
        of convertible series B-2 promissory notes held by Mr. Packer, which will occur automatically upon the closing of this
        offering, (xvii) 273,044 shares of common stock that may be purchased by Mr. Packer upon the exercise of warrants, and
        (xviii) 212,000 shares of common stock that may be purchased upon the exercise of stock options held by Mr. Packer. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Packer is the managing member of Globis Capital
        Advisors, L.L.C., which is the general partner of Globis Capital Partners, L.P. Mr. Packer is the managing member of Globis
        Capital, L.L.C., which is the general partner of Globis Capital Management, L.P., which is the investment manager of Globis
        Overseas Fund, Ltd. Mr. Packer is also the managing member of Globis International Investments L.L.C. Mr. Packer is deemed
        to have beneficial ownership of the shares held by Globis Capital Partners, L.P., Globis Overseas Fund, Ltd. and Globis
        International Investments L.L.C.&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Following the completion of this offering, the Company
        intends, if and to the extent requested by or on behalf of Mr. Packer, to exchange the shares of common stock he beneficially
        owns for shares of our series C preferred stock. The series C preferred stock would be established by our board of directors
        prior to such exchange. We anticipate that each share of our series C preferred stock would be convertible into shares
        of our common stock (subject to adjustment as provided in the related certificate of designation of preferences) at any
        time at the option of the holder, provided that the holder would be prohibited from converting series C preferred stock
        into shares of our common stock if, as a result of such conversion, the holder, together with its affiliates, would own
        more than 4.99% of the total number of shares of our common stock then issued and outstanding. Therefore, we anticipate
        that Mr. Packer will cease to beneficially own more than 5% of our common stock. For more information regarding the series
        C preferred stock, see &ldquo;Description of Securities &ndash; Preferred Stock &ndash; Series C Convertible Preferred
        Stock.&rdquo; </P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-size: 10pt">(8)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Ms. Winder-Kelly&rsquo;s address is 900 Abel Wolman Municipal Bldg. 200N. Holliday St.
    Baltimore, MD 21202.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"> &nbsp; </TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-size: 10pt"> (9) </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Comprised of (i) 5,797 shares of common stock to be issued upon the conversion of preferred
    stock, (ii) 1,363,748&nbsp;shares of common stock to be issued upon the conversion of convertible series B-2 promissory notes
    and (iii) 329,908 shares of common stock that may be purchased upon the exercise of warrants. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"> &nbsp; </TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-size: 10pt"> (10) </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Comprised of (i) 59,370 shares of common stock held by Medical Instrument Development
    Inc., an entity controlled by Dr. Jacob, (ii) 357,703 shares of common stock to be issued upon the conversion of convertible
    series B-2 promissory notes held by Medical Instrument Development Inc., (iii) 86,533 shares of common stock that may be purchased
    by Medical Instrument Development Inc. upon the exercise of warrants, (iv) 108,649 shares of common stock to be issued upon
    the conversion of convertible series B-1 promissory notes held by Dr. Jacob and (v) 925,000 shares of common stock that may
    be purchased by Dr. Jacob upon the exercise of stock options. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-size: 10pt">(11)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Comprised of (i) 484,824 shares of common stock held by Piezo Top Ltd, an entity controlled
    by Dr. Zumeris, and (ii) options to purchase 780,000 shares of common stock held by Dr. Zumeris.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"> &nbsp; </TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-size: 10pt"> (12) </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Comprised of (i) 375,887 shares of common stock to be issued upon the conversion of convertible
    series B-2 promissory notes, (ii) 90,932 shares of common stock that may be purchased upon the exercise of warrants and (iii)
    4,500 shares of common stock that may be purchased upon the exercise of stock options. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B> &nbsp; </B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Upon the completion of this offering,
our restated certificate of incorporation will authorize us to issue up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of
common stock, $0.001 par value per share, and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of preferred stock, $0.001 par value per share,
all of which shares of preferred stock will be undesignated. Our board of directors may establish the rights and preferences of
the preferred stock from time to time. Following the completion of this offering, the Company intends, if and to the extent requested
by or on behalf of Mr. Packer, to exchange the shares of common stock he beneficially owns for shares of series C preferred stock.
The series C preferred stock would be established by our board of directors prior to such exchange. The anticipated terms of the
series C preferred stock are described below. As of February 6, 2014, there were 19,690,608 shares of common stock outstanding,
held of record by approximately 130 stockholders.&nbsp; </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">

</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The holders of common stock are entitled
to one vote per share.&nbsp;&nbsp;Our certificate of incorporation does not provide for cumulative voting.&nbsp;&nbsp;The holders
of our common stock are entitled to receive ratably such dividends, if any, as may be declared by the board of directors out of
legally available funds.&nbsp;&nbsp;Upon liquidation, dissolution or winding-up, the holders of our common stock are entitled to
share ratably in all assets that are legally available for distribution.&nbsp;&nbsp;The holders of our common stock have no preemptive,
subscription, redemption or conversion rights.&nbsp;&nbsp;The rights, preferences and privileges of holders of our common stock
are subject to, and may be adversely affected by, the rights of the holders of any series of preferred stock, which may be designated
solely by action of the board of directors and issued in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each warrant entitles the holder to
purchase one share of our common stock at an initial exercise price of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(which is equal to 125% of the offering price of the
common stock). Each warrant will be exercisable immediately upon issuance and will expire on , 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The warrants will be represented issued
in registered form, in each case pursuant to a warrant agreement between VCorp Services, LLC, as warrant agent, and us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The exercise price and number of shares
issuable upon exercise of the warrants may be adjusted upon the occurrence of certain events, including but not limited to any
stock split, stock dividend, recapitalization, reorganization, merger or consolidation. However, warrants will not be adjusted
for issuances of common stock or securities convertible or exercisable into common stock at a price below the then current exercise
price of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The warrants may be exercised, at the
option of each holder, in whole or in part, upon surrender of the warrant certificate on or prior to the expiration date at the
offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as
indicated, accompanied by full payment of the exercise price for the number of shares of our common stock purchased upon such
exercise, by certified check payable to us or by wire transfer of immediately available funds to an account designated by us.
Subject to applicable laws, the warrants may be transferred at the option of the holders upon surrender of the warrants to us
together with the appropriate instruments of transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The warrant holders do not have the
rights or privileges of holders of common stock and any voting rights until they exercise their warrants and receive shares of
common stock. After the issuance of shares of common stock upon exercise of the warrants, each holder will be entitled to one
vote for each share of common stock held of record on all matters to be voted on by stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No warrants will be exercisable unless
at the time of exercise a prospectus relating to common stock issuable upon exercise of the warrants is current and the common
stock has been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder
of the warrants. Under the terms of the warrant agreement, we have agreed to meet these conditions and use our best efforts to
maintain a current prospectus relating to common stock issuable upon exercise of the warrants until the expiration of the warrants.
However, we cannot assure you that we will be able to do so, and if we do not maintain a current prospectus related to the common
stock issuable upon exercise of the warrants, holders will be unable to exercise their warrants and we will not be required to
settle any such warrant exercise. If the prospectus relating to the common stock issuable upon the exercise of the warrants is
not current or if the common stock is not qualified or exempt from qualification in the jurisdictions in which the holders of
the warrants reside, we will not be required to net cash settle or cash settle the warrant exercise, the warrants may have no
value, the market for the warrants may be limited and the warrants may expire worthless.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All 222,620 currently outstanding shares
of series A-1 preferred stock will be converted automatically to common stock at a conversion rate of 11.695 shares of common stock
per share of series A-1 preferred stock upon the completion of this offering. This conversion rate reflects an antidilution adjustment
made in connection with our November 2011 promissory note issuances. All 171,612 currently outstanding shares of series A-2 preferred
stock will be converted automatically to common stock at a conversion rate of one share of common stock per share of series A-2
preferred stock upon the completion of this offering. The owners of a majority of the outstanding shares of series A-1 and series
A-2 preferred stock voting as a single class may cause all shares of series A preferred stock to be converted into shares of common
stock. Following the completion of this offering, our board of directors will have the authority, without further action by our
stockholders, to issue up to &nbsp;&nbsp;&nbsp;&nbsp; shares of preferred stock in one or more series, to establish from time to
time the number of shares to be included in each such series, to fix the rights, preferences and privileges of the shares of each
wholly unissued series and any qualifications, limitations or restrictions thereon, and to increase or decrease the number of shares
of any such series, but not below the number of shares of such series then outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors may authorize the
issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the
holders of our common stock. The purpose of authorizing our board of directors to issue preferred stock and determine its rights
and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock,
while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have
the effect of delaying, deferring or preventing a change in control of us and may adversely affect the market price of our common
stock and the voting and other rights of the holders of our common stock. It is not possible to state the actual effect of the
issuance of any shares of preferred stock on the rights of holders of common stock until the board of directors determines the
specific rights attached to that preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Series C Convertible Preferred Stock<B> </B></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We anticipate that, if and when established,
the series C preferred stock would rank as follows: </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&bull; senior to all of our
common stock; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&bull; senior to any class
or series of our capital stock hereafter created specifically ranking by its terms junior to the preferred stock; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&bull; on parity with any class
or series of our capital stock hereafter created specifically ranking by its terms on parity with the preferred stock; and </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&bull; junior to any class
or series of our capital stock hereafter created specifically ranking by its terms senior to the series C preferred stock; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in each case, as to distributions of assets upon our liquidation,
dissolution or winding up whether voluntarily or involuntarily.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Each share of our series C preferred
stock would be convertible into one&nbsp;share of our common stock (subject to adjustment as provided in the related certificate
of designation of preferences) at any time at the option of the holders, provided that each holder would be prohibited from converting
series C preferred stock into shares of our common stock if, as a result of such conversion, any such holder, together with its
affiliates, would own more than 4.99% of the total number of shares of our common stock then issued and outstanding (subject to
an increase, upon at least 61 days&rsquo; notice by the holders of the series C preferred stock, to up to 9.99%). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In the event of our liquidation, dissolution,
or winding up, each holder of our series C preferred stock could elect to receive either (i) in preference to any payments made
to the holders of our common stock and any other junior securities, a payment for each share of series C preferred stock then
held equal $0.001, plus an additional amount equal to any dividends declared but unpaid on such shares, and any other fees or
liquidated damages then due and owing thereon or (ii) the amount of cash, securities or other property to which such holder would
be entitled to receive with respect to each share of series C preferred stock if such share of series C preferred stock had been
converted to common stock immediately prior to such liquidation, dissolution, or winding up (without giving effect to any conversion
limitations). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Shares of series C preferred stock would
not be entitled to receive any dividends, unless and until specifically declared by our board of directors. However, holders of
our series C preferred stock would be entitled to receive dividends on shares of series C preferred stock equal (on an as-if-converted-to-common-stock
basis) to and in the same form as dividends actually paid on shares of the common stock when such dividends are specifically declared
by our board of directors. We would not be obligated to redeem or repurchase any shares of preferred stock. Shares of series C
preferred stock would not otherwise be entitled to any redemption rights, or mandatory sinking fund or analogous fund provisions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Each holder of series C preferred stock
would be entitled to the number of votes equal to the number of whole shares of common stock into which the shares of series C
preferred stock held by such holder is then convertible (subject to the beneficial ownership limitations set forth in the related
certificate of designation of preferences) with respect to any and all matters presented to the stockholders for their action
or consideration. Holders of series C preferred stock would vote together with the holders of common stock as a single class,
except as provided by law and except that the consent of holders of a majority of the outstanding series C preferred stock would
be required to amend the terms of the series C preferred stock. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The series C preferred stock would not
limit or qualify the rights of the holders to be sold in this offering except for potential liquidation preference described above. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>February 2013 Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 5, 2013, in connection with
the issuance of our initial secured convertible promissory notes, we issued to the same accredited investors warrants to purchase
up to an aggregate of 263,158 shares of common stock at an exercise price of $0.38 per share. The warrants contain full ratchet
anti-dilution price protection upon the issuance of equity or equity-linked securities at an effective common stock purchase price
of less than $0.38 per share as well as other customary anti-dilution protection. The holders of such warrants have the right
to exercise the warrants by means of a cashless exercise. Upon the occurrence of certain change of control transactions, then
any holder of the warrants shall, upon exercise, have the right to acquire the same securities as if it had exercised the warrants
immediately before the date on which a record is taken for such transaction, or, if no such record is taken, the date as of which
the record holders of shares of common stock are to be determined for the participation in such transaction. The warrants expire
on February 5, 2018.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>March 2013 Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 28, 2013, in connection with the
issuance of our amended and restated secured convertible promissory notes, we issued to the same accredited investors warrants
to purchase up to an aggregate of 263,158 shares of common stock at an exercise price of $0.38 per share. The warrants contain
identical terms to those of the February 2013 Warrants, other than that the warrants expire on March 28, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>June 2013 Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 3, 2013, in connection with the
issuance of our second amended and restated secured convertible promissory notes, we issued to the same accredited investors warrants
to purchase up to an aggregate of 263,158 shares of common stock at an exercise price of $0.38 per share. The warrants contain
identical terms to those of the February 2013 Warrants, other than that the warrants expire on June 3, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>August 2013 Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 5, 2013, in connection with the
issuance of our third<B> </B>amended and restated secured convertible promissory notes, we issued to the same accredited investors
warrants to purchase up to an aggregate of 263,158 shares of common stock at an exercise price of $0.38 per share. The warrants
contain identical terms to those of the February 2013 Warrants, other than that the warrants expire on August 5, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>October 2013 Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 7, 2013, in connection with the
issuance of our fourth<B> </B>amended and restated secured convertible promissory notes, we issued to the same accredited investors
warrants to purchase up to an aggregate of 263,158 shares of common stock at an exercise price of $0.38 per share. The warrants
contain identical terms to those of the February 2013 Warrants, other than that the warrants expire on October 7, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>December 2013 Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 9, 2013, in connection with
the issuance of our fifth amended and restated secured convertible promissory notes, we issued to the same accredited investors
warrants to purchase up to an aggregate of 263,158 shares of common stock at an exercise price of $0.38 per share. The warrants
contain identical terms to those of the February 2013 Warrants, other than that the warrants expire on December 9, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I> February 2014 Warrants </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> On February 6, 2014, in connection with
the issuance of our sixth amended and restated secured convertible promissory notes, we issued to the same accredited investors
warrants to purchase up to an aggregate of 263,158 shares of common stock at an exercise price of $0.38 per share. The warrants
contain identical terms to those of the February 2013 Warrants, other than that the warrants expire on February 6, 2019.<I>&nbsp;</I> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2014 Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Automatically upon the closing of this offering,
we will issue warrants to purchase up to an aggregate of shares of common stock at an exercise price of $0.199 per share in exchange
for warrants to purchase an equal number of shares of series B-2 preferred stock, at the same exercise price. The warrants will
otherwise be identical to the warrants for which they are exchanged. The warrants will contain customary anti-dilution protection.
The holders of such warrants will have the right to exercise the warrants by means of a cashless exercise. Upon the occurrence
of certain change of control transactions, then any holder of the warrants shall, upon exercise, have the right to acquire the
same securities as if it had exercised the warrants immediately before the consummation of such transaction. The warrants will
expire on November 15, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lock-up Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with this offering, we, our
directors and executive officers have agreed not to offer, sell, contract to sell, pledge, grant options to purchase, or otherwise
dispose of any shares of our common stock or securities exchangeable for or convertible into our common stock for a period of 180
days after the date of this prospectus supplement without the prior written consent of Chardan Capital Markets LLC.&nbsp; This
agreement does not apply to the issuance of shares upon the exercise of rights to acquire shares of common stock pursuant to any
existing stock option or similar equity incentive or compensation plan.&nbsp; Our directors and executive officers have agreed,
subject to certain exceptions, not to, directly or indirectly, sell, hedge, or otherwise dispose of any shares of common stock,
options to acquire shares of common stock or securities exchangeable for or convertible into shares of common stock, for a period
of 180 days after the date of this prospectus supplement without the prior written consent of Chardan Capital Markets LLC.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">However, in the event that either (i) during
the last 17 days of the &ldquo;lock-up&rdquo; period, we release earnings results or material news or a material event relating
to us occurs or (ii) prior to the expiration of the &ldquo;lock-up&rdquo; period, we announce that we will release earnings results
during the 16-day period beginning on the last day of the &ldquo;lock-up&rdquo; period, the expiration of the &ldquo;lock-up&rdquo;
will be extended until the expiration of the 18-day period beginning on the date of the release of the earnings results or the
occurrence of the material news or event, as applicable, unless Chardan Capital Markets LLC waives, in writing, such an extension.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anti-Takeover Effect of Delaware Law, Certain Charter and
Bylaw Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our certificate of incorporation and bylaws
contain provisions that could have the effect of discouraging potential acquisition proposals or tender offers or delaying or preventing
a change of control of our company.&nbsp;&nbsp;These provisions are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">they provide that special meetings of stockholders may be called only by our chairman, our president or by a resolution adopted by a majority of our board of directors;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">they do not include a provision for cumulative voting in the election of directors.&nbsp;&nbsp;Under cumulative voting, a minority stockholder holding a sufficient number of shares may be able to ensure the election of one or more directors.&nbsp;&nbsp;The absence of cumulative voting may have the effect of limiting the ability of minority stockholders to effect changes in our board of directors; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">they allow us to issue, without stockholder approval, up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of preferred stock that could adversely affect the rights and powers of the holders of our common stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to the provisions of Section
203 of the General Corporation Law of the State of Delaware, an anti-takeover law.&nbsp;&nbsp;In general, Section 203 prohibits
a publicly held Delaware corporation from engaging in a &ldquo;business combination&rdquo; with an &ldquo;interested stockholder&rdquo;
for a period of three years after the date of the transaction in which the person became an interested stockholder, unless the
business combination is approved in a prescribed manner.&nbsp;&nbsp;For purposes of Section 203, a &ldquo;business combination&rdquo;
includes a merger, asset sale or other transaction resulting in a financial benefit to the interested stockholder, and an &ldquo;interested
stockholder&rdquo; is a person who, together with affiliates and associates, owns, or within three years prior did own, 15% or
more of the voting stock of a corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indemnification of Directors and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 145 of the General Corporation Law
of the State of Delaware provides, in general, that a corporation incorporated under the laws of the State of Delaware, as we are,
may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action,
suit or proceeding (other than a derivative action by or in the right of the corporation) by reason of the fact that such person
is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as
a director, officer, employee or agent of another enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding
if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests
of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person&rsquo;s
conduct was unlawful.&nbsp;&nbsp;In the case of a derivative action, a Delaware corporation may indemnify any such person against
expenses (including attorneys&rsquo; fees) actually and reasonably incurred by such person in connection with the defense or settlement
of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed
to the best interests of the corporation, except that no indemnification will be made in respect of any claim, issue or matter
as to which such person will have been adjudged to be liable to the corporation unless and only to the extent that the Court of
Chancery of the State of Delaware or any other court in which such action was brought determines such person is fairly and reasonably
entitled to indemnity for such expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our certificate of incorporation and bylaws
provide that we will indemnify our directors, officers, employees and agents to the extent and in the manner permitted by the
provisions of the General Corporation Law of the State of Delaware, as amended from time to time, subject to any permissible expansion
or limitation of such indemnification, as may be set forth in any stockholders&rsquo; or directors&rsquo; resolution or by contract.&nbsp;&nbsp;Any
repeal or modification of these provisions approved by our stockholders will be prospective only and will not adversely affect
any limitation on the liability of any of our directors or officers existing as of the time of such repeal or modification.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are also permitted to apply for insurance
on behalf of any director, officer, employee or other agent for liability arising out of his actions, whether or not the General
Corporation Law of the State of Delaware would permit indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Disclosure of Commission Position on Indemnification for
Securities Act Liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities
arising under the Securities Act of 1933, as amended, may be permitted to our directors, officers and persons controlling us, we
have been advised that it is the Securities and Exchange Commission&rsquo;s opinion that such indemnification is against public
policy as expressed in the Securities Act of 1933, as amended, and is, therefore, unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES ELIGIBLE FOR FUTURE ISSUANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to this offering, there has been
no public market for our securities, and we cannot predict the effect, if any, that market sales of our securities or the availability
of our securities for sale will have on the market price of our securities prevailing from time to time. Nevertheless, sales of
substantial amounts of our common stock, including shares issued upon exercise of outstanding options, in the public market following
this offering could adversely affect market prices prevailing from time to time and could impair our ability to raise capital
through the sale of our equity securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Upon the closing of this offering, we
will have a total of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares
of our common stock outstanding, based on the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common
stock outstanding as of February 6, 2014, assuming (i) the conversion of all outstanding shares of our convertible preferred stock
into an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock, which will occur automatically upon the
closing of this offering, (ii) the conversion of all outstanding convertible indebtedness into an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
shares of common stock, which will occur automatically upon the closing of this offering and (iii) a one-for- reverse split of
our common stock, which will occur immediately prior to the closing of this offering. Of these outstanding shares, all of the
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock sold in this offering will be freely
tradable, except that any shares purchased in this offering by our affiliates, as that term is defined in Rule 144 under the Securities
Act of 1933, as amended, would only be able to be sold in compliance with the Rule 144 limitations described below. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">

</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The remaining outstanding shares of
our common stock will be deemed &ldquo;restricted securities&rdquo; as defined in Rule 144. Restricted securities may be sold
in the public market only if they are registered under the Securities Act or if they qualify for an exemption from registration
under Rule 144 or Rule 701 promulgated under the Securities Act of 1933, as amended, which rules are summarized below. In addition,
our officers and directors have entered into lock-up agreements with the underwriter under which they have agreed, subject to
specific exceptions, not to sell any of our stock for at least 180 days following the date of this prospectus, as described below.
As a result of these agreements, subject to the provisions of Rule 144 or Rule 701, based on an assumed offering date of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2014, shares will be available for sale in the public market as follows: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">

</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Beginning on the date of this prospectus, all of the
    shares of common stock sold in this offering will be immediately available for sale in the public market;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Beginning 181 days after the date of this prospectus, subject
    to possible extension as described in &ldquo;Underwriting&rdquo; below, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional
    shares of common stock will become eligible for sale in the public market, of which &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    shares will be held by affiliates and subject to the volume and other restrictions of Rule 144, as described below; and </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The remainder of the shares will be eligible for sale in the public market from time to time thereafter, subject in some cases to the volume and other restrictions of Rule 144, as described below.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rule 144 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In general, under Rule 144 as currently
in effect, once we have been subject to public company reporting requirements for at least 90 days, a person who is not deemed
to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and who has
beneficially owned the shares proposed to be sold for at least six months, including the holding period of any prior owner other
than our affiliates, is entitled to sell those shares without complying with the manner of sale, volume limitation or notice provisions
of Rule 144, subject to compliance with the public information requirements of Rule 144. If such a person has beneficially owned
the shares proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates,
then that person would be entitled to sell those shares upon expiration of the lock-up agreements described below, without complying
with any of the requirements of Rule 144.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In general, under Rule 144, as currently
in effect, our affiliates or persons selling shares on behalf of our affiliates are entitled to sell upon expiration of the lock-up
agreements described above, within any three-month period, a number of shares that does not exceed the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1% of the number of shares of common stock then outstanding, which will equal approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares immediately after this offering; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the average weekly trading volume of common stock on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to that sale.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sales under Rule 144 by our affiliates or
persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements
and to the availability of current public information about us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rule 701 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Rule 701 generally allows a stockholder
who purchased shares of our common stock pursuant to a written compensatory plan or contract and who is not deemed to have been
an affiliate of our company during the immediately preceding 90 days to sell these shares in reliance upon Rule 144, but without
being required to comply with the public information, holding period, volume limitation or notice provisions of Rule 144. Rule
701 also permits affiliates of our company to sell their Rule 701 shares under Rule 144 without complying with the holding period
requirements of Rule 144. All holders of Rule 701 shares, however, are required by that rule to wait until 90 days after the date
of this prospectus before selling those shares pursuant to Rule 701, subject to the market standoff agreements and lock-up agreements
described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stock Options </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As soon as practicable after the closing
of this offering, we intend to file one or more registration statements on Form S-8 under the Securities Act of 1933, as amended,
covering all of the shares of our common stock subject to outstanding options and the shares of our common stock reserved for issuance
under our stock plans. In addition, we intend to file a registration statement on Form S-8 or such other form as may be required
under the Securities Act of 1933, as amended, for the resale of shares of our common stock issued upon the exercise of options
that were not granted under Rule 701. We expect to file this registration statement as soon as permitted under the Securities Act
of 1933, as amended. However, the shares registered on Form S-8 may be subject to the volume limitations and the manner of sale,
notice and public information requirements of Rule 144 and will not be eligible for resale until expiration of the lock-up and
market standoff agreements to which they are subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lock-up Agreements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For a description of the lock-up agreements
with the underwriter that restrict sales of shares by us and our executive officers and directors, see the information under the
heading &ldquo;Underwriting.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERWRITING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the terms and subject to the conditions
contained in an underwriting agreement, we have agreed to sell to the underwriter named below, and the underwriter has agreed
to purchase from us, the number of  shares of common stock and warrants set forth opposite its name below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of
    <BR>
    Shares</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><B>&nbsp;Number of </B><BR>
    <B>Warrants</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: justify; text-indent: -9pt">&nbsp;&nbsp;&nbsp;&nbsp;Chardan Capital
    Markets LLC</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: -9pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 0.25in">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The underwriting agreement
provides that the obligation of the underwriter to purchase the  securities offered hereby is subject to certain conditions
and that the underwriter is obligated to purchase all of the  securities offered hereby if any of the  securities are
purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> If the underwriter sells more shares
of common stock and warrants than the above number, the underwriter has an option for 30 days to buy up to an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
additional shares of common stock and/or up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional warrants from
us at the public offering price less the underwriting commissions and discounts to cover these sales. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The underwriter proposes to offer
to the public the securities purchased pursuant to the underwriting agreement at the public offering price on the cover page of
this prospectus. After completion of this offering, the underwriter may change the offering price and other selling terms at
various times. In connection with the sale of the  securities to be purchased by the underwriter, the underwriter will be
deemed to have received compensation in the form of underwriting commissions and discounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Commission and Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The underwriter has advised us
that it proposes to offer the  securities to the public at the public offering prices set forth on the cover page of this
prospectus and to certain dealers at that price less a concession not in excess of $
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of common stock and $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per warrant. After this offering, the
public offering price and concession may be changed by the underwriter. No such change shall change the amount of proceeds to
be received by us as set forth on the cover page of this prospectus. The securities are offered by the underwriter as stated
herein, subject to receipt and acceptance by the underwriter and subject to their right to reject any order in whole or in
part. The underwriter has informed us that it does not intend to confirm sales to any accounts over which it exercises
discretionary authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have agreed to pay to the
underwriter a fee equal to 9% of the aggregate sales price of the  securities sold in this offering, which fee is to be paid
by means of a discount from the offering price to purchasers in the offering. In addition, we have agreed to reimburse the
underwriter for all of its agreed-upon, actual and out-of-pocket expenses, including but not limited to reasonable and
documented travel, legal fees and other expenses, incurred in connection with the offering, whether or not the offering is
completed, subject to presentation of appropriate documentation evidencing such out-of-pocket expenses up to a maximum of
$25,000 for all expenses other than legal fees plus $125,000 for legal fees upon completion of this offering. In the event
that this offering is not consummated, we will not be required to reimburse the underwriter for more than $25,000 for legal
fees and we will not be required to reimburse the underwriter for any other out of pocket expenses. Notwithstanding the
foregoing, if the underwriter terminates the underwriting agreement prior to closing under certain circumstances, including
if we breach the terms of the underwriting agreement or there is a material adverse change impacting the markets generally or
the Company specifically, then the foregoing limitations on reimbursement of expenses shall not apply. We estimate that
expenses payable by us in connection with this offering, other than the underwriting discounts and commissions referred to
above, will be approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table summarizes the public
offering price, underwriting discounts and commissions and proceeds before expenses to us assuming both no exercise and full exercise
of the underwriter&rsquo;s option to purchase additional securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Per Share</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Per Warrant</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Without</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Over-</B><BR>
        <B>Allotment</B></P></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>With</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Over-</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Allotment</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 54%; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public offering price</FONT></TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriting discounts and commissions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds, before expenses, to us</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Underwriter Compensation Warrants </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall issue to
the underwriter, upon the closing of the offering, and, if applicable, upon the closing of the over-allotment option,
underwriter warrants equal in number to 5.0% of the aggregate number of  shares of common stock issued under the offering
and, in the event that the over-allotment option is exercised, including 5% of the  shares of common stock issued pursuant to
the exercise of the over-allotment option. Each underwriter warrant will have a term of three years commencing one year from
the date on which the Registration Statement on Form S-1 of which this prospectus forms a part is declared effective by the
Securities and Exchange Commission and may be exercised on a cashless basis if not registered. The underwriter warrants will
have an exercise price equal to 125% of the per share price of the common stock sold in this
offering. The underwriter warrants are exercisable commencing twelve months after the date on which the Registration
Statement on Form S-1 of which this prospectus forms a part is declared effective by the Securities and Exchange Commission.
The underwriter warrants are not redeemable by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The underwriter warrants and the shares
of our common stock underlying such warrants are deemed to be underwriting compensation by the FINRA and are therefore subject
to a 180-day lock-up pursuant to FINRA Rule 5110(g)(1). The underwriter (or permitted assignee under the rule) may not sell, transfer,
assign, pledge or hypothecate the underwriter warrants or the securities underlying these warrants, nor will it engage in any hedging,
short sale, derivative, put or call transaction that would result in the effective economic disposition of the underwriter warrants
or the underlying securities for a period of 180 days from the date on which the Registration Statement on Form S-1 of which this
prospectus forms a part is declared effective by the Securities and Exchange Commission, except to any FINRA member participating
in the offering and their bona fide officers or partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lock Up Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have agreed not to offer, sell, contract
to sell, pledge, grant options to purchase, or otherwise dispose of any shares of our common stock or securities exchangeable for
or convertible into our common stock for a period of 180 days after the date of this prospectus supplement without the prior written
consent of Chardan Capital Markets LLC.&nbsp; This agreement does not apply to the issuance of shares upon the exercise of rights
to acquire shares of common stock pursuant to any existing stock option or similar equity incentive or compensation plan.&nbsp;
Our directors and executive officers have agreed, subject to certain exceptions, not to, directly or indirectly, sell, hedge, or
otherwise dispose of any shares of common stock, options to acquire shares of common stock or securities exchangeable for or convertible
into shares of common stock, for a period of 180 days from the date on which the Registration Statement on Form S-1 of which this
prospectus forms a part is declared effective by the Securities and Exchange Commission without the prior written consent of Chardan
Capital Markets LLC.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">However, in the event that either (i) during
the last 17 days of the &ldquo;lock-up&rdquo; period, we release earnings results or material news or a material event relating
to us occurs or (ii) prior to the expiration of the &ldquo;lock-up&rdquo; period, we announce that we will release earnings results
during the 16-day period beginning on the last day of the &ldquo;lock-up&rdquo; period, the expiration of the &ldquo;lock-up&rdquo;
will be extended until the expiration of the 18-day period beginning on the date of the release of the earnings results or the
occurrence of the material news or event, as applicable, unless Chardan Capital Markets LLC waives, in writing, such an extension.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The underwriting agreement provides that
we will indemnify the underwriter against certain liabilities that may be incurred in connection with this offering, including
liabilities under the Securities Act, or to contribute payments that the underwriter may be required to make in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Listing </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have applied to list our shares of
common stock on the Nasdaq Capital Market, subject to notice of issuance, under the symbol &ldquo;&nbsp;NVBX.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Electronic Distribution </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A prospectus in electronic format may be
made available on websites or through other online services maintained by the underwriter of this offering, or by its affiliates.
Other than the prospectus in electronic format, the information on the underwriter&rsquo;s website and any information contained
in any other website maintained by an underwriter is not part of this prospectus or the registration statement of which this prospectus
forms a part, has not been approved and/or endorsed by us or the underwriter in its capacity as underwriter, and should not be
relied upon by investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Price Stabilization, Short Positions and Penalty Bids </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In connection with the offering the
underwriter may engage in stabilizing transactions, syndicate covering transactions and penalty bids with respect to the common
stock only, and in over-allotment transactions with respect to the common stock and the warrants, in each case in accordance with
Regulation M under the Exchange Act: </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Stabilizing transactions permit bids to purchase shares so long as the stabilizing bids
    do not exceed a specified maximum. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Over-allotment involves sales by the underwriter of securities in excess of the number
    of securities the underwriter is obligated to purchase, which creates a syndicate short position. The short position may be
    either a covered short position or a naked short position. In a covered short position, the number of securities over-allotted
    by the underwriter is not greater than the number of securities that it may purchase in the over-allotment option. In a naked
    short position, the number of securities involved is greater than the number of securities in the over-allotment option. The
    underwriter may close out any covered short position by either exercising its over-allotment option and/or purchasing securities
    in the open market. </FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Syndicate covering transactions involve purchases of shares in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of shares to close out the short position, the underwriter will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which it may purchase shares through the over-allotment option. If the underwriter sells more shares than could be covered by the over-allotment option, a naked short position, the position can only be closed out by buying shares in the open market. A naked short position is more likely to be created if the underwriter is concerned that there could be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors who purchase in the offering.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Penalty bids permit the underwriter to reclaim a selling concession from a syndicate member when the common stock originally sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> These stabilizing transactions, syndicate
covering transactions and penalty bids may have the effect of raising or maintaining the market price of our common stock or preventing
or retarding a decline in the market price of our common stock. As a result, the price of our common stock may be higher than
the price that might otherwise exist in the open market. Neither we nor the underwriter makes any representation or prediction
as to the direction or magnitude of any effect that the transactions described above may have on the price of our common stock.
In addition, neither we nor the underwriter makes any representations that the underwriter will engage in these stabilizing transactions
or that any transaction, once commenced, will not be discontinued without notice. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">

</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No Public Market </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to this offering, there has not been
a public market for our securities in the U.S. and the public offering price for our securities will be determined through negotiations
between us and the underwriter. Among the factors to be considered in these negotiations will be prevailing market conditions,
our financial information, market valuations of other companies that we and the underwriter believe to be comparable to us, estimates
of our business potential, the present state of our development and other factors deemed relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We offer no assurances that the initial
public offering price will correspond to the price at which our common stock will trade in the public market subsequent to this
offering or that an active trading market for our common stock will develop and continue after this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affiliations </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The underwriter and its affiliates may in
the future provide, various investment banking and other financial services for us for which services they may in the future receive,
customary fees. Except for services provided in connection with this offering, the underwriter has not provided any investment
banking or other financial services to us and we do not expect to retain the underwriter to perform any investment banking or other
financial services to us for at least 90 days after the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The validity of the securities offered
hereby will be passed upon for us by Haynes and Boone, LLP, New York, New York. The underwriter is being represented by Loeb &amp;
Loeb, LLP, New York, New York, in connection with the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our consolidated financial statements as
of December 31, 2011 and 2012 and for the years ended December 31, 2011 and 2012 included in this prospectus have been audited
by Kost Forer Gabbay &amp; Kasierer, a member firm of Ernst &amp; Young Global, an independent registered public accounting firm,
as stated in their report appearing herein (which contains an explanatory paragraph describing conditions that raise a substantial
doubt about our ability to continue as a going concern as described in Note 1b to the consolidated financial statements), and are
included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed a registration statement on
Form S-1 with the Securities and Exchange Commission in connection with this offering.&nbsp;&nbsp;In addition, as a result of this
offering, we will become subject to the full informational requirements of the Securities Exchange Act of 1934, as amended, and,
accordingly, will file annual, quarterly and current reports and other information with the Securities and Exchange Commission.&nbsp;&nbsp;You
may read and copy the registration statement and any other documents we have filed at the Securities and Exchange Commission&rsquo;s
Public Reference Room at 100 F Street, N.W., Washington, D.C.&nbsp;&nbsp;20549, on official business days during the hours of 10:00
am to 3:00 pm..&nbsp;&nbsp;Please call the Securities and Exchange Commission at 1-800-SEC-0330 for further information on the
Public Reference Room.&nbsp;&nbsp;Our Securities and Exchange Commission filings are also available to the public at the Securities
and Exchange Commission&rsquo;s Internet site at &ldquo;http://www.sec.gov&rdquo;. &nbsp;Upon completion of this offering, you
will also be able to access, free of charge, our reports filed with the Securities and Exchange Commission through our website
(www.nanovibronix.com). Reports filed with or furnished to the Securities and Exchange Commission will be available as soon as
reasonably practicable after they are filed with or furnished to the Securities and Exchange Commission. None of the information
contained on, or that may be accessed through our websites or any other website identified herein is part of, or incorporated into,
this prospectus. All website addresses in this prospectus are intended to be inactive textual references only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus is part of the registration
statement and does not contain all of the information included in the registration statement. Whenever a reference is made in this
prospectus to any of our contracts or other documents included as exhibits to this registration statement, the reference may not
be complete and, for a copy of the contract or document included as exhibits to this registration statement, you should refer to
the exhibits that are a part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NANO VIBRONIX INC.AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. DOLLARS IN THOUSANDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>CONSOLIDATED FINANCIAL STATEMENTS</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>AS OF DECEMBER 31, 2012</B></FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.25pt"><FONT STYLE="font-size: 10pt"><B>Report of Independent Registered Public Accounting Firm</B></FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">F-2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.25pt"><FONT STYLE="font-size: 10pt"><B>Consolidated Balance Sheets</B></FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">F-3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.25pt"><FONT STYLE="font-size: 10pt"><B>Consolidated Statements of Comprehensive Loss</B></FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">F-5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.25pt"><FONT STYLE="font-size: 10pt"><B>Consolidated Statements of Changes in Stockholders' Equity (Deficiency)</B></FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">F-6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.25pt"><FONT STYLE="font-size: 10pt"><B>Consolidated Statements of Cash Flows</B></FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">F-7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.25pt"><FONT STYLE="font-size: 10pt"><B>Notes to Consolidated Financial Statements</B></FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">F-8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 18.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS OF SEPTEMBER 30, 2013</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNAUDITED</B></P></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.25pt"><FONT STYLE="font-size: 10pt"><B>Condensed Consolidated Balance Sheets</B></FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">F-28</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.25pt"><FONT STYLE="font-size: 10pt"><B>Condensed Consolidated Statements of Comprehensive Loss</B></FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">F-30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.25pt"><FONT STYLE="font-size: 10pt"><B>Condensed Consolidated Statements of Changes in Stockholders' Deficiency</B></FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">F-31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.25pt"><FONT STYLE="font-size: 10pt"><B>Condensed Consolidated Statements of Cash Flows</B></FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">F-33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.25pt"><FONT STYLE="font-size: 10pt"><B>Notes to Condensed Consolidated Financial Statements</B></FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">F-34</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- - - - - - - - - - - - - -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tpg84.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>To the Stockholders and the Board of
Directors of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NANO VIBRONIX INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have audited the accompanying consolidated
balance sheets of Nano Vibronix Inc. (&quot;the Company&quot;) and its subsidiary as of December 31, 2012 and 2011, and the related
consolidated statements of comprehensive loss, changes in stockholders' equity (deficiency) and cash flows for each of the two
years ended December 31, 2012. These consolidated financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these consolidated financial statements based on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not
engaged to perform an audit of the Company's internal control over financing reporting. Our audit includes consideration of internal
control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly,
we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our opinion, based on our audits, the
consolidated financial statements referred to above, present fairly, in all material respects, the consolidated financial position
of the Company and its subsidiary as of December 31, 2012 and 2011, and the consolidated results of their operations, changes in
stockholders' equity (deficiency) and cash flows for each of the two years ended December&nbsp;31, 2012, in conformity with U.S.
generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The accompanying consolidated financial
statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 1b, the
Company has incurred recurring losses and negative cash flows from operating activities during the year ended December 31, 2012.
Its ability to continue to operate is dependent upon obtaining additional financial support. These conditions as described in Note
1b, raise substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements do
not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts
and classification of liabilities that may result from the outcome of this uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">/s/ Kost Forer Gabbay &amp; Kasierer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 57%"><FONT STYLE="font-size: 10pt">Tel-Aviv, Israel</FONT></TD>
    <TD STYLE="width: 35%; text-align: right"><FONT STYLE="font-size: 10pt">KOST FORER GABBAY &amp; KASIERER</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">November 12, 2013</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">A Member of Ernst &amp; Young Global</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. dollars in thousands</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 19.85pt"><FONT STYLE="font-size: 10pt">ASSETS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">CURRENT ASSETS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 74%; padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">101</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">893</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Trade receivables</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Prepaid expenses and other accounts receivable (Note 3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">60</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt"><U>Total</U> current assets</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">185</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">943</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">PROPERTY AND EQUIPMENT, NET (Note 4)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">SEVERANCE PAY FUND</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">136</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">110</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt"><U>Total</U> assets</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">349</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,085</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of the consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. dollars in thousands (except share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 28.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">LIABILITIES AND STOCKHOLDERS' DEFICIENCY</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">CURRENT LIABILITIES:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 74%; padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Accounts payable</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Other accounts payables (Note 5)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">75</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">85</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt"><U>Total</U> current liabilities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">95</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">104</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 14.15pt; text-indent: -11.35pt"><FONT STYLE="font-size: 10pt">LONG-TERM LIABILITIES:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Convertible Promissory notes (Note 7)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,946</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,452</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Accrued severance pay</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">140</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">114</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt"><U>Total</U> long-term liabilities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,086</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,566</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">COMMITMENTS AND CONTINGENT LIABILITIES (Note 6)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">STOCKHOLDERS' DEFICIENCY (Note 9):</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Stock capital -</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Common stock of $&nbsp;0.001 par value - </FONT><BR>
<FONT STYLE="font-size: 10pt">Authorized: 24,000,000 shares at December 31, 2012 and 2011; Issued and outstanding: 1,085,060 shares at December 31, 2012 and 2011</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 27pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Series A Preferred stock of $&nbsp;0.001 par value - </FONT><BR>
<FONT STYLE="font-size: 10pt">Authorized: 700,000 shares at December 31, 2012 and 2011; Issued and outstanding: 394,232 shares at December 31, 2012 and 2011</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">*)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Additional paid-in capital</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,381</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,353</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Accumulated deficit</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(12,214</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(10,939</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt"><U>Total</U> stockholders' deficiency</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,832</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(585</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt"><U>Total</U> liabilities and stockholders' deficiency</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">349</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,085</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Represents an amount lower than $ 1.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of the consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. dollars in thousands</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year ended </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 74%; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Revenues</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">166</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">94</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Cost of revenues</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">50</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Gross profit</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">116</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Operating expenses:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Research and development, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">572</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">510</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 19.85pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Selling and marketing</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">190</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">150</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 19.85pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">General and administrative</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">128</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">87</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt"><U>Total</U> operating expenses</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">890</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">747</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Operating loss</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">774</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">682</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Financial expense, net (Note 10)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">501</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">41</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Net loss</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,275</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">723</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Total comprehensive loss</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,275</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">723</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Deemed dividend</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">873</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Net loss attributable to holders of common stock</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,275</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,596</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Net basic and diluted loss per share (Note 12)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(1.18</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(1.47</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Weighted average number of common stock used in computing basic and diluted net loss per share</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of the consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>CONSOLIDATED STATEMENTS OF
CHANGES IN SHAREHOLDERS' EQUITY (DEFICIENCY)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. dollars in thousands (except share
data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Preferred stock</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common stock</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Additional paid-</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>in</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Accumulated</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>stockholders'</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>equity</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>capital</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Deficit</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>(deficiency)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 23%; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Balance as of January 1, 2011</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">453,959</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">9,507</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">(9,343</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">165</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Issuance of Series B Preferred stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18,840</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;-</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">325</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">325</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Deemed dividend in respect of equity restructuring</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">873</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(873</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Cancellation of Series B Preferred stock upon issuance of B-2 Promissory notes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(78,567</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,557</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,557</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Benefit component of convertible notes and warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,142</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,142</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Stock-based compensation related to options granted to consultants and employees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Total comprehensive loss</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(723</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(723</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Balance as of December 31, 2011</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">394,232</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,353</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(10,939</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(585</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Stock-based compensation related to options granted to consultants and employees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Total comprehensive loss</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,275</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,275</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Balance as of December 31, 2012</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">394,232</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">10,381</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(12,214</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(1,832</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Represents an amount lower than $ 1.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of the consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>CONSOLIDATED STATEMENTS OF
CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. dollars in thousands</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year ended </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt"><U>Cash flows from operating activities:</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 74%; padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Net loss</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">(1,275</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">(723</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Adjustments to reconcile net loss to net cash used in operating activities:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 28.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Depreciation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 28.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Stock based compensation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 28.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Benefit component of B-2 promissory notes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">238</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 28.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Decrease (increase) in trade receivables</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 28.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Decrease in prepaid expenses and other accounts receivable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">89</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 28.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Increase in inventories</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(60</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 28.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Increase (decrease) in accounts payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 28.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Decrease in accrued liabilities and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(10</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(38</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 28.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Decrease in accrued severance pay, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(5</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 28.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Accrued interest on promissory notes</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">256</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Net cash used in operating activities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(787</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(547</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt"><U>Cash flows from investing activities:</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 19.85pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Purchase of property and equipment</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(5</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Net cash used in investing activities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(5</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt"><U>Cash flows from financing activities: </U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Proceeds from issuance of promissory notes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Proceeds from issuance of Series B Preferred stock, net</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">325</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Net cash provided by financing activities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,325</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Increase (decrease) in cash and cash equivalents</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(792</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">776</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Cash and cash equivalents at the beginning of the period</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">893</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">117</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Cash and cash equivalents at the end of the period</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">101</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">893</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt"><U>Supplemental information and disclosure of non-cash financing transactions:</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Benefit component of B-2 Promissory notes and warrants</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,142</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Deemed dividend in respect of equity restructuring</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">873</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 19.85pt; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Issuance of B-2 promissory note in respect of Preferred B stock cancellation</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,557</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of the consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. dollars in thousands (except share data and per share
data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-size: 10pt"><B>NOTE 1:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>GENERAL</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Nano Vibronix Inc. (&ldquo;the Company&rdquo;), a U.S. (Delaware) corporation, commenced operations on October 20, 2003 and is a medical device company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy and can be administered at home, without the assistance of medical professionals.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The Company's principal research
and development activities are conducted in Israel through its wholly-owned subsidiary, Nano Vibronix (Israel 2003) Ltd., a company
registered in Israel which commenced operations in October 2003.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">During the ended year December 31, 2012, the Company continues to incur losses and negative cash flows from operating activities amounting to $&nbsp;1,275 and $&nbsp;787, respectively. These conditions raise substantial doubts about the Company's ability to continue as a going concern. The Company's ability to continue to operate is dependent upon raising additional funds to finance its activities. The Company plans to raise capital to finance its operations. There are no assurances, however, that the Company will be successful in obtaining an adequate level of financing needed for the long-term development and commercialization of its products. The consolidated financial statements do not include any adjustments with respect to the carrying amounts of assets and liabilities and their classification that might be necessary should the Company be unable to continue as a going concern.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-size: 10pt"><B>NOTE 2:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>SIGNIFICANT ACCOUNTING POLICIES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.75pt; text-indent: -28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States (&quot;U.S. GAAP&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Use of estimates:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The preparation of financial
statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;2:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>SIGNIFICANT ACCOUNTING POLICIES (Cont.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Financial statements in U.S. dollars:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The accompanying financial
statements have been prepared in U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The majority of the Company's
finances are received in U.S. dollars. Although a portion of the Company's expenses are dominated in New Israeli Shekel (&quot;NIS&quot;)
(mostly salary and rent), a substantial portion of the expenses are denominated in U.S. dollar. In addition, most of the Company's
assets and liabilities are in U.S. dollars and management expects that most of its revenues will be generated in US dollars. The
Company's management believes that the currency of the primary economic environment in which the operations of the Company and
its subsidiary are conducted is the U.S. dollar; thus the dollar is the functional currency of the Company and its subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Transactions and balances originally
denominated in U.S. dollars are presented at their original amounts. Transactions and balances in other currencies have been remeasured
into U.S. dollars in accordance with ASC 830, &quot;Foreign Currency Matters&quot; (&quot;ASC 830&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">All transaction gains and losses
from the remeasurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of operations
in financial expenses, net, as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">c.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Principles of consolidation:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.75pt; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The consolidated financial
statements include the accounts of the Company and its wholly-owned subsidiary, Nano Vibronix (Israel 2003) Ltd. All intercompany
balances and transactions have been eliminated upon consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.75pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">d.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Cash equivalents:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Cash equivalents are short-term
highly liquid investments that are readily convertible to cash with original maturities of three months or less at the date acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">e.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Inventories:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Inventories are stated at the
lower of cost or market value. Inventory write-offs are provided to cover risks arising from slow-moving items or technological
obsolescence. The Company periodically evaluates the quantities on hand relative to current and historical selling prices and historical
and projected sales volume. Based on this evaluation, provisions are made when required to write-down inventory to its market value.
As of December 31, 2012, no provision was recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Inventories include finished
products and raw materials. Cost is determined using the &ldquo;first-in, first-out&rdquo; method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">f.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Property and equipment:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Property and equipment are
stated at cost, net of accumulated depreciation. Depreciation is calculated by the straight-line method over the estimated useful
lives of the assets, at the following annual rates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 75%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 25%; border-bottom: Black 1pt solid; padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Computers and peripheral equipment</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Office furniture and equipment</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">10 &ndash; 15 (mainly 10)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;2:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>SIGNIFICANT ACCOUNTING POLICIES (Cont.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">g.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Impairment of long-lived assets:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The Company's property and
equipment are reviewed for impairment in accordance with ASC 360, &quot;Property Plant and Equipment&quot;, whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held
and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated
by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which
the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the
carrying amount or fair value less selling costs. During the years ended December 31, 2012 and 2011, no impairment losses have
been identified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">h.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Severance pay:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The Company's liability for
severance pay in respect of its subsidiary is calculated pursuant to Israel's Severance Pay Law, based on the most recent salary
of the employees multiplied by the number of years of employment, as of the balance sheet date. Employees are entitled to one month's
salary for each year of employment or a portion thereof. The Company's liability for all of its Israeli employees is covered by
monthly deposits for insurance policies and/or pension funds and by an accrual. The value of these policies and/or funds is recorded
as an asset in the Company's balance sheet. The deposited funds include profits accumulated to the balance sheet date. The deposited
amounts may be withdrawn only upon the fulfillment of the obligations pursuant to the Israel's Severance Pay Law or labor agreements.
The value of the deposited funds is based on the cash surrendered value of these policies, and includes immaterial profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Severance expenses (income)
for the years ended December 31, 2012 and 2011, amounted to $&nbsp;26 and $&nbsp;(37), respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">i.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Revenue recognition:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The Company generates revenues
from the sale of its products to distributors and end users, which are usually doctors as well as patients using the product at
home. Revenues from those products are recognized in accordance with Staff Accounting Bulletin No. 104, &quot;Revenue Recognition&quot;
(&quot;SAB No.&nbsp;104&quot;), when delivery has occurred, persuasive evidence of an agreement exists, the vendor's fee is fixed
or determinable, no further obligation exists and collectability is probable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The Company&rsquo;s agreements
with its distributors do not contain any price protection guarantees, rights of return or other post-shipment obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Revenues derived from product
sales to distributors do not contain any price protection guarantee, rights of return or other post-shipment obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">j.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Research and development costs, net:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Research and development costs,
net of grants received, are charged to the statement of operations, as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;2:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>SIGNIFICANT ACCOUNTING POLICIES (Cont.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">k.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Government grants:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Royalty-bearing grants from
the Government of Israel for funding approved research and development activities are recognized at the time the Company is entitled
to such grants, on the basis of the costs incurred, and included as a reduction from research and development costs. During the
years ended December 31, 2012 and 2011, research and development grants amounted to $&nbsp;0 and $&nbsp;113, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">l.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Income taxes:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The Company accounts for income
taxes in accordance with ASC 740, &quot;Income Taxes&quot;. This Statement prescribes the use of the liability method whereby deferred
tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets
and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected
to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable
value. As of December 31, 2012 and 2011, a full valuation allowance was provided by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.45pt; text-indent: 0.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The Company implements a two-step
approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to
be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on
an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals
or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% (cumulative
basis) likely to be realized upon ultimate settlement. The Company believes that its tax positions are all highly certain of being
upheld upon examination. As such, as of December 31, 2012 and 2011 the Company has not recorded a liability for uncertain tax positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.45pt; text-indent: 0.6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">m.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Accounting for stock-based compensation:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">The Company accounts for stock-based compensation
in accordance with ASC 718, &quot;Compensation-Stock Compensation&quot; which requires companies to estimate the fair value of
equity-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately
expected to vest is recognized as an expense over the requisite service periods in the Company's consolidated statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">The Company recognizes compensation expenses for
the value of its awards granted based on the straight line method over the requisite service period of each of the awards, net
of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent
periods if actual forfeitures differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;2:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>SIGNIFICANT ACCOUNTING POLICIES (Cont.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">The Company selected the Black-Scholes-Merton option
pricing model as the most appropriate fair value method for its stock-options awards. The option-pricing model requires a number
of assumptions, of which the most significant are the expected stock price volatility and the expected option term. Expected volatility
was calculated based upon similar traded companies' historical share price movements. The expected option term represents the period
that the Company's stock options are expected to be outstanding. The Company currently uses simplified method until sufficient
historical exercise data will support using expected life assumptions .The risk-free interest rate is based on the yield from U.S.
Treasury zero-coupon bonds with an equivalent term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">The Company has historically not paid dividends
and has no foreseeable plans to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The Company applies ASC 505-50,
&quot;Equity-Based Payments to Non-Employees&quot; with respect to options and warrants issued to non-employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The fair value of the shares
of Common Stock underlying the options and warrants had been determined by the Company`s management with assistance of an independent
valuation firm by applying of market approach using recent third-party transactions in the equity of the Company. Because there
has been no public market for the Common Stock, management has determined fair value of the Common Stock at the time of grant of
options by considering a number of objective and subjective factors. The fair value of the underlying shares of Common Stock shall
be determined by management until such time as the Common Stock is listed on an established stock exchange, national market system
or other quotation system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">n.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Fair value of financial instruments:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">ASC 820, &quot;Fair Value Measurements
and Disclosures&quot;, defines fair value as the price that would be received to sell an asset or paid to transfer a liability
(i.e., the &quot;exit price&quot;) in an orderly transaction between market participants at the measurement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">In determining fair value,
the Company uses various valuation approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes
the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used
when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based
on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions
about the assumptions market participants would use in pricing the asset or liability developed based on the best information available
in the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The fair value hierarchy also
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;2:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>SIGNIFICANT ACCOUNTING POLICIES (Cont.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">As a basis for considering
such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies
in measuring fair value:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 115px">&nbsp;</TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-size: 10pt">Level&nbsp;1&nbsp;-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Valuations based on quoted prices in active markets for identical assets that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 115px">&nbsp;</TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-size: 10pt">Level&nbsp;2&nbsp;-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 115px">&nbsp;</TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-size: 10pt">Level&nbsp;3&nbsp;-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Valuations based on inputs that are unobservable and significant to the overall fair value measurement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The carrying amounts of cash
and cash equivalents, trade receivables, prepaid expenses and other accounts receivable, accounts payable and other accounts payable
approximate their fair value due to the short-term maturities of such instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">o.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Convertible promissory notes:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The Company applies ASC 470-20,
&quot;Debt with Conversion and Other Options&quot; (&quot;ASC 470-20&quot;), when it can&rsquo;t elect the fair value option under
ASC 825, &quot;Financial Instruments&quot;. In accordance with ASC 470-20 the Company first allocates the proceeds to freestanding
liability instrument that are measured at fair value at each reporting date, based on their fair value. The remaining proceeds
are allocated between the convertible debt and all other freestanding instruments based on the relative fair values of the instruments
at the time of issuance. In accordance with ASC 815 &quot;Derivatives and Hedging&quot; (&quot;ASC 815&quot;), the Company bifurcates
all embedded derivatives that require bifurcation and accounts for them separately from the convertible debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Embedded derivatives that are
separated from the convertible debt are bifurcated based on their fair value and remeasured on each reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">In addition, under the guidelines
of ASC 470-20, the Company measures and recognizes the embedded beneficial conversion feature on the commitment date. The beneficial
conversion feature is measured by allocating a portion of the proceeds equal to the intrinsic value of the feature to additional
paid-in-capital. The intrinsic value of the feature is calculated on the commitment date using the effective conversion price which
had resulted subsequent to the allocation of the proceeds between the convertible debt and all other freestanding instruments.
This intrinsic value is limited to the portion of the proceeds allocated to the convertible debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The Company applied ASC 470-20
and ASC 815 to the Convertible promissory notes (see Note 7).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;2:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>SIGNIFICANT ACCOUNTING POLICIES (Cont.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">p.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Basic and diluted net loss per share:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">Basic net loss per share is computed based on the
weighted average number of Common stock outstanding during each year. Diluted net loss per share is computed based on the weighted
average number of Common stock outstanding during each year plus dilutive potential equivalent Common stock considered outstanding
during the year, in accordance with ASC 260, &quot;Earnings per Share.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">All outstanding stock options
and warrants have been excluded from the calculation of the diluted net loss per share because all such securities are anti-dilutive
for all periods presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">q.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Concentrations of credit risk:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">Financial instruments that potentially subject the
Company and its subsidiary to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">Cash and cash equivalents are invested in major
banks in the United States and Israel. Such deposits in the United States and in Israel may be in excess of insured limits and
are not insured in other jurisdictions. Management believes that the financial institutions that hold the Company's investments
are financially sound and, accordingly, minimal credit risk exists with respect to these investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Trade receivables are mainly
derived from sales to customers, located in the United States of America, Israel, Europe and India. The Company performs ongoing
credit evaluation of its customers and to date has not experienced any material losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">The Company and its subsidiary have no off-balance-sheet
concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">r.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Impact of recently issued accounting standards:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">In May 2011, the Financial Accounting Standards
Board (FASB) issued guidance that changed the requirement for presenting &quot;Comprehensive Income&quot; in the consolidated financial
statements. The update requires an entity to present the components of other comprehensive income either in a single continuous
statement of comprehensive income or in two separate but consecutive statements. The update is effective for fiscal years, and
interim periods within those years, ending after December 15, 2012 and should be applied retrospectively. The adoption of the standard
had no impact on the Company's financial position or results of operations, but resulted in a change in the presentation of its
basic consolidated financial statements. The Company elected to present comprehensive income in a single continuous statement of
comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;3:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>PREPAID EXPENSES AND OTHER ACCOUNTS RECEIVABLE</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 78%"><FONT STYLE="font-size: 10pt">Prepaid expenses</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Other accounts receivable</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;4:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>PROPERTY AND EQUIPMENT, NET</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Cost:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 78%; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Computers and peripheral equipment</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">92</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">87</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Office furniture and equipment</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">95</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Accumulated depreciation:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Computers and peripheral equipment</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">57</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Office furniture and equipment</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">72</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Depreciated cost</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt">Depreciation expenses for the years ended December
31, 2012 and 2011 were $&nbsp;9 and $&nbsp;10, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;5:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>OTHER ACCOUNTS PAYABLES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 78%"><FONT STYLE="font-size: 10pt">Employees and payroll accruals</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">53</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Accrued expenses</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">75</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">85</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;6:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>COMMITMENTS AND CONTINGENT LIABILITIES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company leases office facilities and motor vehicles under operating leases, which expire on various dates, the latest of which is 2015.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Future minimum lease commitments
under non-cancelable operating lease agreements as of December 31, 2012 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Year&nbsp;ended&nbsp;December&nbsp;31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Operating&nbsp;leases</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 89%"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">112</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Rent and related expenses were
$&nbsp;46 and $&nbsp;39 for the years ended December&nbsp;31, 2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Royalties to the Office of the Chief Scientist (&quot;the OCS&quot;):</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">Under the Company's subsidiary research and development
agreements with the OCS and pursuant to applicable laws, the Company is required to pay royalties at the rate of 3-3.5% of sales
of products developed with funds provided by the OCS, up to an amount equal to 100% of the OCS research and development grants
received, linked to the dollar including accrued inters at the LIBOR rate. The Company is obligated to repay the Israeli Government
for the grants received only to the extent that there are sales of the funded products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">As of December 31, 2012, the
Company has a contingent obligation to pay royalties in the principal amount of approximately $&nbsp;453. In addition, the OCS
may impose certain conditions on any arrangement under which it permits the Company to transfer technology or development out of
Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">c.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In December 2011, the Company entered into a license agreement with a third party, to manufacture and sell its products. The Company will market and sell the third party's products and will pay future royalties as a percentage of future revenue. In regard with this agreement, during 2012 the Company paid an advance payment in an amount of $&nbsp;75 on account of the future royalties, which was recorded to the consolidated statement of comprehensive loss in the year ended December 31, 2012, due to the uncertainty of the Company`s ability to sell the products. In addition, the Company is obligated to pay additional amount of $&nbsp;75, in case the actual paid royalties until 2014 will not exceed the minimum of $&nbsp;150, as defined in the agreement. Since the additional future royalties creates an executor contract to the Company, and in accordance with ASC 450-20, the liability was not recorded in the Company's consolidated financial statements as of December 31, 2012 and 2011, and will be recorded only when occurred.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;7:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>CONVERTIBLE PROMISSORY NOTES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In November 2011, the Company
issued Convertible B-1 Promissory Notes (the &quot;B-1 Promissory Notes&quot;) to new and existing stockholders for a consideration
of $&nbsp;1,000. The B-1 Promissory Notes bears 10% annual interest and will be automatically converted into series B-1 Participating
Convertible Preferred stock (&quot;series B-1 Stock&quot;), upon certain events as defined in the agreement, at a fix conversion
price of $&nbsp;0.284 per share. In case the B-1 Promissory Notes will not be converted, the Company shall pay the unpaid principal
amount and interest accrued on the earlier of an &quot;Event of Default&quot; (as defined in the agreement) or November 15, 2014
(the &quot;Maturity Date&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Following the above mentioned,
the Company's &quot;old Series B&quot; Participating Convertible Preferred stock and Warrants to Preferred B stock, issued during
2009 through 2011 pursuant to the subscription agreement from 2009 (the &quot;Old Series B Investor&quot;) (see also Note 9) were
automatically cancelled and its holders received Convertible B-2 Promissory Notes (the &quot;B-2 Promissory Notes&quot;). The B-2
Promissory Notes are in the principal amount equal to the sum of: (1) the purchase price paid by the investor, (2) any purchase
price previously paid in connection with any prior exercise of warrants to Preferred B stock, plus (3) simple interest at 8% per
annum from the date of payment of such amounts reflecting an aggregate amount of $1,557. The B-2 Promissory Notes terms are identical
to the B-1 Promissory Notes terms, except that such B-2 Promissory Notes are convertible into stock of series B-2 Participating
Convertible Preferred stock of the Company, par value $&nbsp;0.001 per share (&quot;series B-2 stock&quot;) and the conversion
price set forth in such notes is $&nbsp;0.199 per share (reflecting a 30% discount on the B-1 Promissory Notes' conversion price
mentioned above). The B-2 Promissory notes are considered to be a liability pursuant to ASC 480 &quot;Distinguishing Liabilities
from Equity&quot;. The convertible notes are presented at accreted value, which includes the principal amount of the convertible
notes less any discount and accumulated interest accrued over the term of the convertible notes, using the interest method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In addition, the Company issued
to the &quot;Old Series B Investors&quot; warrants to purchase 2,319,062 B-2 Preferred stock with a fix exercise price of $&nbsp;0.199
(reflecting a 30% discount on the fair value of the Company's Preferred stock on that date). The warrants shall expire on November
15, 2018. The fair value of the warrants on the issuance date was $571 was recorded in equity in accordance with ASC 470.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">As a result of issuing the warrants
and as a result of the discount on the conversion price of the B-2 Promissory note, the Company recorded in 2011 benefit component
in the amount of $&nbsp;1,142, to be amortized over the terms of the B-2 Promissory Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;8:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>TAXES ON INCOME</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As of December 31, 2012, the U.S. Company had federal and state net operating carry forward tax losses of approximately $&nbsp;8,930. The federal operating loss can be offset against taxable income for 20 years. Utilization of the U.S. net operating losses may be subject to substantial limitations due to the change of ownership provisions of the Internal Revenue Code of 1986.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Foreign tax:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tax rates:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">The Israeli corporate tax rate
was 24% in 2011and 25% in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">On July 30, 2013, the Israeli
Parliament (the Knesset) approved the second and third readings of the Economic Plan for 2013-2014 (&quot;Amended Budget Law&quot;)
which consists, among others, of fiscal changes whose main aim is to enhance long-term collection of taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">These changes include, among
others, raising the Israeli corporate tax rate from 25% to 26.5%, cancelling the lowering of the tax rates applicable to preferred
enterprises (9% in development area A and 16% in other areas), taxing revaluation gains and increasing the tax rates on dividends
within the scope of the Law for the Encouragement of Capital Investments to 20% effective from January 1, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Income Tax (Inflationary Adjustments) Law, 1985:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">According to the law, until
2007, the results for tax purposes were adjusted for the changes in the Israeli CPI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">In February 2008, the &quot;Knesset&quot;
(Israeli parliament) passed an amendment to the Income Tax (Inflationary Adjustments) Law, 1985, which limits the scope of the
law starting 2008 and thereafter. Starting 2008, the results for tax purposes are measured in nominal values, excluding certain
adjustments for changes in the Israeli CPI carried out in the period up to December 31, 2007. The amendment to the law includes,
inter alia, the elimination of the inflationary additions and deductions and the additional deduction for depreciation starting
2008.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Law for the Encouragement of Capital Investments, 1959:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">According to the law, the Company's
subsidiary is entitled to various tax benefits by virtue of the &quot;Beneficiary Enterprise&quot; status granted to the subsidiary,
defined by this law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;8:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>TAXES ON INCOME (Cont.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">The principal benefits are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">The subsidiary is tax exempt
for a benefit period of two years and in the five subsequent years of the benefit period is subject to a reduced tax rate of 10%-25%
(based on percentage of foreign ownership).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">According to the law, the benefit
period commences in the later of the year elected by the subsidiary or the first year in which the subsidiary has taxable income,
provided that 12 years have not elapsed from the beginning of the year of election. The subsidiary has elected 2005 as the year
of election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">If dividends are distributed
out of tax exempt profits, the subsidiary will then become liable for tax at the rate applicable to its profits from the approved
enterprise in the year in which the income was earned, as if it had not chosen the alternative track of benefits. The subsidiary's
policy is not to distribute dividends out of these profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">Conditions for the entitlement
to the benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">The above benefits are conditional
upon the fulfillment of the conditions stipulated by the law, regulations published there under and the letters of approval for
the specific investments in the Beneficiary Enterprise. In the event of failure to comply with these conditions, the benefits may
be canceled and the subsidiary may be required to refund the amount of the benefits, in whole or in part, including interest. The
management believes that the subsidiary is meeting the aforementioned conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">In December 2010, the &quot;Knesset&quot;
(Israeli Parliament) passed the Law for Economic Policy for 2011 and 2012 (Amended Legislation), 2011 (&quot;the Amendment&quot;),
which prescribes, among others, amendments in the Law for the Encouragement of Capital Investments, 1959 (&quot;the Law&quot;).
The Amendment became effective as of January&nbsp;1, 2011. According to the Amendment, the benefit tracks in the Law were modified
and a flat tax rate applies to the Company's entire preferred income under its status as a preferred company with a preferred enterprise.
Commencing from the 2011 tax year, the Company will be able to apply (the waiver is non-recourse) the Amendment and from the elected
tax year and onwards, it will be subject to the amended tax rates that are: 2011 and 2012 - 15% (in development area A - 10%),
2013 and 2014 - 12.5% (in development area A - 7%) and in 2015 and thereafter - 12% (in development area A - 6%). Certain &quot;Special
Industrial Companies&quot; that meet certain criteria would enjoy further reduced tax rates of 5% in Zone A and 8% elsewhere. The
profits of these Industrial Companies would be freely distributable as dividends, subject to a 15% withholding tax (or lower, under
an applicable tax treaty).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;8:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>TAXES ON INCOME (Cont.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">The Company and its subsidiary
has tested the impact of the amendment to the Law on its financial statements, and as of the publication of the reports the Company
and its subsidiary estimates that it will not move under the initiation of the Law as of the tax year 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">This estimation of the Company
and its subsidiary might change in the future until the submission of the final decision to the tax authorities, as stated in the
amendment to the Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Israeli subsidiary has accumulated a net operating tax loss carryforward as of December 31, 2012, amounting to approximately $&nbsp;272, which may be carried forward and offset against taxable income in the future for an indefinite period.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The subsidiary has final tax assessments through 2007.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">c.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Deferred income taxes:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Deferred income taxes reflect
the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial purposes and
the amounts used for income tax purposes. Significant components of the Company`s deferred tax assets are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Deferred tax assets:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 78%"><FONT STYLE="font-size: 10pt">Net operating loss carry forward</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">3,615</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">3,628</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Temporary differences</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Deferred tax assets before valuation allowance</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,620</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,632</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Valuation allowance</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,620</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,632</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Net deferred tax asset</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">In assessing the realization
of deferred tax assets, management considers whether it is more likely than not that all or some portion of the deferred tax assets
will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income
during the periods in which temporary differences are deductible and net operating losses are utilized. Based on consideration
of these factors, the Company recorded a full valuation allowance at December 31, 2012 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">d.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The main reconciling item between the statutory tax rate of the Company and the effective tax rate is the recognition of valuation allowances in respect of deferred taxes relating to accumulated net operating losses carried forward due to the uncertainty of the realization of such deferred taxes.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;9:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>STOCKHOLDERS' EQUITY (DEFICIENCY)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Composition of stock capital:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>December&nbsp;31,&nbsp;2012&nbsp;and&nbsp;2011</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Authorized</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Issued&nbsp;and</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>outstanding</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>number&nbsp;of&nbsp;shares</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 78%; padding-bottom: 2.5pt; padding-left: 8.5pt; text-align: justify; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Common stock of $&nbsp;0.001 par value</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">24,000,000</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 8.5pt; text-align: justify; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Series A-1 Preferred stock of $&nbsp;0.001 par value</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">400,000</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">222,620</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 8.5pt; text-align: justify; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Series A-2 Preferred stock of $&nbsp;0.001 par value</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">300,000</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">171,612</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 8.5pt; text-align: justify; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Series B-1 Preferred stock of $&nbsp;0.001 par value</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">4,650,000</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 8.5pt; text-align: justify; text-indent: -8.5pt"><FONT STYLE="font-size: 10pt">Series B-2 Preferred stock of $&nbsp;0.001 par value</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">12,650,000</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Common Stock:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">The Common stock confer upon the holders the right
to receive notice to participate and vote in general meetings of the Company, and the right to receive dividends, if declared and
to participate in the distribution of the surplus assets and funds of the Company in the event of liquidation, dissolution or winding
up of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">c.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Series A and B Convertible Preferred Stock:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: -0.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>Liquidation preference</I>
- Upon any liquidation, dissolution or winding up of the Company, (i) first, each series B holder will be entitled to be paid,
before any distribution or payment is made upon any other securities of the Company, an amount in cash equal to the aggregate Series
Issuance Price (subject to adjustments) of all shares of series B Preferred stock held by such holder; (ii) second, each series
A holder will be entitled to be paid, before any distribution or payment is made upon any junior securities of the Company, an
amount in cash equal to the aggregate Series Issuance Price (subject to adjustments) of all shares of series A Preferred stock
held by such holder, (iii) thereafter, each series A holder and series B holder shall participate in any distribution or payment
on a pro-rata basis with all junior securities, and such shares shall thereafter confer only the rights of Common stock, as if
such holder's Preferred stock had been converted into Common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>Voting rights </I>- Each
outstanding share of Preferred A and B stock shall have the number of votes equal to the number of whole shares of Common stock,
into which such share of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">Preferred stock is then convertible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><I>Conversion</I> - Each share
of series A Convertible Preferred stock or series B Convertible Preferred stock shall be convertible, at the option of the holder
thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such
number of fully paid and non-assessable shares of Common stock as is determined by dividing the applicable Series Issuance Price
by the conversion price in effect at the time of conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;9:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>STOCKHOLDERS' EQUITY (DEFICIENCY) (Cont.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">In each case, subject to adjustment
for any and all recapitalizations, reclassifications, stock splits, reverse stock splits, stock dividends, subdivisions, combinations
or similar events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">d.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On September 9, 2009, the Company signed an investment agreement to raise an amount of up to $&nbsp;2,000 for issuance of series B Convertible Preferred stock of $&nbsp;0.001 par value each (&quot;series B Preferred stock&quot;) and warrants to purchase series B Preferred stock at $&nbsp;17.25 per share, exercisable until March 31, 2014 (&quot;series B Warrants&quot;). According to the investment agreement, if the Company shall effect a private placement of at least $&nbsp;1,000, including convertible debt, the Securities shall automatically be cancelled and shall represent solely the right to receive such number of securities which would have been issued in consideration for the sum of: (1) the purchase price paid by the Investor, (2) any purchase price previously paid in connection with any prior exercise of the series B Warrants, plus (3) simple interest at 8% per annum from the date of payment of such amounts provided that the purchase price for such securities shall be deemed reduced by thirty percent.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">During 2009 the Company issued 37,639 shares of
series B Preferred stock for a consideration of $&nbsp;639 (net of $&nbsp;10 issuance expenses). In addition, the Company issued
37,639 series B Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">During 2010, the Company issued 22,088 shares of
series B Preferred stock for a consideration of $&nbsp;381. In addition, the Company issued 22,088 series B Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">During 2011, the Company issued
18,840 shares of series B Convertible Preferred stock for a consideration of $&nbsp;325. In addition, the Company issued 18,840
series B Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">e.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In October 2011, the Company signed an amendment to the investment agreement from 2009, according to which if the Company shall effect a private placement of at least $1,000 in convertible debt, the series B Preferred stock shall automatically be cancelled and shall represent solely the right to receive such number of convertible debt which would have been issued in consideration for the sum of: (1) the purchase price paid by the investor, (2) any purchase price previously paid in connection with any prior exercise of series B Warrants, plus (3) simple interest at 8% per annum from the date of payment of such amounts. The convertible debt exercise price will reflect 30% discount of the private placement price. As a result, the Company recorded deemed dividend in the amount of $&nbsp;873 to represent the equity restructuring.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">In November 2011, the Company
issued promissory notes to new and existing stockholders for a consideration of $&nbsp;1,000 following which the series B Preferred
stock and series B Warrants were automatically canceled (see also Note 7).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;9:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>STOCKHOLDERS' EQUITY (DEFICIENCY) (Cont.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">f.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Stock option plan:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.45pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.45pt">In November 2004, the Board of Directors of the
Company adopted a stock option plan (&quot;the Plan&quot;), according to which options may be granted to employees, directors and
consultants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">Pursuant to the Plan, the Company reserved for issuance
2,800,000 stock of Common stock. Each option entitles the holder to purchase one Ordinary stock of the Company and expires after
10 years from the date of grant. Any options, which are terminated, cancelled, forfeited or not exercised, become available for
future grants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt">As of December 31, 2012, under the Plan, 2,426,296
options were available for future grants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Option issued to employees</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 38px">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A summary of the Company's options activity and related information with respect to options granted to employees for the year ended December 31, 2012 is as follows:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="14" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year&nbsp;ended&nbsp;</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount&nbsp;of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>options</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Weighted</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>average</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>exercise</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>price</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount&nbsp;of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>options</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Weighted</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>average</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>exercise</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>price</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 52%; padding-left: 11.35pt; text-indent: -11.35pt"><FONT STYLE="font-size: 10pt">Outstanding - beginning of the year</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">327,791</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">7.89</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">330,816</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">4.49</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 11.35pt; text-indent: -11.35pt"><FONT STYLE="font-size: 10pt">Granted</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -11.35pt"><FONT STYLE="font-size: 10pt">Exercised</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 11.35pt; text-indent: -11.35pt"><FONT STYLE="font-size: 10pt">Expired or Forfeited</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,025</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">4.63</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -11.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 11.35pt; text-indent: -11.35pt"><FONT STYLE="font-size: 10pt">Outstanding - end of the year</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">327,791</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">7.89</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">327,791</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">7.89</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 11.35pt; text-indent: -11.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 11.35pt; text-indent: -11.35pt"><FONT STYLE="font-size: 10pt">Exercisable at end of year</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">324,116</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">3.88</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">312,441</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">3.84</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">The weighted average remaining
contractual life as of December 31, 2012 is 4.63 years. The aggregated intrinsic value of outstanding options and exercisable options,
as of December 31, 2012 is $&nbsp;23 and $&nbsp;24, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">As of December 31, 2012 the
unrecognized compensation cost is $&nbsp;7 and $&nbsp;6 to be recognized in 2013 and 2014, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;9:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>STOCKHOLDERS' EQUITY (DEFICIENCY) (Cont.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Option issued to non employees</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-indent: 0.5in">The Company's outstanding options
granted to consultants as of December 31, 2012 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Issuance&nbsp;date</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Options&nbsp;for</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Common</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>stock</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Average</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>exercise&nbsp;price</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>per&nbsp;share</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Options</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>exercisable</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Expiration&nbsp;date</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD NOWRAP STYLE="width: 20%"><FONT STYLE="font-size: 10pt">December 2004</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%; text-align: right"><FONT STYLE="font-size: 10pt">10,225</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 17%; text-align: right"><FONT STYLE="font-size: 10pt">7.38</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%; text-align: right"><FONT STYLE="font-size: 10pt">10,225</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 19%; padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">December 2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">April 2005</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,250</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6.74</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,250</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">April 2015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">December 2005</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6.74</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">December 2015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">September 2006</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3.37</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">September 2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">December 2007</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12.08</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">December 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">October 2008</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">938</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6.74</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">938</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">October 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">April 2009</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10.35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6,812</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">April 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">December 2010</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,500</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">0.284</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,500</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; padding-left: 2.85pt"><FONT STYLE="font-size: 10pt">December 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 2.85pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">45,913</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">45,225</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt; padding-left: 2.85pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify">The fair value of the Company's
stock options granted to non-employees for the year ended December 31, 2011 and 2012 was using the following weighted average assumptions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year&nbsp;ended&nbsp;</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 78%"><FONT STYLE="font-size: 10pt">Dividend yield</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Expected volatility</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">82</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">82</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Risk-free interest</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.72% - 1.48</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.46% - 1.53</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Expected term (years)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6 - 8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4 - 9</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 113px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Stock-based compensation:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.6in; text-indent: 0.5in">The stock based expense recognized
in the financial statements for services received from employees and non-employees is shown in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year&nbsp;ended</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 78%"><FONT STYLE="font-size: 10pt">Research and development, net</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Selling and marketing</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">General and administrative</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;10:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>FINANCIAL EXPENSE, NET</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year&nbsp;ended</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 78%"><FONT STYLE="font-size: 10pt">Income interest</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">(1</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">(1</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Bank commission expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Interest on promissory notes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">256</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Benefit component of promissory notes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">238</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">501</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">41</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;11:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Summary information about geographic areas:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ASC 280, &ldquo;Segment Reporting,&rdquo; establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company manages its business on the basis of one reportable segment, and derives revenues from selling its products mainly through distributor agreements. The following is a summary of revenues within geographic areas:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Year&nbsp;ended</FONT><BR>
<FONT STYLE="font-size: 10pt">December&nbsp;31,</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 78%"><FONT STYLE="font-size: 10pt">United States</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">67</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Europe</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">India</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Rest of the world</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">166</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">94</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">During the years ended December 31, 2012 and 2011, there were no sales to a single customer exceeding 10% of the Company&rsquo;s revenues.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company's long-lived assets are all located in Israel.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE 12:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>BASIC AND DILUTED NET LOSS PER SHARE</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The following table sets forth
the computation of the Company's basic and diluted net loss per share of Common stock:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year&nbsp;ended</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>December&nbsp;31</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2011</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 78%; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Net loss attributable to holders of Common stock as reported</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(1,275</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(1,596</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Weighted average number of Common stock used in computing basic and diluted net loss per share</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Net loss per share of Common stock, basic and diluted</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(1.18</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(1.47</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">For the years ended December&nbsp;31,
2012 and 2011, all outstanding options and warrants have been excluded from the calculation of the diluted net loss per share since
their effect was anti-dilutive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE 13:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>SUBSEQUENT EVENTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On February 5, 2013 the Company signed an agreement with certain investors (&quot;The Agreement&quot;), according to which the Company issued convertible promissory notes (the &quot;Note&quot;) in consideration for $100. The convertible promissory notes mature on the earlier of June 30, 2013, the closing date of a financing in which the Company shall sell an aggregate of at least $250 of its debt or equity securities or such accelerated date as a result of an occurrence of an event of default as defined in The Agreement, upon which date the entire outstanding principal balance and any outstanding fees or interest will be due and payable in full. The convertible promissory notes bear interest at the rate of 6% per annum, which rate is increased to 10% upon and during the occurrence of an event of default as defined in The Agreement. In addition, the convertible promissory notes are convertible either at the Company`s option or upon maturity of the promissory notes into Common stock at an initial conversion price of $0.38 per share, subject to adjustment for stock splits, fundamental transactions or similar events.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">In addition, the Company issued
to the stockholder 263,158 warrants to purchase Common stock. The exercise price at which the warrant may be exercised shall be
$&nbsp;0.38 subject to adjustment for stock splits, fundamental transactions or similar events. The warrants shall expire on February
5, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">On March 28, 2013 the Company
signed an amendment to The Agreement and issued convertible promissory notes to certain investors in the principal amount of $&nbsp;200.
In addition, the Company issued to the stockholder 263,158 additional warrants to purchase Common stock. The exercise price at
which the warrant may be exercised shall be $&nbsp;0.38 subject to adjustment for stock splits, fundamental transactions or similar
events. The warrants contain identical terms to those of the February 2013 Warrants, other than that the warrants expire on March
28, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">On June 3, 2013 the Company
signed a second amendment to The Agreement and issued to convertible promissory notes to certain investors in the principal amount
of $&nbsp;300. The Note are convertible to Common stock and bears 6% interest, computed annually and should be fully due and payable
at the earliest of September 30, 2013 or the closing date of a financing round as defined in the agreement. In addition, the Company
issued to the stockholder 263,158 additional warrants to purchase Common stock. The exercise price at which the warrant may be
exercised shall be $&nbsp;0.38 subject to adjustment for stock splits, fundamental transactions or similar events. The warrants
contain identical terms to those of the February 2013 Warrants, other than that the warrants expire on June 3, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 85.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">On August 5, 2013, the Company
signed a third amendment to The Agreement and issued convertible promissory notes to certain investors in the principal amount
of $400. The Note are convertible to Common stock and bears 6% interest, computed annually and should be fully due and payable
at the earliest of November 30, 2013 or the closing date of a financing round as defined in the agreement. In addition, the Company
issued to the stockholder 263,158 additional warrants to purchase Common stock. The exercise price at which the warrant may be
exercised shall be $&nbsp;0.38 subject to adjustment for stock splits, fundamental transactions or similar events. The warrants
contain identical terms to those of the February 2013 Warrants, other than that the warrants expire on August 5, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 75px"><FONT STYLE="font-size: 10pt"><B>NOTE&nbsp;13:-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>SUBSEQUENT EVENTS (Cont.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">On October 7, 2013, the Company
signed a fourth amendment to The Agreement and issued convertible promissory notes to certain investors in the principal amount
of $500. The Note are convertible to Common stock and bears 6% interest, computed annually and should be fully due and payable
at the earliest of December 31, 2013 or the closing date of a financing round as defined in the agreement. In addition, the Company
issued to the stockholder 263,158 additional warrants to purchase Common stock. The exercise price at which the warrant may be
exercised shall be $&nbsp;0.38 subject to adjustment for stock splits, fundamental transactions or similar events. The warrants
contain identical terms to those of the February 2013 Warrants, other than that the warrants expire on October 7, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In March 2013, the Company granted 1,750,000 options fully vested for Common stock to 3 executive officers and directors. The average exercise price of the options is $&nbsp;0.04 and the options will expire in March 2023.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">c.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company evaluates events or transactions that occur after the balance sheet date but prior to the issuance of financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. For its consolidated financial statements as of December&nbsp;31, 2012, the Company evaluated subsequent events through November 12, 2013, which is the date the consolidated financial statements were issued.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- - - - - - - - - - - - - -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1.5pt solid"><B>CONDENSED CONSOLIDATED
BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. DOLLARS IN THOUSANDS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>September&nbsp;30,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unaudited</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">ASSETS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">CURRENT ASSETS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 74%; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">101</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Trade receivables</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Prepaid expenses and other accounts receivable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">105</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">72</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">60</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><U>Total</U> current assets</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">248</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">185</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">PROPERTY AND EQUIPMENT, NET</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">SEVERANCE PAY FUND</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">163</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">136</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><U>Total</U> assets</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">435</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">349</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral
part of the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1.5pt solid"><B>CONDENSED CONSOLIDATED
BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. DOLLARS IN THOUSANDS (except share
data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>September&nbsp;30,</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unaudited</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">LIABILITIES AND STOCKHOLDERS' DEFICIENCY</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">CURRENT LIABILITIES:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 74%; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Accounts payable</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Other accounts payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">197</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">75</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Convertible Promissory notes to common stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">185</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Embedded feature of Convertible Promissory notes</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">121</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><U>Total</U> current liabilities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">519</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">95</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">LONG-TERM LIABILITIES:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Convertible Promissory notes to preferred stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,400</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,946</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Warrants to purchase Common stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">116</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Accrued severance pay</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">168</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">140</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><U>Total</U> long-term liabilities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,684</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,086</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">STOCKHOLDERS' DEFICIENCY:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Stock capital -</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Common stock of $&nbsp;0.001 par value - Authorized: 24,000,000 shares at September 30, 2013 and December 31, 2012; Issued and outstanding: 1,085,060 shares at September 30, 2013 and December 31, 2012</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Series A Preferred stock of $&nbsp;0.001 par value - Authorized: 700,000 shares at September 30, 2013 and December 31, 2012; Issued and outstanding: 394,232 shares at September 30, 2013 and December 31, 2012</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">*)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Additional paid-in capital</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,857</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,381</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Accumulated deficit</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(13,626</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(12,214</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><U>Total</U> stockholders' deficiency</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,768</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,832</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><U>Total</U> liabilities and stockholders' deficiency</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">435</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">349</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Represents an amount lower than $&nbsp;1.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral
part of the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1.5pt solid"><B>CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. DOLLARS IN THOUSANDS (except share
and per share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nine&nbsp;months&nbsp;ended</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>September&nbsp;30,</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year&nbsp;ended</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unaudited</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 61%"><FONT STYLE="font-size: 10pt">Revenues</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">203</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">109</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">166</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Cost of revenues</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">81</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">50</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Gross profit</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">122</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">76</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">116</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Operating expenses:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Research and development, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">498</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">519</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">572</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Selling and marketing</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">183</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">132</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">190</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">General and administrative</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">362</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">98</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">128</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><U>Total</U> operating expenses</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,043</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">749</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">890</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Operating loss</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">921</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">673</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">774</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Financial expense, net</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">491</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">370</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">501</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Net loss</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,412</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,043</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,275</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Total comprehensive loss</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,412</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,043</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,275</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Net loss attributable to holders of common stock</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,412</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,043</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,275</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Net basic and diluted loss per share</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(1.3</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(0.96</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(1.18</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Weighted average number of common stock used in computing basic and diluted net loss per share</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral
part of the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1.5pt solid"><B>CONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIENCY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. DOLLARS IN THOUSANDS (except share
data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Preferred&nbsp;stock</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common&nbsp;stock</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Additional</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>paid-in</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Accumulated</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>stockholders'</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>capital</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>deficit</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>deficiency</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 27%; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Balance as of January 1, 2012</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">394,232</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">&#9;-</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">10,353</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">(10,939</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">(585</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Stock based compensation related to options granted to consultants and employees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Total comprehensive loss</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,275</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,275</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Balance as of December 31, 2012</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">394,232</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,381</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(12,214</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,832</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Stock based compensation related to options granted to consultants and employees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">476</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">476</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Total comprehensive loss</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,412</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,412</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Balance as of September 30, 2013 (unaudited)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">394,232</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">&#9;-</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">10,857</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(13,626</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(2,768</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Represents an amount lower than $&nbsp;1.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral
part of the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1.5pt solid"><B>CONDENSED STATEMENTS OF
CHANGES IN STOCKHOLDERS' DEFICIENCY (CONT.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. DOLLARS IN THOUSANDS (except share
data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Preferred&nbsp;stock</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common&nbsp;stock</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Additional</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>paid-in</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Accumulated</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>stockholders'</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>capital</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Deficit</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Deficiency</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 27%; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Balance as of January 1, 2012</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">394,232</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">*)&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">10,353</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">(10,939</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">(585</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Stock based compensation related to options granted to consultants and employees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Total comprehensive loss</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,043</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,043</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Balance as of September 30, 2012 (unaudited)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">394,232</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">*)&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,085,060</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">10,377</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(11,982</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(1,604</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">*)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Represents an amount lower than $&nbsp;1.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral
part of the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1.5pt solid"><B>CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. DOLLARS IN THOUSANDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nine&nbsp;months&nbsp;ended</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>September&nbsp;30,</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year&nbsp;ended</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unaudited</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt"><U>Cash flows from operating activities:</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 61%; padding-left: 16.2pt; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Net loss</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">(1,412</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">(1,043</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">(1,275</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 16.2pt; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Adjustments to reconcile net loss to net cash used in operating activities:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Depreciation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Stock based compensation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">476</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Benefit component of B-2 promissory notes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">262</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">167</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">238</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Valuation of embedded feature of Convertible Promissory notes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(12</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Valuation of warrants to purchase Common stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Increase in trade receivables</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(13</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Decrease (increase) in prepaid expenses and other accounts receivable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(9</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Increase in inventories</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(12</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(5</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(60</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Increase (decrease) in accounts payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(4</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Increase (decrease) in other accounts payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(16</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(10</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Increase &nbsp;in accrued severance pay, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.35in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Accrued interest on promissory notes</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">202</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">192</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">256</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net cash used in operating activities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(447</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(640</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(787</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt"><U>Cash flows from investing activities:</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 16.2pt; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Purchase of property and equipment</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(4</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(5</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net cash used in investing activities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(4</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(5</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt"><U>Cash flows from financing activities:</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 16.2pt; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Proceeds from issuance of promissory notes</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">400</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Net cash provided by financing activities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">400</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Decrease in cash and cash equivalents</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(50</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(644</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(792</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Cash and cash equivalents at the beginning of the period</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">101</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">893</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">893</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Cash and cash equivalents at the end of the period</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">249</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">101</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Non-cash financing transactions:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Issuance expenses</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">79</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral
part of the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>NOTE
1:-&#9;&nbsp;&nbsp;&nbsp;&nbsp;GENERAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Nano Vibronix Inc. (&quot;the Company&quot;), a U.S. (Delaware) corporation, commenced operations on October 20, 2003 and is a medical device company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy and can be administered at home, without the assistance of medical professionals.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">The Company's principal research
and development activities are conducted in Israel through its wholly-owned subsidiary, Nano Vibronix (Israel 2003) Ltd., a company
registered in Israel, which commenced operations in October 2003.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">During the period ended September 30, 2013, the Company continues to incur losses and negative cash flows from operating activities amounting to $&nbsp;1,412 and $&nbsp;447, respectively. These conditions raise substantial doubts about the Company's ability to continue as a going concern. The Company's ability to continue to operate is dependent upon raising additional funds to finance its activities. The Company plans to raise capital to finance its operations. There are no assurances, however, that the Company will be successful in obtaining an adequate level of financing needed for the long-term development and commercialization of its products. The consolidated financial statements do not include any adjustments with respect to the carrying amounts of assets and liabilities and their classification that might be necessary should the Company be unable to continue as a going concern.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>NOTE
2:-&nbsp;&#9;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.75pt; text-align: justify; text-indent: -28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The significant accounting policies
applied in the annual consolidated financial statements of the Company as of December 31, 2012 are applied consistently in these
financial statements, with the exception of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">Warrants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Company accounts for certain
warrants held by investors which include down round protection as a liability according to provisions of ASC 815-40, &quot;Derivatives
and Hedging - Contracts in Entity`s Own Equity&quot;, (&quot;ASC 815&quot;) which provides new two-step model to be applied in
determining whether a financial instrument or an embedded feature is indexed to an issuer`s own sock and thus able to qualify to
be a derivative financial instrument. The Company measures the warrants at fair value with the assistance of an independent valuation
firm by applying the Bionomical option pricing model in each reporting period until they are exercised or expired, with changes
in the fair value being recognized in the Company`s statement of operations as financial income or expense, as appropriate. For
more information see Note 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>NOTE
3:-&#9;&nbsp;&nbsp;&nbsp;&nbsp;UNAUDITED INTERIM FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The accompanying unaudited condensed
consolidated financial statements as of September 30, 2013 have been prepared in accordance with the U.S. generally accepted accounting
principles for interim financial information. Accordingly, they do not include all the information and footnotes required by generally
accepted accounting principles in the United States for complete financial statements. In the opinion of management, the unaudited
interim consolidated financial statements include all adjustments of normal recurring nature necessary for a fair presentation
of the Company&rsquo;s consolidated financial position as of September 30, 2013, the Company&rsquo;s consolidated results of operation
and the consolidated cash flow for the nine months ended September 30, 2013. Results for the nine months ended September 30, 2013
are not necessarily indicative of the results that may be expected for the year ended December&nbsp;31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 4:-&#9;&nbsp;&nbsp;&nbsp;&nbsp;FAIR
VALUE MEASURMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">ASC 820, &quot;Fair Value Measurements
and Disclosures&quot; (&quot;ASC 820&quot;), defines fair value as the price that would be received from selling an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair
value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most
advantageous market in which it would transact and consider assumptions that market participants would use when pricing the asset
or liability, such as inherent risk, transfer restrictions and risk of nonperformance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">ASC 820 also establishes a fair
value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when
measuring fair value. A financial instrument's categorization within the fair value hierarchy is based on the lowest level of input
that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair
value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75px">&nbsp;</TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-size: 10pt">Level 1 -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">quoted prices in active markets for identical assets or liabilities;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -56.7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75px">&nbsp;</TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-size: 10pt">Level 2 -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">inputs other then Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -56.7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75px">&nbsp;</TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-size: 10pt">Level 3 -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">During February through September
2013, the Company issued convertible promissory notes for an aggregated amount of $&nbsp;400, convertible to Common stock with
an exercise price of $ 0.38 subject to adjustment for stock splits, fundamental transactions or similar events (see also Note 5).
The Company accounts for the conversion feature at fair value, with changes in fair values being recognized in the Company&rsquo;s
statement of comprehensive loss as financial income or expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 4:-&nbsp;&nbsp;&nbsp;&nbsp;&#9;FAIR
VALUE MEASURMENTS (Cont.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In addition, in February 2013,
the Company issued to the stockholder 263,158 warrants to purchase Common stock. The exercise price at which the warrant may be
exercised shall be $&nbsp;0.38 subject to adjustment for stock splits, fundamental transactions or similar events. The warrants
shall expire on February 5, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In March 2013, the Company issued
to the stockholder 263,158 warrants to purchase Common stock. The exercise price at which the warrant may be exercised shall be
$&nbsp;0.38 subject to adjustment for stock splits, fundamental transactions or similar events. The warrants contain identical
terms to those of the February 2013 Warrants, other than that the warrants expire on March 28, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In June 2013, the Company issued
to the stockholder 263,158 additional warrants to purchase Common stock. The exercise price at which the warrant may be exercised
shall be $&nbsp;0.38 subject to adjustment for stock splits, fundamental transactions or similar events. The warrants contain identical
terms to those of the February 2013 Warrants, other than that the warrants expire on June 3, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In August 2013, the Company
issued to the stockholder 263,158 additional warrants to purchase Common stock. The exercise price at which the warrant may be
exercised shall be $&nbsp;0.38 subject to adjustment for stock splits, fundamental transactions or similar events. The warrants
contain identical terms to those of the February 2013 Warrants, other than that the warrants expire on August 5, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Company accounts for the
warrants to purchase Common stock held by the stockholders (each of which include weighted average anti-dilution protection) as
a liability according to the provisions of ASC 815-40, &quot; Derivatives and Hedging &ndash; Contracts in Entity`s Own Equity&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Company measures the warrants
and the conversion feature of the convertible promissory notes at fair value with the assistance of an independent valuation firm
by applying the Bionomical option pricing model in each reporting period until they are exercised or expired, with changes in fair
values being recognized in the Company&rsquo;s statement of operations as financial income or expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In estimating the warrants'
and the conversion feature fair value the Company used the following assumptions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Issuance&nbsp;date&nbsp;and</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>September&nbsp;30,&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 5.65pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dividend yield (1)</FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Expected volatility (2)</FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">58% - 59%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Risk-free interest (3)</FONT></TD>
    <TD STYLE="padding-left: 2.85pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">0.07% - 0.1%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Expected term (years) (4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 2.85pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 2.85pt; text-align: center"><FONT STYLE="font-size: 10pt">0.75 - 1</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 4:-&nbsp;&nbsp;&nbsp;&nbsp;&#9;FAIR
VALUE MEASURMENTS (Cont.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dividend yield - was based in the fact that the Company has not paid dividends to its stockholders in the past and does not expect to pay dividends to its stockholders in the future.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Expected volatility - was calculated based on actual historical stock price movements of companies in the same industry over the term that is equivalent to the expected term of the option.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Risk-free interest - based on yield rate of non-index linked U.S. Federal Reserve treasury stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Expected term - the expected term was based on the maturity date of the warrants.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 56.7pt">Fair value measurement
using significant unobservable inputs (Level 3):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fair&nbsp;value&nbsp;of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>warrants&nbsp;to</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Common&nbsp;stock</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>and&nbsp;embedded</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>feature</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Balance at January 1, 2013</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Fair value of warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">92</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Change in fair value of warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Fair value of embedded feature</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">133</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">Change in fair value of embedded feature of Convertible Promissory notes</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(12</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Balance at September 30, 2013</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">237</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In addition the Company&rsquo;s
financial instruments also includes cash and cash equivalents, trade receivables, prepaid expenses and other accounts receivable,
accounts payable and other accounts payable. The fair value of these financial instruments was not materially different from their
carrying values as of September 30, 2013 due to the short-term maturities of such instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 5:-&#9;&nbsp;&nbsp;&nbsp;&nbsp;CONVERTIBLE
PROMISSORY NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">On February 5, 2013 the Company
signed an agreement with certain investors (&quot;The Agreement&quot;), according to which the Company issued convertible promissory
notes (the &quot;Note&quot;) in consideration for $100. The convertible promissory notes mature on the earlier of June 30, 2013,
the closing date of a financing in which the Company shall sell an aggregate of at least $&nbsp;250 of its debt or equity securities
or such accelerated date as a result of an occurrence of an event of default as defined in The Agreement, upon which date the entire
outstanding principal balance and any outstanding fees or interest will be due and payable in full. The convertible promissory
notes bear interest at the rate of 6% per annum, which rate is increased to 10% upon and during the occurrence of an event of default
as defined in The Agreement. In addition, the convertible promissory notes are convertible either at the investor`s option or upon
maturity of the promissory notes into Common stock at an initial conversion price of $&nbsp;0.38 per share, subject to adjustment
for stock splits, fundamental transactions or similar events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 5:-&#9;&nbsp;&nbsp;&nbsp;&nbsp;CONVERTIBLE
PROMISSORY NOTES (Cont.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In addition, the Company issued
to the stockholder 263,158 warrants to purchase Common stock. The exercise price at which the warrant may be exercised shall be
$&nbsp;0.38. The warrants shall expire on February 5, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">On March 28, 2013 the Company
signed an amendment to The Agreement and issued convertible promissory notes to certain investors in the principal amount of $&nbsp;200.
In addition, the Company issued to the stockholder 263,158 additional warrants to purchase Common stock. The exercise price at
which the warrant may be exercised shall be $&nbsp;0.38. The warrants contain identical terms to those of the February 2013 Warrants,
other than that the warrants expire on March 28, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">On June 3, 2013 the Company
signed a second amendment to The Agreement and issued to convertible promissory notes to certain investors in the principal amount
of $&nbsp;300. The Note are convertible to Common stock and bears 6% interest, computed annually and should be fully due and payable
at the earliest of September 30, 2013 or the closing date of a financing round as defined in the agreement. In addition, the Company
issued to the stockholder 263,158 additional warrants to purchase Common stock. The exercise price at which the warrant may be
exercised shall be $&nbsp;0.38. The warrants contain identical terms to those of the February 2013 Warrants, other than that the
warrants expire on June 3, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">On August 5, 2013, the Company
signed a third amendment to The Agreement and issued convertible promissory notes to certain investors in the principal amount
of $400. The Note are convertible to Common stock and bears 6% interest, computed annually and should be fully due and payable
at the earliest of November 30, 2013 (which date was subsequently extended to February 28, 2014. See also Note 8b) or the closing
date of a financing round as defined in the agreement. In addition, the Company issued to the stockholder 263,158 additional warrants
to purchase Common stock. The exercise price at which the warrant may be exercised shall be $&nbsp;0.38 subject to adjustment for
stock splits, fundamental transactions or similar events. The warrants contain identical terms to those of the February 2013 Warrants
(see Note 4), other than that the warrants expire on August 5, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.65pt; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 6:-&nbsp;&nbsp;&nbsp;&nbsp;&#9;STOCKHOLDERS'
DEFICIENCY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">On March 28, 2013, the Company's
Board of Directors approved the grant of 1,930,000 and 210,000 options to employees and non-employees, respectively, at an exercise
price between $&nbsp;0.01 and $&nbsp;0.28 per share. Such options to employees and non employees are fully vested on the date of
grant. The options shall have ten years terms, unless otherwise approved by the Board of Directors and shell be issued under the
2004 Equity Incentive Plan (&quot;2004 Plan&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Upon such approval, under 2004
Plan, 286,296 options are available for future grants to employees, directors and non employees of the Company and its subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 6:-&#9;&nbsp;&nbsp;&nbsp;&nbsp;STOCKHOLDERS'
DEFICIENCY (Cont.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The total compensation cost
related to all of the Company's equity-based awards, recognized during the period of nine months ended September 30, 2013 and 2012
were comprised as follow:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nine&nbsp;months&nbsp;period&nbsp;ended</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>September&nbsp;30,</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 72%"><FONT STYLE="font-size: 10pt">Research and development, net</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 10pt">212</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Selling and marketing</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">48</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">216</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Total stock-based compensation expenses</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">476</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>NOTE
7:-&#9;&nbsp;&nbsp;&nbsp;&nbsp;GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.9pt; text-align: justify">Summary information about geographic
areas:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.9pt; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.9pt; text-align: justify">The Company manages its business
on the basis of one reportable segment, and derives revenues from selling its products mainly through distributor agreements. The
following is a summary of revenues within geographic areas:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nine&nbsp;months&nbsp;period&nbsp;ended</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>September&nbsp;30,</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 72%"><FONT STYLE="font-size: 10pt">United States</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 10pt">122</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Europe</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">India</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Rest of the world</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">203</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">109</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.9pt; text-align: justify">During the nine months period
ended September 30, 2013 and 2012, there were no sales to a single customer exceeding 10% of the Company's revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.9pt; text-align: justify">The Company's long-lived assets
are all located in Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>NOTE
8:-&nbsp;&nbsp;&nbsp;&nbsp;&#9;SUBSEQUENT EVENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On October 7, 2013, the Company signed a fourth amendment to The Agreement (see Note 5) and issued convertible promissory notes to certain investors in the principal amount of $500. The Note are convertible to Common stock and bears 6% interest, computed annually and should be fully due and payable at the earliest of December 31, 2013 or the closing date of a financing round as defined in the agreement. In addition, the</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>NANO VIBRONIX INC. AND ITS SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><B>NOTE
8:-&#9;&nbsp;&nbsp;&nbsp;&nbsp;SUBSEQUENT EVENTS (Cont.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Company issued to the stockholder 263,158 additional warrants to purchase Common stock. The exercise price at which the warrant may be exercised shall be $&nbsp;0.38 subject to adjustment for stock splits, fundamental transactions or similar events. The warrants contain identical terms to those of the February 2013 Warrants, other than that the warrants expire on October 7, 2018.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px">&nbsp;</TD>
    <TD STYLE="width: 38px"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On December 9, 2013, the Company signed a fifth amendment to The Agreement (see Note 5) and issued convertible promissory notes to certain investors in the principal amount of $600. The Note are convertible to Common stock and bears 6% interest, computed annually and should be fully due and payable at the earliest of February 28, 2014, or the closing date of a financing round as defined in the agreement. In addition, the Company issued to the stockholder 263,158 additional warrants to purchase Common stock. The exercise price at which the warrant may be exercised shall be $&nbsp;0.38 subject to adjustment for stock splits, fundamental transactions or similar events. The warrants contain identical terms to those of the February 2013 Warrants, other than that the warrants expire on December 9, 2018.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76px; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 38px; font-size: 10pt"><FONT STYLE="font-size: 10pt"> c. </FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On February 6, 2014, the Company
        signed a sixth amendment to The Agreement (see Note 5) and issued convertible promissory notes to certain investors in
        the principal amount of $700. The Note are convertible to Common stock and bears 6% interest, computed annually and should
        be fully due and payable at the earliest of April 30, 2014, or the closing date of a financing round as defined in the
        agreement. In addition, the Company issued to the stockholder 263,158 additional warrants to purchase Common stock. The
        exercise price at which the warrant may be exercised shall be $&nbsp;0.38 subject to adjustment for stock splits, fundamental
        transactions or similar events. The warrants contain identical terms to those of the February 2013 Warrants, other than
        that the warrants expire on February 6, 2019.&nbsp; </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> d. </FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"> The Company evaluates events or transactions
    that occur after the balance sheet date but prior to the issuance of financial statements to provide additional evidence relative
    to certain estimates or to identify matters that require additional disclosure. For its interim consolidated financial statements
    as of September 30, 2013 (unaudited) and for the nine month period then ended (unaudited), the Company evaluated subsequent
    events through February 6, 2014, the date that the consolidated financial statements were issued. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- - - - - - - - - - - - - -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common
Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>Warrants to Purchase</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares
of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tlogo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Nano Vibronix, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chardan Capital Markets, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: black 1pt solid"><B>Until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2014 (the 25<SUP>th</SUP> day after the date of this prospectus), all dealers that effect transactions in these securities, whether
or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation
to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 13.&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and
Distribution.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the costs
and expenses, other than underwriting discounts and commissions, payable by us in connection with the sale and distribution of
the common stock being registered. All amounts are estimates except for the Securities and Exchange Commission registration fee,
the FINRA filing fee, and the Nasdaq listing fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 79%"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission Registration Fee</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 18%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">FINRA Filing Fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Nasdaq Listing Fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Accounting Fees and Expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Legal Fees and Expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Transfer Agent Fees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Printing Expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Miscellaneous Fees and Expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 14.&nbsp; &nbsp;Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 145 of the Delaware General Corporation
Law provides, in general, that a corporation incorporated under the laws of the State of Delaware, as we are, may indemnify any
person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding
(other than a derivative action by or in the right of the corporation) by reason of the fact that such person is or was a director,
officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee
or agent of another enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good
faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and, with
respect to any criminal action or proceeding, had no reasonable cause to believe such person&rsquo;s conduct was unlawful. In the
case of a derivative action, a Delaware corporation may indemnify any such person against expenses (including attorneys&rsquo;
fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such
person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the
corporation, except that no indemnification will be made in respect of any claim, issue or matter as to which such person will
have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery of the State of Delaware
or any other court in which such action was brought determines such person is fairly and reasonably entitled to indemnity for such
expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our certificate of incorporation and bylaws
provide that we will indemnify our directors, officers, employees and agents to the extent and in the manner permitted by the provisions
of the Delaware General Corporation Law, as amended from time to time, subject to any permissible expansion or limitation of such
indemnification, as may be set forth in any stockholders&rsquo; or directors&rsquo; resolution or by contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any repeal or modification of these provisions
approved by our stockholders will be prospective only and will not adversely affect any limitation on the liability of any of our
directors or officers existing as of the time of such repeal or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are also permitted to apply for insurance
on behalf of any director, officer, employee or other agent for liability arising out of his actions, whether or not the Delaware
General Corporation Law would permit indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 15.&nbsp;&nbsp;&nbsp;Recent Sales of Unregistered Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During 2010 and 2011, we issued an aggregate
of 40,928 shares of series B preferred stock and warrants to purchase 40,928 shares of series B preferred stock, with an exercise
price of $17.25 per share and a five-year term, to certain investors for consideration of $706,010. The securities issued in the
above described transactions were not registered under the Securities Act of 1933, as amended, or the securities laws of any state,
and were offered and sold pursuant to the exemption from registration under the Securities Act of 1933, as amended, provided by
either Regulation S under the Securities Act of 1933, as amended, or Section 4(2) of the Securities Act of 1933, as amended. Each
of the investors was either an accredited investor (as defined by Rule 501 under the Securities Act of 1933, as amended) or not
a &ldquo;U.S. person&rdquo; (as that term is defined in Rule 902 of Regulation S) at the time of the transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 9, 2010, we issued options to
purchase 5,500 shares of common stock at an exercise price of $0.284 as compensation to certain consultants. The options have a
ten-year term. The securities issued in the above described transactions were not registered under the Securities Act of 1933,
as amended, or the securities laws of any state, and were offered and sold pursuant to the exemption from registration under the
Securities Act of 1933, as amended, provided by either Regulation S under the Securities Act of 1933, as amended, or Section 4(2)
of the Securities Act of 1933, as amended. Each of the investors was either an accredited investor (as defined by Rule 501 under
the Securities Act of 1933, as amended) or not a &ldquo;U.S. person&rdquo; (as that term is defined in Rule 902 of Regulation S)
at the time of the transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 22, 2011, we issued convertible
series B-1 promissory notes to certain investors in consideration for $1,000,000. The notes are convertible to series B-1 preferred
stock and bear interest at 10% per annum, compounded annually. The securities issued in the above described transactions were not
registered under the Securities Act of 1933, as amended, or the securities laws of any state, and were offered and sold pursuant
to the exemption from registration under the Securities Act of 1933, as amended, provided by either Regulation S under the Securities
Act of 1933, as amended, or Section 4(2) of the Securities Act of 1933, as amended. Each of the investors was either an accredited
investor (as defined by Rule 501 under the Securities Act of 1933, as amended) or not a &ldquo;U.S. person&rdquo; (as that term
is defined in Rule 902 of Regulation S) at the time of the transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 22, 2011, we issued convertible
series B-2 promissory notes and warrants to purchase 2,319,062 shares of series B-2 preferred stock to the holders of series B
participating convertible preferred stock and warrants in exchange for the cancellation of such previously-held preferred stock
and warrants. The securities issued in the above described transactions were not registered under the Securities Act of 1933, as
amended, or the securities laws of any state, and were exchanged pursuant to the exemption from registration under the Securities
Act of 1933, as amended, provided by Section 3(a)(9) of the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 5, 2013, we signed an agreement
with certain investors according to which we issued convertible promissory notes in consideration for $100,000, in such original
principal amount. The notes are convertible to common stock and bear interest at 6% annually. In addition on such date, we issued
warrants to purchase up to an aggregate of 263,158 shares of common stock with an exercise price of $0.38 per share, subject to
adjustments, and a five-year term. The securities issued in the above described transactions were not registered under the Securities
Act of 1933, as amended, or the securities laws of any state, and were offered and sold pursuant to the exemption from registration
under the Securities Act of 1933, as amended, provided by Section 4(2) of the Securities Act of 1933, as amended. Each investor
was an accredited investor (as defined by Rule 501 under the Securities Act of 1933, as amended) at the time of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 28, 2013, we signed an amendment
to the agreement described above and issued convertible promissory notes in consideration for an additional $100,000<B> </B>with
the same terms described above, so that the aggregate original principal amount was increased to $200,000. In addition on such
date, we issued warrants to purchase up to an aggregate of 263,158 shares of common stock with an exercise price of $0.38 per share,
subject to adjustments, and a five-year term. The securities issued in the above described transactions were not registered under
the Securities Act of 1933, as amended, or the securities laws of any state, and were offered and sold pursuant to the exemption
from registration under the Securities Act of 1933, as amended, provided by Section 4(2) of the Securities Act of 1933, as amended.
Each investor was an accredited investor (as defined by Rule 501 under the Securities Act of 1933, as amended) at the time of the
transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 3, 2013, we signed a second amendment
to the agreement described above and issued convertible promissory notes in consideration for $100,000 with the same terms described
above, so that the aggregate original principal amount was increased to $300,000. In addition on such date, we issued warrants
to purchase up to an aggregate of 263,158 shares of common stock with an exercise price of $0.38 per share, subject to adjustments,
and a five-year term. The securities issued in the above described transactions were not registered under the Securities Act of
1933, as amended, or the securities laws of any state, and were offered and sold pursuant to the exemption from registration under
the Securities Act of 1933, as amended, provided by Section 4(2) of the Securities Act of 1933, as amended. Each investor was an
accredited investor (as defined by Rule 501 under the Securities Act of 1933, as amended) at the time of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 5, 2013, we signed a third amendment
to the agreement described above and issued convertible promissory notes in consideration for $100,000 with the same terms described
above, so that the aggregate original principal amount was increased to $400,000. In addition on such date, we issued warrants
to purchase up to an aggregate of 263,158 shares of common stock with an exercise price of $0.38 per share, subject to adjustments,
and a five-year term. The securities issued in the above described transactions were not registered under the Securities Act of
1933, as amended, or the securities laws of any state, and were offered and sold pursuant to the exemption from registration under
the Securities Act of 1933, as amended, provided by Section 4(2) of the Securities Act of 1933, as amended. Each investor was an
accredited investor (as defined by Rule 501 under the Securities Act of 1933, as amended) at the time of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 7, 2013, we signed a fourth amendment
to the agreement described above and issued convertible promissory notes in consideration for $100,000 with the same terms described
above, so that the aggregate original principal amount was increased to $500,000. In addition on such date, we issued warrants
to purchase up to an aggregate of 263,158 shares of common stock with an exercise price of $0.38 per share, subject to adjustments,
and a five-year term. The securities issued in the above described transactions were not registered under the Securities Act of
1933, as amended, or the securities laws of any state, and were offered and sold pursuant to the exemption from registration under
the Securities Act of 1933, as amended, provided by Section 4(2) of the Securities Act of 1933, as amended. Each investor was an
accredited investor (as defined by Rule 501 under the Securities Act of 1933, as amended) at the time of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 9, 2013, we signed a fifth amendment
to the agreement described above and issued convertible promissory notes in consideration for $100,000 with the same terms described
above, so that the aggregate original principal amount was increased to $600,000. In addition on such date, we issued warrants
to purchase up to an aggregate of 263,158 shares of common stock with an exercise price of $0.38 per share, subject to adjustments,
and a five-year term. The securities issued in the above described transactions were not registered under the Securities Act of
1933, as amended, or the securities laws of any state, and were offered and sold pursuant to the exemption from registration under
the Securities Act of 1933, as amended, provided by Section 4(2) of the Securities Act of 1933, as amended. Each investor was an
accredited investor (as defined by Rule 501 under the Securities Act of 1933, as amended) at the time of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> On February 6, 2014, we signed a sixth
amendment to the agreement described above and issued convertible promissory notes in consideration for $100,000 with the same
terms described above, so that the aggregate original principal amount was increased to $700,000. In addition on such date, we
issued warrants to purchase up to an aggregate of 263,158 shares of common stock with an exercise price of $0.38 per share, subject
to adjustments, and a five-year term. The securities issued in the above described transactions were not registered under the
Securities Act of 1933, as amended, or the securities laws of any state, and were offered and sold pursuant to the exemption from
registration under the Securities Act of 1933, as amended, provided by Section 4(2) of the Securities Act of 1933, as amended.
Each investor was an accredited investor (as defined by Rule 501 under the Securities Act of 1933, as amended) at the time of
the transaction. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 16.&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement
Schedules.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(a) Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1.1+</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.1*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Amended and Restated Certificate of Incorporation, as presently in effect</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.2*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Bylaws, as presently in effect</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.3+</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Amended and Restated Certificate of Incorporation, to be in effect upon completion of this offering</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.4+</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Amended and Restated Bylaws, to be in effect upon completion of this offering</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.1*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Common Stock Certificate</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.2+</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Warrant Agreement by and between the Company and VCorp Services, LLC and Form of Warrant Certificate</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">5.1+</FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">Opinion of Haynes and Boone, LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.1*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">License Agreement, dated October 26, 2003, by and among Nano Vibronix, Inc., Piezo-Top Ltd, and PMG Medica Ltd</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.2*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">License Agreement, dated December 11, 2011, by and between Nano Vibronix, Inc. and AC Engineering Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.3*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Series B-1 Promissory Note</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.4*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Subscription Agreement for Series B-1 Convertible Promissory Notes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.5*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Series B-2 Promissory Note</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.6*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Series B-2 Participating Convertible Preferred Stock Purchase Warrant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.7*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Subscription Agreement for Series B Convertible Preferred Stock and Warrants</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.8*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">First Amendment to Subscription Agreement for Series B Convertible Preferred Stock and
    Warrants, dated November 14, 2011, by and between NanoVibronix, Inc. and the investors signatory thereto</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 10.9 </FONT></TD>
    <TD> Sixth <FONT STYLE="font-size: 10pt"> Amended and Restated Securities Purchase Agreement, dated February 6, 2014, by
    and between Nano Vibronix, Inc. and Globis Overseas Fund, Ltd.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 10.10 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Sixth Amended and Restated Securities Purchase Agreement, dated February 6, 2014, by
    and between Nano Vibronix, Inc. and Globis Capital Partners, L.P. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 10.11 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Sixth Amended and Restated Secured Convertible Promissory Note, dated February 6, 2014,
    by Nano Vibronix, Inc. in favor of and Globis Overseas Fund, Ltd. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 10.12 </FONT></TD>
    <TD> Sixth<FONT STYLE="font-size: 10pt"> Amended and Restated Secured Convertible Promissory Note, dated February 6, 2014,
    by Nano Vibronix, Inc. in favor of and Globis Capital Partners, L.P.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 10.13* </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Form of 2013 and 2014 Warrant to Purchase Common Stock </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.14*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc. 2004 Global Share Option Plan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.15*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Personal Employment Agreement, dated April 1, 2008, by and among Nano Vibronix, Inc., Nano-Vibronix (Israel 2003) Ltd and Harold Jacob</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.16*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Amendment to Personal Employment Agreement, dated December 1, 2008, by and among Nano Vibronix, Inc., Nano-Vibronix (Israel 2003) Ltd and Harold Jacob</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.17*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Personal Employment Agreement, dated March 1, 2008, by and between Nano-Vibronix (Israel 2003) Ltd and Jona Zumeris</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">21.1*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">List of Subsidiaries</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 23.1 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Consent of Kost Forer Gabbay &amp; Kasierer, a member firm of Ernst &amp; Young Global </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">23.2+</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Haynes and Boone, LLP (included in Exhibit 5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Power of Attorney (included on signature page)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+ To be filed by amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Previously filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(b) Financial Statement Schedules</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No financial statement schedules are provided
because the information is not required or is shown either in the financial statements or the notes thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 17.&nbsp;&nbsp;&nbsp;Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.5pt">(1) To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i) To include any prospectus
required by section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii) To reflect in the prospectus any facts
or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the 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% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in the effective registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii) To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2) That, for the purpose of determining
any liability under the Securities Act of 1933, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(4) That, for the purpose of determining
liability under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i) If the registrant is relying
on Rule 430B (&sect;230.430B of this chapter):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(A) Each prospectus filed by the registrant
pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed
part of and included in the registration statement; and&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 112.5pt">(B) Each prospectus required to be filed
pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering
made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the
Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such
form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described
in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration
statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof. <I>Provided, however,</I> that no statement made in a registration statement or prospectus that is
part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part
of the registration statement or made in any such document immediately prior to such effective date; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 76.5pt">(ii) If the registrant is subject to Rule
430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration
statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included
in the registration statement as of the date it is first used after effectiveness. <I>Provided, however, </I>that no statement
made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such date of first use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(5) That, for the purpose of determining
liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or
sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i) Any preliminary prospectus or prospectus
of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii) Any free writing prospectus
relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii) The portion of any other free writing
prospectus relating to the offering containing material information about the undersigned registrant or its securities provided
by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iv) Any other communication that is an offer
in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned registrant hereby undertakes
to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered
in such names as required by the underwriters to permit prompt delivery to each purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 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 Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that 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 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 Act and will be governed by the final
adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned registrant hereby undertakes
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1) For purposes of determining any liability
under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance
upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under
the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2) For the purpose of determining any liability
under the Securities Act, each post-effective amendment that contains a form of prospectus 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Pursuant to the requirements of the
Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Melville, State of New York on February 6, 2014. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B> NANO VIBRONIX, INC. </B> </FONT></TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%"> &nbsp; </TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 30%"> &nbsp; </TD>
    <TD STYLE="width: 6%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"> /s/ Harold Jacob </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Name:&nbsp;&nbsp;Harold Jacob, M.D. </FONT></TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Title: Chief Executive Officer </FONT></TD>
    <TD> &nbsp; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL MEN BY THESE PRESENTS, that we,
the undersigned officers and directors of Nano Vibronix, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), do hereby constitute
and appoint Harold Jacob and Ira Greenstein, and each of them, as his or her true and lawful attorney-in-fact and agent, with full
power of substitution and re-substitution, for him and in his name, place, and stead, in any and all capacities, to sign any and
all amendments (including post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration
Statement and any subsequent registration statement filed by the registrant pursuant to Rule 462(b) of the Securities Act of 1933,
as amended, which relates to this Registration Statement, 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 requisite and necessary to be done in connection therewith, as fully
to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with the requirements of the
Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates
indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Signature </B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 46%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Title </B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 18%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B> Date </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Chief Executive Officer and </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Chairman of the Board of Directors </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> /s/
    Harold Jacob&nbsp; </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> (Principal Executive Officer, Principal </FONT> <BR>
    <FONT STYLE="font-size: 10pt">Financial Officer and Principal Accounting </FONT><BR>
    <FONT STYLE="font-size: 10pt">Officer)</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> February 6, 2014 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> Harold Jacob, M.D. </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"> /s/ <FONT STYLE="font-size: 10pt">Jona Zumeris&nbsp;</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Vice President of Technology and Director </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> &nbsp;February 6, 2014 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> Jona Zumeris, Ph.D. </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"> /s/ Ira Greenstein </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Director </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> &nbsp;February 6, 2014 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> Ira Greenstein </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>2
<FILENAME>v367378_ex10-9.htm
<DESCRIPTION>EXHIBIT 10.9
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.9</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIXTH AMENDED AND RESTATED<BR>
SECURITIES PURCHASE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS SIXTH AMENDED
AND RESTATED SECURITIES PURCHASE AGREEMENT (this &ldquo;<B><I>Agreement</I></B>&rdquo;) is entered into as of February 6, 2014,
by and among Nano Vibronix, Inc., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and Globis Overseas Fund, Ltd.
(the &ldquo;<B><I>Investor</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Investor entered into that certain Securities Purchase Agreement dated as of February 5, 2013 (the &ldquo;<B><I>Original
SPA</I></B>&rdquo;) and, in connection therewith, the Company issued to the Investor that certain (i) Secured Convertible Promissory
Note dated February 5, 2013 in the principal amount of $20,000 and (ii) a warrant to purchase 52,632 shares of common stock of
the Company, dated February 5, 2013 (the &ldquo;<B><I>February Warrant</I></B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Investor entered into that certain Amended and Restated Securities Purchase Agreement dated as of March 28, 2013 (the &ldquo;<B><I>March
SPA</I></B>&rdquo;) to amend and restate the Original SPA and, in connection therewith, the Company issued to the Investor that
certain (i) Amended and Restated Secured Convertible Promissory Note dated March 28, 2013 in the principal amount of $40,000 (the
&ldquo;<B><I>March Note</I></B>&rdquo;) and (ii) a warrant to purchase 52,632 shares of common stock of the Company, dated March
28, 2013 (the &ldquo;<B><I>March Warrant</I></B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Investor entered into that certain Second Amended and Restated Securities Purchase Agreement dated as of June 3, 2013 (the
&ldquo;<B><I>June SPA</I></B>&rdquo;) to amend and restate the March SPA and, in connection therewith, the Company issued to the
Investor that certain (i) Second Amended and Restated Secured Convertible Promissory Note dated June 3, 2013 in the principal amount
of $60,000 (the &ldquo;<B><I>June Note</I></B>&rdquo;) and (ii) a warrant to purchase 52,632 shares of common stock of the Company,
dated June 3, 2013 (the &ldquo;<B><I>June Warrant</I></B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Investor entered into that certain Third Amended and Restated Securities Purchase Agreement dated as of August 5, 2013
(the &ldquo;<B><I>August SPA</I></B>&rdquo;) to amend and restate the June SPA and, in connection therewith, the Company issued
to the Investor that certain (i) Third Amended and Restated Secured Convertible Promissory Note dated August 5, 2013 in the principal
amount of $80,000 (the &ldquo;<B><I>August Note</I></B>&rdquo;) and (ii) a warrant to purchase 52,632 shares of common stock of
the Company, dated August 5, 2013 (the &ldquo;<B><I>August Warrant</I></B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Investor entered into that certain Fourth Amended and Restated Securities Purchase Agreement dated as of October 7, 2013
(the &ldquo;<B><I>October SPA</I></B>&rdquo;) to amend and restate the August SPA and, in connection therewith, the Company issued
to the Investor that certain (i) Fourth Amended and Restated Secured Convertible Promissory Note dated October 7, 2013 in the principal
amount of $100,000 (the &ldquo;<B><I>October Note</I></B>&rdquo;) and (ii) a warrant to purchase 52,632 shares of common stock
of the Company, dated October 7, 2013 (the &ldquo;<B><I>October Warrant</I></B>&rdquo;; and, together with the February Warrant,
the March Warrant, the June Warrant and the August Warrant, the &ldquo;<B><I>Existing Warrants</I></B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Investor entered into that certain Fifth Amended and Restated Securities Purchase Agreement dated as of December 9, 2013
(the &ldquo;<B><I>Existing SPA</I></B>&rdquo;) to amend and restate the October SPA and, in connection therewith, the Company issued
to the Investor that certain (i) Fifth Amended and Restated Secured Convertible Promissory Note dated December 9, 2013 in the principal
amount of $120,000 (the &ldquo;<B><I>Existing Note</I></B>&rdquo;) and (ii) a warrant to purchase 52,632 shares of common stock
of the Company, dated December 9, 2013 (the &ldquo;<B><I>December Warrant</I></B>&rdquo;; and, together with the February Warrant,
the March Warrant, the June Warrant, the August Warrant and the October Warrant, the &ldquo;<B><I>Existing Warrants</I></B>&rdquo;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Investor desire to amend and restate the Existing SPA and the Existing Note to increase the principal amount outstanding
thereunder and to issue an additional warrant as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, for
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree that the Existing
SPA is hereby amended and restated in its entirety as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">SECTION
1<BR>
<BR>
<FONT STYLE="font-size: 10pt">DEFINITIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Definitions</U>.
Capitalized but otherwise undefined terms used herein shall have the meanings provided therefor in the Convertible Note. In addition
to the terms defined elsewhere in this Agreement and the Convertible Note, the following terms have the meanings indicated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Business
Day</I></B>&rdquo; means any day which is not a Saturday or Sunday or a legal holiday on which banks are authorized or required
to be closed in New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Collateral</I></B>&rdquo;
has the meaning ascribed to such term in the Convertible Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Common
Stock</I></B>&rdquo; means the common stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Convertible
Note</I></B>&rdquo; shall have the meaning ascribed to such term in <U>Section 2.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Governmental
Authority</I></B>&rdquo; shall mean any federal, state, local or other governmental department, commission, board, bureau, agency
or other instrumentality or authority, domestic or foreign, exercising executive, legislative, judicial, regulatory or administrative
authority or functions of or pertaining to government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Lien</I></B>&rdquo;
has the meaning ascribed to such term in the Convertible Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Material
Adverse Effect</I></B>&rdquo; shall mean (i)&nbsp;a material and adverse effect on the legality, validity or enforceability of
any Transaction Document, (ii)&nbsp;a material adverse effect on the results of operations, assets, business, condition (financial
or otherwise) or prospects of the Company and its direct or indirect Subsidiaries, taken as a whole on a consolidated basis, or
(iii)&nbsp;a material and adverse impairment of the Company&rsquo;s ability to perform fully on a timely basis its obligations
under any of the Transaction Documents to which such Person is party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Note Conversion
Shares</I></B>&rdquo; means the shares of Common Stock issuable upon the conversion of the Convertible Note in accordance with
Section 5 of the Convertible Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Organic
Document</I></B>&rdquo; means, relative to any Person, its articles or certificate of incorporation, or certificate of limited
partnership or formation, its bylaws, partnership or operating agreement or other organizational documents, and all stockholders
agreements, voting trusts and similar arrangements applicable to any of its capital stock, partnership interests or other ownership
interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Person</I></B>&rdquo;
means any individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, or joint stock company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>SEC</I></B>&rdquo;
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Securities</I></B>&rdquo;
means the Convertible Note, the Warrants, the Note Conversion Shares and the Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Securities
Act</I></B>&rdquo; means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Subsidiary</I></B>&rdquo;
shall mean, with respect to any Person (herein referred to as the &ldquo;parent&rdquo;), any corporation, limited liability company,
partnership, association or other business entity (a) of which securities of other ownership interests representing more than 50%
of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time
any determination is being made, owned, controlled or held by the parent, or (b) that is, at any time any determination is made,
otherwise controlled by, the parent or one or more Subsidiaries of the parent and one or more Subsidiaries of the parent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Transaction
Documents</I></B>&rdquo; means this Agreement, the Convertible Note, the Warrants and any other and all other certificates, documents,
agreements and instruments delivered to the Investor under or in connection with this Agreement, the Convertible Note or the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Warrant
Shares</I></B>&rdquo; means the shares of Common Stock into which the Warrants are exercisable, pursuant to terms of the applicable
Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Warrants</I></B>&rdquo;
means, collectively, the Existing Warrants and the Additional Warrant.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">SECTION
2<BR>
<BR>
<FONT STYLE="font-size: 10pt">ISSUANCE OF SECURITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Issuance
of Securities</U>. Subject to the terms and conditions of this Agreement, the Company shall issue and sell to the Investor the
sixth amended and restated secured convertible promissory note, the form of which is attached hereto as <U>Exhibit A</U> (the &ldquo;<B><I>Convertible
Note</I></B>&rdquo;), in the principal amount of $140,000 (the &ldquo;<B><I>Principal Amount</I></B>&rdquo;), the Existing Warrants
(which were previously delivered by the Company on February 5, 2013, March 28, 2013, June 3, 2013, August 5, 2013, October 7, 2013
and December 9, 2013, respectively) and a warrant to purchase an aggregate of up to 52,632 shares of Common Stock, the form of
which is attached hereto as <U>Exhibit B</U> (the &ldquo;<B><I>Additional Warrant</I></B>&rdquo;), against payment by the Investor
to (or to the order of) the Company of $140,000 (the &ldquo;<B><I>Purchase Price</I></B>&rdquo;) (of which $20,000 was paid by
the Investor on February 5, 2013, $20,000 was paid by the Investor on March 28, 2013, $20,000 was paid by the Investor on June
3, 2013, $20,000 was paid by the Investor on August 5, 2013, $20,000 was paid by the Investor on October 7, 2013 and $20,000 was
paid by the Investor on December 9, 2013). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Delivery</U>.
On the date hereof, (a) the Company shall execute and deliver to the Investor the Convertible Note and the Additional Warrant,
and (b)&nbsp;the Investor shall deliver to the Company a check or wire transfer of immediately available funds in an amount equal
to $20,000. Each of the Convertible Note and the Additional Warrant shall be a binding obligation of the Company upon execution
thereof by the Company and delivery thereof to the Investor. The Company acknowledges that it already received $120,000 of the
Purchase Price ($20,000 paid by the Investor on February 5, 2013, $20,000 paid by the Investor on March 28, 2013, $20,000 paid
by the Investor on June 3, 2013, $20,000 paid by the Investor on August 5, 2013, $20,000 paid by the Investor on October 7, 2013
and $20,000 paid by the Investor on December 9, 2013) in connection with the Original SPA, the March SPA, the June SPA, the August
SPA, the October SPA and the Existing SPA, such that only $20,000 of the Purchase Price is due on the date hereof, and the Investor
acknowledges that it received the February Warrant on February 5, 2013 in connection with the Original SPA, the March Warrant on
March 28, 2013 in connection with the March SPA, the June Warrant on June 3, 2013 in connection with the June SPA, the August Warrant
on August 5, 2013 in connection with the August SPA, the October Warrant on October 7, 2013 in connection with the October SPA
and the December Warrant on December 9, 2013 in connection with the Existing SPA.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">SECTION
3<BR>
<BR>
<FONT STYLE="font-size: 10pt">REPRESENTATIONS AND WARRANTIES OF the investor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Investor hereby
represents, warrants and covenants to the Company as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Purchase
for Own Account</U>. The Investor represents that it is acquiring the Securities solely as an investment for such Person&rsquo;s
own account not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Investor
has no present intention of selling, granting any participation in, or otherwise distributing the same. The acquisition by the
Investor of any of the Securities shall constitute confirmation of the representation by the Investor that the Investor does not
have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person
or to any third person, with respect to any of the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Investment
Experience</U>. Either (a) the Investor or its officers, directors, managers or controlling persons has a preexisting personal
or business relationship with the Company or its officers, directors or controlling persons, or (b) the Investor, by reason of
its own business and financial experience, has the capacity to protect its own interests in connection with the investment contemplated
hereby. The Investor represents that it is an investor in securities of companies in the development stage and acknowledges that
it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial
or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. The Investor acknowledges
that any investment in the Securities involves a high degree of risk, and represents that it is able, without materially impairing
its financial condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of its investment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Accredited
Investor</U>. The Investor represents that it is an &ldquo;accredited investor&rdquo; within the meaning of SEC Rule 501 of Regulation
D, as presently in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Restrictions
on Transfer</U>. The Investor understands that the Securities are characterized as &ldquo;restricted securities&rdquo; under the
federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and
that under such laws and applicable regulations such securities may be resold without registration under the Securities Act, only
in certain limited circumstances. In this connection, the Investor represents that it is familiar with SEC Rule 144, as presently
in effect, and understands the resale limitations imposed thereby and by the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Authorization
and Power</U>. The Investor has the requisite power and authority to enter into and perform this Agreement and the other Transaction
Documents that it is a party to and to purchase the Convertible Note and the Warrants being sold to it hereunder. The execution,
delivery and performance of this Agreement and the other Transaction Documents that the Investor is a party to by the Investor
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action,
and no further consent or authorization of the Investor or its Board of Directors, members or managers, as the case may be, is
required. Each of this Agreement and the Transaction Documents that the Investor is a party to has been duly authorized, executed
and delivered by the Investor and constitutes, or shall constitute when executed and delivered, a valid and binding obligation
of the Investor enforceable against the Investor in accordance with the terms thereof.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">SECTION
4<BR>
<BR>
<FONT STYLE="font-size: 10pt">Representations and Warranties of the Company</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby
represents and warrants to the Investor that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Organization,
Good Standing and Qualification; Licenses</U>. Each of the Company and its Subsidiaries is duly organized, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or organization and has all requisite power and authority,
and holds all governmental licenses, permits, registrations and other approvals required under applicable law, to own and hold
under lease its property and to carry on its business as now conducted and as proposed to be conducted, except where the failure
to hold any such licenses, permits, registrations and other approvals could not result in a Material Adverse Effect. Each of the
Company and each of its Subsidiaries is qualified to do business in each jurisdiction where the nature of its properties of the
conduct of its business requires it to be so qualified to do business and where the failure so to qualify could result in a Material
Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Authorization</U>.
All action on the part of the Company necessary for the authorization, execution and delivery of this Agreement, the performance
of all obligations of the Company hereunder, and the authorization, issuance (or reservation for issuance), sale and delivery of
the Securities, has been taken or will be taken prior to the date hereof. Each of the Transaction Documents constitutes the valid
and legally binding obligation of the Company, enforceable against the Company in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Absence
of Required Consents; No Violations</U>. No consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any Governmental Authority on the part of the Company or any of its Subsidiaries is required in connection
with the consummation of the transactions contemplated by the Transaction Documents, except for the filing with the SEC of a Form
D, and such filing(s) pursuant to applicable state securities laws as may be necessary, which filings will be timely effected after
the delivery of the Securities pursuant to <U>Section 2.2</U>, and recordings or filings in connection with the perfection of the
Liens on the Collateral in favor of the Investor. Neither the Company nor any of its Subsidiaries is in violation or default (a)
of any provision of its Organic Documents, (b) of any instrument, judgment, order, writ, decree or contract to which it is a party
or by which it is bound, or (c) of any provision of any federal or state statute, rule or regulation applicable to the Company,
except in the cases of clause (b) and (c) above, for such violations or defaults that would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The execution, delivery and performance of the Transaction Documents
and the consummation of the transactions contemplated thereby will not result in any such violation or be in conflict with or constitute,
with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order,
writ, decree or contract or an event that results in the creation of any Lien upon any material assets of the Company, any of its
Subsidiaries or the suspension, revocation, impairment, forfeiture or nonrenewal of any permit, license, authorization or approval
applicable to the Company or any of its Subsidiaries, their business or operations or any of their assets or properties and which
would result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Convertible
Note and Warrant</U>. All representations and warranties of the Company contained in the Convertible Note and the Warrants are
true and correct as of the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Licenses
and Intellectual Property Rights</U>. The Company and each of its Subsidiaries possess all licenses, patents, trademarks, trade
names, service marks, copyrights, and other intellectual property rights, free from burdensome restrictions, necessary to enable
them to conduct their respective business, the absence of which could result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Disclosure</U>.
None of the representations or warranties made by the Company herein as of the date of such representations and warranties, and
none of the statements contained in any other information with respect to the Company and its properties and assets, including
each exhibit or report, furnished by or on behalf of the Company to the Investor in connection herewith, contains any untrue statement
of a material fact or omits any material fact required to be stated therein or necessary to make the statements made therein, in
the light of the circumstances under which they are made, not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Offering</U>.
Subject in part to the truth and accuracy of the Investor&rsquo;s representations set forth in <U>Section&nbsp;3</U> of this Agreement,
the offer, sale and issuance of the Securities as contemplated by this Agreement is exempt from the registration requirements of
the Securities Act and will not result in a violation of the qualification or registration requirements of the any applicable state
securities laws, and neither the Company nor any authorized agent acting on its behalf will take any action hereafter that would
cause the loss of such exemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Valid
Issuance of Note Conversion Shares and Warrant Shares</U>. The Note Conversion Shares, when issued, sold and delivered in accordance
with the terms of the Convertible Note for the consideration specified therein and the Warrant Shares, when issued, sold and delivered
in accordance with the terms of the Warrants for the consideration specified therein, will be duly and validly issued, fully paid,
and nonassessable, and will be free of restrictions on transfer other than restrictions on transfer under this Agreement and under
applicable state and federal securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Collateral</U>.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s chief executive office and principal place of business (as of the date of this Agreement) is located at the address
set forth in <U>Schedule 1</U>; the Company&rsquo;s jurisdiction of organization and organizational identification number are set
forth in <U>Schedule&nbsp;1</U>; the Company&rsquo;s exact legal name is as set forth in the first paragraph of this Agreement;
and all other locations where the Company conducts business or Collateral is kept (as of the date of this Agreement) are set forth
in <U>Schedule 2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has rights in or the power to transfer the Collateral, and the Company is the legal and beneficial owner of the Collateral,
free from any Lien, and has good and marketable title thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the Company&rsquo;s U.S. and foreign patents and patent applications, copyrights (whether or not registered), applications for
copyright, trademarks, service marks and trade names (whether registered or unregistered), and applications for registration of
such trademarks, service marks and trade names, are set forth in <U>Schedule 2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">SECTION
5<BR>
<BR>
<FONT STYLE="font-size: 10pt">MISCELLANEOUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Survival
of Representations, Warranties and Covenants</U>. The warranties, representations and covenants of the Company, the Investor contained
in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and shall in no way be affected
by any investigation of the subject matter thereof made by or on behalf of the Investor or the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Successors
and Assigns</U>. Except as otherwise provided therein, the terms and conditions of this Agreement and the other Transaction Documents
shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of
any Securities); <U>provided</U>, <U>however</U>, that the Company may not assign or transfer its rights or obligations hereunder
or under the other Transaction Documents without the prior written consent of the Investor. The Securities shall be freely transferable,
without restriction, subject to compliance with applicable securities laws. Nothing in this Agreement, express or implied, is intended
to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations,
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Governing
Law; Venue; Jury Trial Waiver</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement is to be construed in accordance with and governed by the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York,
Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such
party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. <B>EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY
TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. The delivery of an executed counterpart of a signature page of this Agreement by telecopy
or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Titles
and Subtitles</U>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic
mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient&rsquo;s
next Business Day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one (1) Business Day after deposit with a nationally recognized overnight courier, freight prepaid, specifying
next Business Day delivery, with written verification of receipt. All communications for the Company shall be sent to 105 Maxess
Road, Suite S124, Melville, NY 11747 and all communications for the Investor shall be sent to 805 Third Avenue, 15th Floor, New
York, NY 10022, or to such e-mail address, facsimile number or address as subsequently modified by written notice given in accordance
with this <U>Section 5.6</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Amendments
and Waivers</U>. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively), only if such amendment, modification or waiver
is in writing and only with the written consent of the Company and the Investor. Any amendment or waiver effected in accordance
with this section shall be binding upon each holder of any Securities acquired under this Agreement at the time outstanding (including
securities into which such Securities are convertible), each future holder of all such Securities, and the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Severability</U>.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Expenses</U>.
The Company shall pay the fees and expenses of the advisors, counsel, accountants and other experts of the Company and the Investor,
if any, and all other expenses, incurred by the Company and the Investor incident to the negotiation, preparation, execution, delivery
and performance of the Transaction Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Register</U>.
The Company shall maintain at its principal executive offices a register for the Securities, in which the Company shall record
the name and address of the person in whose name the Securities have been issued (including the name and address of each transferee)
and the amount of the Securities held by such person. The Company shall keep the register open and available during business hours
for inspection by the Investors or their legal representatives upon prior written notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Interpretation</U>.
In this Agreement and the other Transaction Documents, except to the extent the context otherwise requires: (a)&nbsp;any reference
in this Agreement or other Transaction Document to a Section, a Schedule&nbsp;or an Exhibit is a reference to a Section&nbsp;thereof,
a schedule thereto or an exhibit thereto, respectively, and to a subsection&nbsp;thereof or a clause thereof is, unless otherwise
stated, a reference to a subsection&nbsp;or a clause of the Section&nbsp;or subsection&nbsp;in which the reference appears; (b)&nbsp;the
words &ldquo;hereof,&rdquo; &ldquo;herein,&rdquo; &ldquo;hereto,&rdquo; &ldquo;hereunder&rdquo; and the like mean and refer to
this Agreement or other Transaction Document as a whole and not merely to the specific Section, subsection, paragraph or clause
in which the respective word appears; (c)&nbsp;the meaning of defined terms shall be equally applicable to both the singular and
plural forms of the terms defined; (d)&nbsp;references to agreements and other contractual instruments shall be deemed to include
all subsequent amendments and other modifications thereto; (e)&nbsp;references to statutes or regulations are to be construed as
including all statutory and regulatory provisions consolidating, amending or replacing the statute or regulation referred to; and
(f)&nbsp;the captions and headings are for convenience of reference only and shall not affect the construction of this Agreement
or other Transaction Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Further
Assurances</U>. Each party agrees to cooperate fully with the other parties and to execute such further instruments, documents
and agreements and to give such further written assurance as may be reasonably requested by any other party to evidence and reflect
the transactions described in this Agreement and the other Transaction Documents and contemplated hereby and thereby and to carry
into effect the intents and purposes of this Agreement and the other Transaction Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Reservation
of Stock</U>. The Company covenants that it will (a) reserve from its authorized and unissued Common Stock a sufficient number
of shares to provide for the issuance of Common Stock upon the conversion of the Convertible Note and the exercise of the Warrants
and/or (b) take all necessary steps, within the opinion of legal counsel, to amend the Company&rsquo;s certificate of incorporation
to provide sufficient reserves of shares of Common Stock issuable upon conversion of the Convertible Note and the exercise of the
Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notices
for Collateral</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall give prompt written notice to the Investor (and in any event not later than 30 days following any change described
below in this subsection) of:&nbsp; (i)&nbsp;any change in the location of the Company&rsquo;s chief executive office or principal
place of business; (ii)&nbsp;any change in the locations set forth in <U>Schedule&nbsp;1</U>; (iii)&nbsp;any change in the Company&rsquo;s
name;<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>(iv)&nbsp;any changes in the Company&rsquo;s identity or
structure in any manner which might make any financing statement filed hereunder incorrect or misleading; (v)&nbsp;any change in
the Company&rsquo;s registration as an organization (or any new such registration); or (vi)&nbsp;any change in the Company&rsquo;s
jurisdiction of organization; <U>provided</U> that the Company shall not locate any Collateral outside of the United States nor
shall the Company change its jurisdiction of organization to a jurisdiction outside of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
and when the Company shall obtain rights to any new patents, trademarks, service marks, trade names or copyrights, or otherwise
acquire or become entitled to the benefit of, or apply for registration of, any of the foregoing, the Company (i)&nbsp;shall promptly
notify the Investor thereof, and (ii)&nbsp;hereby authorizes the Investor to modify, amend, or supplement <U>Schedule&nbsp;2</U>
and from time to time to include any of the foregoing and make all necessary or appropriate filings with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Power
of Attorney</U>. (a)&nbsp;&nbsp;The Investor shall have the right to, in the name
of the Company, or in the name of the Investor or otherwise, upon notice to but without the requirement of assent by the Company,
and the Company hereby constitutes and appoints the Investor (and any of the Investor&rsquo;s officers, employees or agents designated
by the Investor) as the Company&rsquo;s true and lawful attorney-in-fact, with full power and authority to: (i) sign and file any
of the financing statements and other documents and instruments which must be executed or filed to perfect or continue perfected,
maintain the priority of or provide notice of the Investor&rsquo;s security interest in the Collateral; (ii) assert, adjust, sue
for, compromise or release any claims under any policies of insurance; (iii) give notices of control, default or exclusivity (or
similar notices) under any account control agreement or similar agreement with respect to exercising control over deposit accounts
or securities accounts; and (iv) execute any and all such other documents and instruments, and do any and all acts and things for
and on behalf of the Company, which the Investor may deem reasonably necessary or advisable to maintain, protect, realize upon
and preserve the Collateral and the Investor&rsquo;s security interest therein and to accomplish the purposes of this Agreement.
The Investor agrees that, except upon and during the continuance of an event of default under the Convertible Note, it shall not
exercise the power of attorney, or any rights granted to the Investor, pursuant to clauses (ii), (iii) and (iv). The foregoing
power of attorney is coupled with an interest and irrevocable so long as the obligations under the Convertible Note have not been
paid and performed in full. The Company hereby ratifies, to the extent permitted by law, all that the Investor shall lawfully and
in good faith do or cause to be done by virtue of and in compliance with this <U>Section 5.15</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Amendment
and Restatement</U>. The Company and the Investor agree that: (a) the Obligations (as defined in the Convertible Note) represent,
among other things, the restatement, renewal, amendment and modification of the &ldquo;Obligations&rdquo; (as defined in the Existing
Note); (b) this Agreement is intended to, and does hereby, restate, renew, amend, modify, supersede and replace the Existing SPA
in its entirety; and (c) the entering into and performance by the Company and the Investor of their respective obligations under
the Transaction Documents and the transactions evidenced hereby and thereby do not constitute a novation nor shall they be deemed
to have terminated, extinguished or discharged the indebtedness under the Existing Note, all of which indebtedness shall continue
under and be governed by this Agreement and the Convertible Note. All references in the other Transaction Documents to the Existing
SPA shall henceforth include references to this Agreement, as may, from time to time, be further amended, modified, extended, and/or
renewed. To the extent permitted by applicable Law, any and all of the terms and provisions of the other Transaction Documents
are hereby amended and modified wherever necessary, even though not specifically addressed herein, so as to conform to the amendments
and modifications set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Ratifications</U>.
The Company hereby (a) ratifies and confirms all provisions of the Existing SPA and the Convertible Note and all other Transaction
Documents, and (b) ratifies and confirms that all guaranties, assurances, and liens granted, conveyed, or assigned to the Investor
under the Existing Note are not released, reduced, or otherwise adversely affected by this Agreement and continue to guarantee,
assure, and secure full payment and performance of the present and future obligations of the Company under this Agreement, the
Convertible Note and the Transaction Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U>. This Agreement and the documents referred to herein constitute the entire agreement among the parties with respect
to the subject matter hereof and no party shall be liable or bound to any other party in any manner by any warranties, representations
or covenants except as specifically set forth herein or therein. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>(Remainder of page
intentionally left blank; signature pages follow)&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties have executed
this Sixth Amended and Restated Securities Purchase Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>NANO VIBRONIX, INC.</B>, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">as the Company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 54%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Harold Jacob</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Harold Jacob</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>GLOBIS OVERSEAS FUND LTD.</B>, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">as the Investor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Paul Packer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Paul Packer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Managing Member of the General Partner of the Investment Manager</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>FORM OF SECURED CONVERTIBLE
NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>FORM OF WARRANT TO
PURCHASE COMMON STOCK</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>COMPANY INFORMATION&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>COMPANY INTELLECTUAL
PROPERTY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<TYPE>EX-10.10
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<FILENAME>v367378_ex10-10.htm
<DESCRIPTION>EXHIBIT 10.10
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.10</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIXTH AMENDED AND RESTATED<BR>
SECURITIES PURCHASE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS SIXTH AMENDED
AND RESTATED SECURITIES PURCHASE AGREEMENT (this &ldquo;<B><I>Agreement</I></B>&rdquo;) is entered into as of February 6, 2014,
by and among Nano Vibronix, Inc., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and Globis Capital Partners,
L.P. (the &ldquo;<B><I>Investor</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Investor entered into that certain Securities Purchase Agreement dated as of February 5, 2013 (the &ldquo;<B><I>Original
SPA</I></B>&rdquo;) and, in connection therewith, the Company issued to the Investor that certain (i) Secured Convertible Promissory
Note dated February 5, 2013 in the principal amount of $80,000 and (ii) a warrant to purchase 210,526 shares of common stock of
the Company, dated February 5, 2013 (the &ldquo;<B><I>February Warrant</I></B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Investor entered into that certain Amended and Restated Securities Purchase Agreement dated as of March 28, 2013 (the &ldquo;<B><I>March
SPA</I></B>&rdquo;) to amend and restate the Original SPA and, in connection therewith, the Company issued to the Investor that
certain (i) Amended and Restated Secured Convertible Promissory Note dated March 28, 2013 in the principal amount of $160,000 (the
&ldquo;<B><I>March Note</I></B>&rdquo;) and (ii) a warrant to purchase 210,526 shares of common stock of the Company, dated March
28, 2013 (the &ldquo;<B><I>March Warrant</I></B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Investor entered into that certain Second Amended and Restated Securities Purchase Agreement dated as of June 3, 2013 (the
&ldquo;<B><I>June SPA</I></B>&rdquo;) to amend and restate the March SPA and, in connection therewith, the Company issued to the
Investor that certain (i) Second Amended and Restated Secured Convertible Promissory Note dated June 3, 2013 in the principal amount
of $240,000 (the &ldquo;<B><I>June Note</I></B>&rdquo;) and (ii) a warrant to purchase 210,526 shares of common stock of the Company,
dated June 3, 2013 (the &ldquo;<B><I>June Warrant</I></B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company and the Investor entered
into that certain Third Amended and Restated Securities Purchase Agreement dated as of August 5, 2013 (the &ldquo;<B><I>August
SPA</I></B>&rdquo;) to amend and restate the June SPA and, in connection therewith, the Company issued to the Investor that certain
(i) Third Amended and Restated Secured Convertible Promissory Note dated August 5, 2013 in the principal amount of $320,000 (the
&ldquo;<B><I>August Note</I></B>&rdquo;) and (ii) a warrant to purchase 210,526 shares of common stock of the Company, dated August
5, 2013 (the &ldquo;<B><I>August Warrant</I></B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company and the Investor entered
into that certain Fourth Amended and Restated Securities Purchase Agreement dated as of October 7, 2013 (the &ldquo;<B><I>October
SPA</I></B>&rdquo;) to amend and restate the August SPA and, in connection therewith, the Company issued to the Investor that certain
(i) Fourth Amended and Restated Secured Convertible Promissory Note dated October 7, 2013 in the principal amount of $400,000 (the
&ldquo;<B><I>October Note</I></B>&rdquo;) and (ii) a warrant to purchase 210,526 shares of common stock of the Company, dated October
7, 2013 (the &ldquo;<B><I>October Warrant</I></B>&rdquo;; and, together with the February Warrant, the March Warrant, the June
Warrant and the August Warrant, the &ldquo;<B><I>Existing Warrants</I></B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company and the Investor entered
into that certain Fifth Amended and Restated Securities Purchase Agreement dated as of December 9, 2013 (the &ldquo;<B><I>Existing
SPA</I></B>&rdquo;) to amend and restate the October SPA and, in connection therewith, the Company issued to the Investor that
certain (i) Fifth Amended and Restated Secured Convertible Promissory Note dated December 9, 2013 in the principal amount of $120,000
(the &ldquo;<B><I>Existing Note</I></B>&rdquo;) and (ii) a warrant to purchase 52,632 shares of common stock of the Company, dated
December 9, 2013 (the &ldquo;<B><I>December Warrant</I></B>&rdquo;; and, together with the February Warrant, the March Warrant,
the June Warrant, the August Warrant and the October Warrant, the &ldquo;Existing Warrants&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Investor desire to amend and restate the Existing SPA and the Existing Note to increase the principal amount outstanding
thereunder and to issue an additional warrant as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, for
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree that the Existing
SPA is hereby amended and restated in its entirety as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">SECTION
1<BR>
<BR>
<FONT STYLE="font-size: 10pt">DEFINITIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Definitions</U>.
Capitalized but otherwise undefined terms used herein shall have the meanings provided therefor in the Convertible Note. In addition
to the terms defined elsewhere in this Agreement and the Convertible Note, the following terms have the meanings indicated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Business
Day</I></B>&rdquo; means any day which is not a Saturday or Sunday or a legal holiday on which banks are authorized or required
to be closed in New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Collateral</I></B>&rdquo;
has the meaning ascribed to such term in the Convertible Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Common
Stock</I></B>&rdquo; means the common stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Convertible
Note</I></B>&rdquo; shall have the meaning ascribed to such term in <U>Section 2.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Governmental
Authority</I></B>&rdquo; shall mean any federal, state, local or other governmental department, commission, board, bureau, agency
or other instrumentality or authority, domestic or foreign, exercising executive, legislative, judicial, regulatory or administrative
authority or functions of or pertaining to government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Lien</I></B>&rdquo;
has the meaning ascribed to such term in the Convertible Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Material
Adverse Effect</I></B>&rdquo; shall mean (i)&nbsp;a material and adverse effect on the legality, validity or enforceability of
any Transaction Document, (ii)&nbsp;a material adverse effect on the results of operations, assets, business, condition (financial
or otherwise) or prospects of the Company and its direct or indirect Subsidiaries, taken as a whole on a consolidated basis, or
(iii)&nbsp;a material and adverse impairment of the Company&rsquo;s ability to perform fully on a timely basis its obligations
under any of the Transaction Documents to which such Person is party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Note Conversion
Shares</I></B>&rdquo; means the shares of Common Stock issuable upon the conversion of the Convertible Note in accordance with
Section 5 of the Convertible Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Organic
Document</I></B>&rdquo; means, relative to any Person, its articles or certificate of incorporation, or certificate of limited
partnership or formation, its bylaws, partnership or operating agreement or other organizational documents, and all stockholders
agreements, voting trusts and similar arrangements applicable to any of its capital stock, partnership interests or other ownership
interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Person</I></B>&rdquo;
means any individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, or joint stock company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>SEC</I></B>&rdquo;
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Securities</I></B>&rdquo;
means the Convertible Note, the Warrants, the Note Conversion Shares and the Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Securities
Act</I></B>&rdquo; means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Subsidiary</I></B>&rdquo;
shall mean, with respect to any Person (herein referred to as the &ldquo;parent&rdquo;), any corporation, limited liability company,
partnership, association or other business entity (a) of which securities of other ownership interests representing more than 50%
of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time
any determination is being made, owned, controlled or held by the parent, or (b) that is, at any time any determination is made,
otherwise controlled by, the parent or one or more Subsidiaries of the parent and one or more Subsidiaries of the parent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Transaction
Documents</I></B>&rdquo; means this Agreement, the Convertible Note, the Warrants and any other and all other certificates, documents,
agreements and instruments delivered to the Investor under or in connection with this Agreement, the Convertible Note or the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Warrant
Shares</I></B>&rdquo; means the shares of Common Stock into which the Warrants are exercisable, pursuant to terms of the applicable
Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Warrants</I></B>&rdquo;
means, collectively, the Existing Warrants and the Additional Warrant.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">SECTION
2<BR>
<BR>
<FONT STYLE="font-size: 10pt">ISSUANCE OF SECURITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Issuance
of Securities</U>. Subject to the terms and conditions of this Agreement, the Company shall issue and sell to the Investor the
sixth amended and restated secured convertible promissory note, the form of which is attached hereto as <U>Exhibit A</U> (the &ldquo;<B><I>Convertible
Note</I></B>&rdquo;), in the principal amount of $560,000 (the &ldquo;<B><I>Principal Amount</I></B>&rdquo;), the Existing Warrants
(which were previously delivered by the Company on February 5, 2013, March 28, 2013, June 3, 2013, August 5, 2013, October 7, 2013
and December 9, 2013, respectively) and a warrant to purchase an aggregate of up to 210,526 shares of Common Stock, the form of
which is attached hereto as <U>Exhibit B</U> (the &ldquo;<B><I>Additional Warrant</I></B>&rdquo;), against payment by the Investor
to (or to the order of) the Company of $560,000 (the &ldquo;<B><I>Purchase Price</I></B>&rdquo;) (of which $80,000 was paid by
the Investor on February 5, 2013, $80,000 was paid by the Investor on March 28, 2013, $80,000 was paid by the Investor on June
3, 2013, $80,000 was paid by the Investor on August 5, 2013, $80,000 was paid by the Investor on October 7, 2013 and $80,000 was
paid by the Investor on December 9, 2013). </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Delivery</U>.
On the date hereof, (a) the Company shall execute and deliver to the Investor the Convertible Note and the Additional Warrant,
and (b)&nbsp;the Investor shall deliver to the Company a check or wire transfer of immediately available funds in an amount equal
to $80,000. Each of the Convertible Note and the Additional Warrant shall be a binding obligation of the Company upon execution
thereof by the Company and delivery thereof to the Investor. The Company acknowledges that it already received $480,000 of the
Purchase Price ($80,000 paid by the Investor on February 5, 2013, $80,000 paid by the Investor on March 28, 2013, $80,000 paid
by the Investor on June 3, 2013, $80,000 paid by the Investor on August 5, 2013, $80,000 paid by the Investor on October 7, 2013
and $80,000 paid by the Investor on December 9, 2013) in connection with the Original SPA, the March SPA, the June SPA, the August
SPA, the October SPA and the Existing SPA, such that only $80,000 of the Purchase Price is due on the date hereof, and the Investor
acknowledges that it received the February Warrant on February 5, 2013 in connection with the Original SPA, the March Warrant on
March 28, 2013 in connection with the March SPA, the June Warrant on June 3, 2013 in connection with the June SPA, the August Warrant
on August 5, 2013 in connection with the August SPA, the October Warrant on October 7, 2013 in connection with the October SPA
and the December Warrant on December 9, 2013 in connection with the Existing SPA).</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">SECTION
3<BR>
<BR>
<FONT STYLE="font-size: 10pt">REPRESENTATIONS AND WARRANTIES OF the investor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Investor hereby
represents, warrants and covenants to the Company as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Purchase
for Own Account</U>. The Investor represents that it is acquiring the Securities solely as an investment for such Person&rsquo;s
own account not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Investor
has no present intention of selling, granting any participation in, or otherwise distributing the same. The acquisition by the
Investor of any of the Securities shall constitute confirmation of the representation by the Investor that the Investor does not
have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person
or to any third person, with respect to any of the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Investment
Experience</U>. Either (a) the Investor or its officers, directors, managers or controlling persons has a preexisting personal
or business relationship with the Company or its officers, directors or controlling persons, or (b) the Investor, by reason of
its own business and financial experience, has the capacity to protect its own interests in connection with the investment contemplated
hereby. The Investor represents that it is an investor in securities of companies in the development stage and acknowledges that
it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial
or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. The Investor acknowledges
that any investment in the Securities involves a high degree of risk, and represents that it is able, without materially impairing
its financial condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of its investment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Accredited
Investor</U>. The Investor represents that it is an &ldquo;accredited investor&rdquo; within the meaning of SEC Rule 501 of Regulation
D, as presently in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Restrictions
on Transfer</U>. The Investor understands that the Securities are characterized as &ldquo;restricted securities&rdquo; under the
federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and
that under such laws and applicable regulations such securities may be resold without registration under the Securities Act, only
in certain limited circumstances. In this connection, the Investor represents that it is familiar with SEC Rule 144, as presently
in effect, and understands the resale limitations imposed thereby and by the Securities Act.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Authorization
and Power</U>. The Investor has the requisite power and authority to enter into and perform this Agreement and the other Transaction
Documents that it is a party to and to purchase the Convertible Note and the Warrants being sold to it hereunder. The execution,
delivery and performance of this Agreement and the other Transaction Documents that the Investor is a party to by the Investor
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action,
and no further consent or authorization of the Investor or its Board of Directors, members or managers, as the case may be, is
required. Each of this Agreement and the Transaction Documents that the Investor is a party to has been duly authorized, executed
and delivered by the Investor and constitutes, or shall constitute when executed and delivered, a valid and binding obligation
of the Investor enforceable against the Investor in accordance with the terms thereof.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">SECTION
4<BR>
<BR>
<FONT STYLE="font-size: 10pt">Representations and Warranties of the Company</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby
represents and warrants to the Investor that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Organization,
Good Standing and Qualification; Licenses</U>. Each of the Company and its Subsidiaries is duly organized, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or organization and has all requisite power and authority,
and holds all governmental licenses, permits, registrations and other approvals required under applicable law, to own and hold
under lease its property and to carry on its business as now conducted and as proposed to be conducted, except where the failure
to hold any such licenses, permits, registrations and other approvals could not result in a Material Adverse Effect. Each of the
Company and each of its Subsidiaries is qualified to do business in each jurisdiction where the nature of its properties of the
conduct of its business requires it to be so qualified to do business and where the failure so to qualify could result in a Material
Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Authorization</U>.
All action on the part of the Company necessary for the authorization, execution and delivery of this Agreement, the performance
of all obligations of the Company hereunder, and the authorization, issuance (or reservation for issuance), sale and delivery of
the Securities, has been taken or will be taken prior to the date hereof. Each of the Transaction Documents constitutes the valid
and legally binding obligation of the Company, enforceable against the Company in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Absence
of Required Consents; No Violations</U>. No consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any Governmental Authority on the part of the Company or any of its Subsidiaries is required in connection
with the consummation of the transactions contemplated by the Transaction Documents, except for the filing with the SEC of a Form
D, and such filing(s) pursuant to applicable state securities laws as may be necessary, which filings will be timely effected after
the delivery of the Securities pursuant to <U>Section 2.2</U>, and recordings or filings in connection with the perfection of the
Liens on the Collateral in favor of the Investor. Neither the Company nor any of its Subsidiaries is in violation or default (a)
of any provision of its Organic Documents, (b) of any instrument, judgment, order, writ, decree or contract to which it is a party
or by which it is bound, or (c) of any provision of any federal or state statute, rule or regulation applicable to the Company,
except in the cases of clause (b) and (c) above, for such violations or defaults that would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The execution, delivery and performance of the Transaction Documents
and the consummation of the transactions contemplated thereby will not result in any such violation or be in conflict with or constitute,
with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order,
writ, decree or contract or an event that results in the creation of any Lien upon any material assets of the Company, any of its
Subsidiaries or the suspension, revocation, impairment, forfeiture or nonrenewal of any permit, license, authorization or approval
applicable to the Company or any of its Subsidiaries, their business or operations or any of their assets or properties and which
would result in a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Convertible
Note and Warrant</U>. All representations and warranties of the Company contained in the Convertible Note and the Warrants are
true and correct as of the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Licenses
and Intellectual Property Rights</U>. The Company and each of its Subsidiaries possess all licenses, patents, trademarks, trade
names, service marks, copyrights, and other intellectual property rights, free from burdensome restrictions, necessary to enable
them to conduct their respective business, the absence of which could result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Disclosure</U>.
None of the representations or warranties made by the Company herein as of the date of such representations and warranties, and
none of the statements contained in any other information with respect to the Company and its properties and assets, including
each exhibit or report, furnished by or on behalf of the Company to the Investor in connection herewith, contains any untrue statement
of a material fact or omits any material fact required to be stated therein or necessary to make the statements made therein, in
the light of the circumstances under which they are made, not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Offering</U>.
Subject in part to the truth and accuracy of the Investor&rsquo;s representations set forth in <U>Section&nbsp;3</U> of this Agreement,
the offer, sale and issuance of the Securities as contemplated by this Agreement is exempt from the registration requirements of
the Securities Act and will not result in a violation of the qualification or registration requirements of the any applicable state
securities laws, and neither the Company nor any authorized agent acting on its behalf will take any action hereafter that would
cause the loss of such exemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Valid
Issuance of Note Conversion Shares and Warrant Shares</U>. The Note Conversion Shares, when issued, sold and delivered in accordance
with the terms of the Convertible Note for the consideration specified therein and the Warrant Shares, when issued, sold and delivered
in accordance with the terms of the Warrants for the consideration specified therein, will be duly and validly issued, fully paid,
and nonassessable, and will be free of restrictions on transfer other than restrictions on transfer under this Agreement and under
applicable state and federal securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Collateral</U>.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s chief executive office and principal place of business (as of the date of this Agreement) is located at the address
set forth in <U>Schedule 1</U>; the Company&rsquo;s jurisdiction of organization and organizational identification number are set
forth in <U>Schedule&nbsp;1</U>; the Company&rsquo;s exact legal name is as set forth in the first paragraph of this Agreement;
and all other locations where the Company conducts business or Collateral is kept (as of the date of this Agreement) are set forth
in <U>Schedule 2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has rights in or the power to transfer the Collateral, and the Company is the legal and beneficial owner of the Collateral,
free from any Lien, and has good and marketable title thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the Company&rsquo;s U.S. and foreign patents and patent applications, copyrights (whether or not registered), applications for
copyright, trademarks, service marks and trade names (whether registered or unregistered), and applications for registration of
such trademarks, service marks and trade names, are set forth in <U>Schedule 2</U>.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">SECTION
5<BR>
<BR>
<FONT STYLE="font-size: 10pt">MISCELLANEOUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Survival
of Representations, Warranties and Covenants</U>. The warranties, representations and covenants of the Company, the Investor contained
in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and shall in no way be affected
by any investigation of the subject matter thereof made by or on behalf of the Investor or the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Successors
and Assigns</U>. Except as otherwise provided therein, the terms and conditions of this Agreement and the other Transaction Documents
shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of
any Securities); <U>provided</U>, <U>however</U>, that the Company may not assign or transfer its rights or obligations hereunder
or under the other Transaction Documents without the prior written consent of the Investor. The Securities shall be freely transferable,
without restriction, subject to compliance with applicable securities laws. Nothing in this Agreement, express or implied, is intended
to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations,
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Governing
Law; Venue; Jury Trial Waiver</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement is to be construed in accordance with and governed by the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York,
Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such
party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. <B>EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY
TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. The delivery of an executed counterpart of a signature page of this Agreement by telecopy
or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Titles
and Subtitles</U>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic
mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient&rsquo;s
next Business Day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one (1) Business Day after deposit with a nationally recognized overnight courier, freight prepaid, specifying
next Business Day delivery, with written verification of receipt. All communications for the Company shall be sent to 105 Maxess
Road, Suite S124, Melville, NY 11747 and all communications for the Investor shall be sent to 805 Third Avenue, 15th Floor, New
York, NY 10022, or to such e-mail address, facsimile number or address as subsequently modified by written notice given in accordance
with this <U>Section 5.6</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Amendments
and Waivers</U>. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively), only if such amendment, modification or waiver
is in writing and only with the written consent of the Company and the Investor. Any amendment or waiver effected in accordance
with this section shall be binding upon each holder of any Securities acquired under this Agreement at the time outstanding (including
securities into which such Securities are convertible), each future holder of all such Securities, and the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Severability</U>.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Expenses</U>.
The Company shall pay the fees and expenses of the advisors, counsel, accountants and other experts of the Company and the Investor,
if any, and all other expenses, incurred by the Company and the Investor incident to the negotiation, preparation, execution, delivery
and performance of the Transaction Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Register</U>.
The Company shall maintain at its principal executive offices a register for the Securities, in which the Company shall record
the name and address of the person in whose name the Securities have been issued (including the name and address of each transferee)
and the amount of the Securities held by such person. The Company shall keep the register open and available during business hours
for inspection by the Investors or their legal representatives upon prior written notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Interpretation</U>.
In this Agreement and the other Transaction Documents, except to the extent the context otherwise requires: (a)&nbsp;any reference
in this Agreement or other Transaction Document to a Section, a Schedule&nbsp;or an Exhibit is a reference to a Section&nbsp;thereof,
a schedule thereto or an exhibit thereto, respectively, and to a subsection&nbsp;thereof or a clause thereof is, unless otherwise
stated, a reference to a subsection&nbsp;or a clause of the Section&nbsp;or subsection&nbsp;in which the reference appears; (b)&nbsp;the
words &ldquo;hereof,&rdquo; &ldquo;herein,&rdquo; &ldquo;hereto,&rdquo; &ldquo;hereunder&rdquo; and the like mean and refer to
this Agreement or other Transaction Document as a whole and not merely to the specific Section, subsection, paragraph or clause
in which the respective word appears; (c)&nbsp;the meaning of defined terms shall be equally applicable to both the singular and
plural forms of the terms defined; (d)&nbsp;references to agreements and other contractual instruments shall be deemed to include
all subsequent amendments and other modifications thereto; (e)&nbsp;references to statutes or regulations are to be construed as
including all statutory and regulatory provisions consolidating, amending or replacing the statute or regulation referred to; and
(f)&nbsp;the captions and headings are for convenience of reference only and shall not affect the construction of this Agreement
or other Transaction Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Further
Assurances</U>. Each party agrees to cooperate fully with the other parties and to execute such further instruments, documents
and agreements and to give such further written assurance as may be reasonably requested by any other party to evidence and reflect
the transactions described in this Agreement and the other Transaction Documents and contemplated hereby and thereby and to carry
into effect the intents and purposes of this Agreement and the other Transaction Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Reservation
of Stock</U>. The Company covenants that it will (a) reserve from its authorized and unissued Common Stock a sufficient number
of shares to provide for the issuance of Common Stock upon the conversion of the Convertible Note and the exercise of the Warrants
and/or (b) take all necessary steps, within the opinion of legal counsel, to amend the Company&rsquo;s certificate of incorporation
to provide sufficient reserves of shares of Common Stock issuable upon conversion of the Convertible Note and the exercise of the
Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notices
for Collateral</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall give prompt written notice to the Investor (and in any event not later than 30 days following any change described
below in this subsection) of:&nbsp; (i)&nbsp;any change in the location of the Company&rsquo;s chief executive office or principal
place of business; (ii)&nbsp;any change in the locations set forth in <U>Schedule&nbsp;1</U>; (iii)&nbsp;any change in the Company&rsquo;s
name;<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>(iv)&nbsp;any changes in the Company&rsquo;s identity or
structure in any manner which might make any financing statement filed hereunder incorrect or misleading; (v)&nbsp;any change in
the Company&rsquo;s registration as an organization (or any new such registration); or (vi)&nbsp;any change in the Company&rsquo;s
jurisdiction of organization; <U>provided</U> that the Company shall not locate any Collateral outside of the United States nor
shall the Company change its jurisdiction of organization to a jurisdiction outside of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
and when the Company shall obtain rights to any new patents, trademarks, service marks, trade names or copyrights, or otherwise
acquire or become entitled to the benefit of, or apply for registration of, any of the foregoing, the Company (i)&nbsp;shall promptly
notify the Investor thereof, and (ii)&nbsp;hereby authorizes the Investor to modify, amend, or supplement <U>Schedule&nbsp;2</U>
and from time to time to include any of the foregoing and make all necessary or appropriate filings with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Power
of Attorney</U>. (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investor shall have the right to, in the name
of the Company, or in the name of the Investor or otherwise, upon notice to but without the requirement of assent by the Company,
and the Company hereby constitutes and appoints the Investor (and any of the Investor&rsquo;s officers, employees or agents designated
by the Investor) as the Company&rsquo;s true and lawful attorney-in-fact, with full power and authority to: (i) sign and file any
of the financing statements and other documents and instruments which must be executed or filed to perfect or continue perfected,
maintain the priority of or provide notice of the Investor&rsquo;s security interest in the Collateral; (ii) assert, adjust, sue
for, compromise or release any claims under any policies of insurance; (iii) give notices of control, default or exclusivity (or
similar notices) under any account control agreement or similar agreement with respect to exercising control over deposit accounts
or securities accounts; and (iv) execute any and all such other documents and instruments, and do any and all acts and things for
and on behalf of the Company, which the Investor may deem reasonably necessary or advisable to maintain, protect, realize upon
and preserve the Collateral and the Investor&rsquo;s security interest therein and to accomplish the purposes of this Agreement.
The Investor agrees that, except upon and during the continuance of an event of default under the Convertible Note, it shall not
exercise the power of attorney, or any rights granted to the Investor, pursuant to clauses (ii), (iii) and (iv). The foregoing
power of attorney is coupled with an interest and irrevocable so long as the obligations under the Convertible Note have not been
paid and performed in full. The Company hereby ratifies, to the extent permitted by law, all that the Investor shall lawfully and
in good faith do or cause to be done by virtue of and in compliance with this <U>Section 5.15</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Amendment
and Restatement</U>. The Company and the Investor agree that: (a) the Obligations (as defined in the Convertible Note) represent,
among other things, the restatement, renewal, amendment and modification of the &ldquo;Obligations&rdquo; (as defined in the Existing
Note); (b) this Agreement is intended to, and does hereby, restate, renew, amend, modify, supersede and replace the Existing SPA
in its entirety; and (c) the entering into and performance by the Company and the Investor of their respective obligations under
the Transaction Documents and the transactions evidenced hereby and thereby do not constitute a novation nor shall they be deemed
to have terminated, extinguished or discharged the indebtedness under the Existing Note, all of which indebtedness shall continue
under and be governed by this Agreement and the Convertible Note. All references in the other Transaction Documents to the Existing
SPA shall henceforth include references to this Agreement, as may, from time to time, be further amended, modified, extended, and/or
renewed. To the extent permitted by applicable Law, any and all of the terms and provisions of the other Transaction Documents
are hereby amended and modified wherever necessary, even though not specifically addressed herein, so as to conform to the amendments
and modifications set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Ratifications</U>.
The Company hereby (a) ratifies and confirms all provisions of the Existing SPA and the Convertible Note and all other Transaction
Documents, and (b) ratifies and confirms that all guaranties, assurances, and liens granted, conveyed, or assigned to the Investor
under the Existing Note are not released, reduced, or otherwise adversely affected by this Agreement and continue to guarantee,
assure, and secure full payment and performance of the present and future obligations of the Company under this Agreement, the
Convertible Note and the Transaction Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U>. This Agreement and the documents referred to herein constitute the entire agreement among the parties with respect
to the subject matter hereof and no party shall be liable or bound to any other party in any manner by any warranties, representations
or covenants except as specifically set forth herein or therein. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>(Remainder of page
intentionally left blank; signature pages follow)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties have executed
this Sixth Amended and Restated Securities Purchase Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>NANO VIBRONIX, INC.</B>, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">as the Company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Harold Jacob</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Harold Jacob</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>GLOBIS OVERSEAS FUND LTD.</B>, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">as the Investor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Paul Packer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Paul Packer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Managing Member of the General Partner</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>FORM OF SECURED CONVERTIBLE
NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>FORM OF WARRANT TO
PURCHASE COMMON STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>COMPANY INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>COMPANY INTELLECTUAL
PROPERTY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>4
<FILENAME>v367378_ex10-11.htm
<DESCRIPTION>EXHIBIT 10.11
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.11</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS SIXTH AMENDED AND RESTATED SECURED
CONVERTIBLE PROMISSORY NOTE AND ANY SECURITIES INTO WHICH THIS SIXTH AMENDED AND RESTATED SECURED CONVERTIBLE PROMISSORY NOTE IS
CONVERTIBLE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED
UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION
OR AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS SIXTH AMENDED AND RESTATED SECURED
CONVERTIBLE PROMISSORY NOTE AND ANY SECURITIES INTO WHICH THIS SECURED CONVERTIBLE PROMISSORY NOTE IS CONVERTIBLE ARE SUBJECT TO
RESTRICTIONS ON TRANSFER CONTAINED IN THAT CERTAIN SIXTH AMENDED AND RESTATED SECURITIES PURCHASE AGREEMENT, DATED AS OF FEBRUARY
6, 2014, BETWEEN THE COMPANY AND THE LENDER REFERENCED HEREIN, WHICH RESTRICTIONS ON TRANSFER ARE INCORPORATED HEREIN BY REFERENCE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIXTH AMENDED AND RESTATED<BR>
SECURED CONVERTIBLE PROMISSORY NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">$140,000</FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">February 6, 2014</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>FOR VALUE RECEIVED,</B>
NANO VIBRONIX, INC., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), hereby promises to pay to the order of GLOBIS OVERSEAS
FUND LTD. (together with its successors, representatives, and assigns, the &ldquo;<U>Lender</U>&rdquo;), the principal sum of ONE
HUNDRED AND FORTY THOUSAND DOLLARS ($140,000) with interest on the outstanding principal amount at the rate, except as otherwise
provided herein, of six percent (6.00%) per annum (computed on the basis of actual calendar days elapsed and a year of 365 or 366
days, as the case may be) or, if less, at the highest rate of interest then permitted under applicable law; <U>provided</U>, <U>however</U>,
that from and after an Event of Default (as defined below), all indebtedness hereunder shall accrue interest at the rate of ten
percent (10.00%) per annum (computed on the basis of actual calendar days elapsed and a year of 365 or 366 days, as the case may
be) or, if less, at the highest rate permitted by applicable law (the &ldquo;<U>Post-Default Rate</U>&rdquo;). Interest shall commence
with the date hereof and shall continue on the outstanding principal of this Sixth Amended and Restated Secured Convertible Promissory
Note (this &ldquo;<U>Note</U>&rdquo;) until paid or converted in accordance with the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to
the Sixth Amended and Restated Securities Purchase Agreement of even date herewith by and between the Company and the Lender, as
the &ldquo;<I>Investor</I>&rdquo; (the &ldquo;<U>Agreement</U>&rdquo;), which amends and restates the Existing SPA (as defined
in the Agreement). In connection with the Existing SPA, the Company issued to the Lender that certain Fifth Amended and Restated
Secured Convertible Promissory Note dated December 9, 2013 in the principal amount of $120,000 (the &ldquo;<U>Existing Note</U>&rdquo;).
The Company and the Lender desire to amend and restate the Existing SPA and the Existing Note to increase the principal amount
outstanding hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is also made
to the Sixth Amended and Restated Securities Purchase Agreement of even date herewith by and between the Company and Globis Capital
Partners, L.P. (the &ldquo;<U>Capital SPA</U>&rdquo;). In connection with the Capital SPA, the Company issued to Globis Capital
Partners, L.P. that certain Sixth Amended and Restated Secured Convertible Promissory Note dated February 6, 2014 in the principal
amount of $560,000 (the &ldquo;<U>Capital Note</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
For purposes of this Note, the following terms shall have the following meanings (capitalized terms used herein but not otherwise
defined shall have the meanings provided therefor in the Agreement):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
shall mean with respect to any Person, any other Person (i)&nbsp;which directly or indirectly through one or more intermediaries
Controls, or is Controlled by, or is under common Control with, such first Person, (ii)&nbsp;which beneficially owns or holds 10%
or more of any class of the voting stock of such first Person, or (iii)&nbsp;whereby 10% or more of the voting stock (or in the
case of a Person which is not a corporation, 10% or more of the equity interest) of such other Person is beneficially owned or
held by such first Person or by a Subsidiary of such first Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Agreement</U>&rdquo; shall have
the meaning ascribed to such term in the recitals of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business
Day</U>&rdquo; means any day which is not a Saturday or Sunday or a legal holiday on which banks are authorized or required to
be closed in New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Collateral</U>&rdquo;
shall have the meaning ascribed to such term in <U>Section 2</U> of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Common Stock</U>&rdquo;
means the common stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Common Stock Equivalent</U>&rdquo;
means any Convertible Security or warrant, Option or other right to subscribe for or purchase any Additional Shares of Stock or
any Convertible Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Control</U>&rdquo;
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms &ldquo;Controlling&rdquo;
and &ldquo;Controlled&rdquo; (and the lower-case versions of the same) shall have meanings correlative thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Convertible
Securities</U>&rdquo; shall mean evidences of indebtedness, shares of stock or other securities or instruments (other than Options)
which are convertible into or exchangeable for shares of Common Stock, either immediately or upon the arrival of a specified date
or the occurrence of a specified event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Debt</U>&rdquo;
shall mean, with respect to any Person, all liabilities, obligations and indebtedness of such Person of every kind and nature,
including, without limitation: (i) indebtedness or liability for borrowed money, or for the deferred purchase price of property
or services (including trade obligations); (ii) obligations as lessee under any leases (including under any capital leases); (iii)
any reimbursement or other obligations under any performance or surety bonds or any letters of credit issued for the account of
such Person; (iv) all net obligations in respect of any derivative products; (v) all guaranties, endorsements (other than for collection
or deposit in the ordinary course of business), and other contingent obligations to purchase, to provide funds for payment, to
supply funds to invest in any other Person, or otherwise to assure a creditor against loss; and (vi) obligations secured by any
Lien on property owned by such Person, whether or not the obligations have been assumed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Default</U>&rdquo;
means an Event of Default or an event or condition which with notice or lapse of time or both would constitute an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Exercise Price</U>&rdquo; shall
have the meaning ascribed to such term in <U>Section 5(a)</U> of this Note</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Fundamental
Transaction</U>&rdquo; means that (i) the Company or any of its subsidiaries shall, directly or indirectly, in one or more related
transactions, (1) consolidate or merge with or into (whether or not the Company or any of its subsidiaries is the surviving corporation)
any other Person, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its
respective properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange offer
that is accepted by the holders of more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares
of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the Persons making
or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other
Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company (not including
any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated or affiliated
with the other Persons making or party to, such stock or share purchase agreement or other business combination), or (5) reorganize,
recapitalize or reclassify the Common Stock, or (ii) any &ldquo;person&rdquo; or &ldquo;group&rdquo; (as these terms are used for
purposes of Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;)
and the rules and regulations promulgated thereunder) is or shall become the &ldquo;beneficial owner&rdquo; (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and
outstanding Voting Stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted principles of good accounting practice in the United States, consistently applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Governmental
Authority</U>&rdquo; shall mean any federal, state, local or other governmental department, commission, board, bureau, agency or
other instrumentality or authority, domestic or foreign, exercising executive, legislative, judicial, regulatory or administrative
authority or functions of or pertaining to government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lien</U>&rdquo;
shall mean any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory
or other), claim or other priority or preferential arrangement of any kind or nature whatsoever (other than a financing statement
filed by a lessor in respect of an operating lease not intended as security).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Material
Adverse Effect</U>&rdquo; shall mean (i)&nbsp;a material and adverse effect on the legality, validity or enforceability of any
Transaction Document, (ii)&nbsp;a material adverse effect on the results of operations, assets, business, condition (financial
or otherwise) or prospects of the Company and its direct or indirect Subsidiaries, taken as a whole on a consolidated basis, or
(iii)&nbsp;a material and adverse impairment of the Company&rsquo;s ability to perform fully on a timely basis its obligations
under any of the Transaction Documents to which such Person is party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Obligations</U>&rdquo;
shall mean all obligations of the Company to the Lender howsoever created, arising or evidenced, whether direct or indirect, joint
or several, absolute or contingent, or now or hereafter existing, or due or to become due, which arise out of or in connection
with this Note and the other Transaction Documents, including all costs and expenses incurred by the Lender in connection with
the enforcement of this Note or any other Transaction Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Options</U>&rdquo;
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Patents</U>&rdquo;
shall have the meaning ascribed to such term in <U>Section 2</U> of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted
Debt</U>&rdquo; shall mean, with respect to the Company and each of its direct and indirect Subsidiaries, any of (i) the Obligations,
(ii) trade accounts payable incurred in the ordinary course which are due no later than 90 calendar days after invoice, (iii) other
current liabilities incurred in the ordinary course of business and not incurred through the borrowing of money or the obtaining
of credit, (iv) obligations under long-term real property leases incurred in the ordinary course of business, (v) short-term lease
obligations or indebtedness incurred to finance the cost of tangible personal property (which was acquired after the date hereof)
in an amount that does not exceed an aggregate of $10,000 during any twelve month period, (vi) Debt in respect of taxes or other
governmental charges which is not yet due or which is being contested in good faith by appropriate proceedings, and (vii) Debt
in connection with the Capital Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted
Lien</U>&rdquo; shall mean, as of any particular time with respect to the Company and each of its direct and indirect Subsidiaries,
(i) Liens of taxes, assessments or other charges of a Governmental Authority not then delinquent or which are being contested in
good faith by appropriate proceedings, (ii) Liens in favor of the Lender created pursuant to the Transaction Documents, (iii) any
mechanic&rsquo;s, worker&rsquo;s, repairer&rsquo;s, supplier&rsquo;s, vendor&rsquo;s or like Liens securing obligations arising
in the ordinary course of business (A) that are not mature and overdue, (B) that do not materially impair the value of the Collateral
provided to the Lender pursuant to the Transaction Documents and (C) that could not result in an aggregate liability in excess
of $10,000, (iv) Liens arising solely by virtue of any statutory or common law provision relating to banker&rsquo;s liens, rights
of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution,
provided that such deposit account is not a dedicated cash collateral account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
shall mean an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Subsidiary</U>&rdquo;
shall mean, with respect to any Person (herein referred to as the &ldquo;parent&rdquo;), any corporation, limited liability company,
partnership, association or other business entity (i) of which securities of other ownership interests representing more than 50%
of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time
any determination is being made, owned, controlled or held by the parent, or (ii) that is, at any time any determination is made,
otherwise Controlled by, the parent or one or more Subsidiaries of the parent and one or more Subsidiaries of the parent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>UCC</U>&rdquo;
means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Voting Stock</U>&rdquo;
of a Person means capital stock of such Person of the class or classes pursuant to which the holders thereof have the general voting
power to elect, or the general power to appoint, at least a majority of the board of directors, managers or trustees of such Person
(irrespective of whether or not at the time capital stock of any other class or classes shall have or might have voting power by
reason of the happening of any contingency).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Security Interest</U>. As collateral security for the prompt and complete payment and performance of all of the Company&rsquo;s
present or future Obligations, the Company hereby grants a security interest and mortgage to the Lender, as security, in and to
the Company&rsquo;s entire right, title and interest in, to and under the following intellectual property, now owned or hereafter
acquired by the Company or in which the Company now holds or hereafter acquires any interest (all of which shall collectively be
called the &ldquo;Collateral&rdquo; for purposes of this Note):</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
letters patent of, or rights corresponding thereto in, the United States or any other country, all registrations and recordings
thereof, and all applications for letters patent of, or rights corresponding thereto in, the United States or any other country,
including, without limitation, registrations, recordings and applications in the United States Patent and Trademark Office or in
any similar office or agency of the United States, any State thereof or any other country; all reissues, continuations, continuations-in-part
or extensions thereof; all petty patents, divisionals, and patents of addition; and all patents to be issued under any such applications,
including without limitation the patents and patent applications set forth on <U>Exhibit &ldquo;A&rdquo;</U> attached hereto (collectively,
the &ldquo;<U>Patents</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
and all claims for damages by way of past, present and future infringement of any of the rights included above, with the right,
but not the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified
above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
licenses or other rights to use any of the Patents, and all license fees and royalties arising from such use to the extent permitted
by such license or rights;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amendments, renewals and extensions of any of the Patents; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty
payable in respect of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maturity</U>.
Unless sooner paid or converted in accordance with the terms hereof, the entire unpaid principal amount and all unpaid accrued
interest shall become fully due and payable on the earlier of (a)&nbsp;April 30, 2014, (b) the closing date of a financing, conducted
through a bona fide arm&rsquo;s length transaction, in which the Company (i) issues and sells for cash its capital stock to investor(s)
and/or (ii) issues indebtedness to lenders, in aggregate amount from the date hereof equal to or greater than Two Hundred and Fifty
Thousand Dollars ($250,000), or (c)&nbsp;the date of the acceleration of the maturity of this Note by the Lender upon the occurrence
of an Event of Default (such earlier date, the &ldquo;<U>Maturity Date</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form
of Payment</U>. All payments of interest and principal (other than payment by way of conversion) shall be in lawful money of the
United States of America to the Lender, at the address specified in the Agreement, or at such other address as may be specified
from time to time by the Lender in a written notice delivered to the Company. All payments made hereunder shall be applied first
to accrued interest, and thereafter to principal and any fees due and owing to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prepayment</U>.
Prepayment of principal or interest under this Note without the express prior written consent of the Lender is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
at the Option of the Lender</U>. At any time prior to the Maturity Date, the Lender may, in its sole discretion and upon 5 Business
Days&rsquo; prior written notice to the Company, convert all or a portion of the Debt of the Company outstanding on such date under
this Note into that number of shares of Common Stock which is equal to the quotient obtained by dividing (a) the sum of (i) the
outstanding principal amount of this Note elected by the Lender to be so converted and (ii) any accrued but unpaid interest thereon
elected by the Lender to be so converted by (b) $0.38 (subject to appropriate adjustments for any stock dividend, stock split,
stock combination, reclassification or similar transaction after the date hereof) (the &ldquo;<U>Exercise Price</U>&rdquo;). Any
accrued but unpaid interest not converted into shares of Common Stock as provided in the preceding sentence shall be paid in cash
on such date. Prior to the execution of this Note, the Company shall have reserved and set aside for issuance to the Lender such
number of shares of Common Stock as would be issuable upon conversion of the Note pursuant to this <U>Section&nbsp;5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
or Repayment Upon Maturity</U>. In the event that any Debt under this Note remains outstanding on the Maturity Date, then the principal
amount under this Note then outstanding and any accrued but unpaid interest thereon shall, at the option of the Lender, either
(a) become immediately due and payable on such date or (b) convert on such date into that number of shares of Common Stock which
is equal to the quotient obtained by dividing (i) the sum of (A) the then outstanding principal amount of this Note elected by
the Lender to be so converted and (B) any accrued but unpaid interest thereon elected by the Lender to be so converted by (ii)
$0.38 (subject to appropriate adjustments for any stock dividend, stock split, stock combination, reclassification or similar transaction
after the date hereof). Any principal and any accrued but unpaid interest not converted into shares of Common Stock as provided
in the preceding sentence shall be paid in cash on the Maturity Date. Prior to the execution of this Note, the Company shall have
reserved and set aside for issuance to the Lender such number of shares of Common Stock as would be issuable upon conversion of
the Note pursuant to this <U>Section&nbsp;5(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
of Certificates</U>. As soon as is reasonably practicable after a conversion has been effected (but in any event within five (5)
Business Days thereafter), the Company shall deliver to the Lender a certificate or certificates representing the number of shares
of Common Stock issuable by reason of such conversion in such name or names and in such denomination or denominations as the Lender
may specify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Fractional Shares</U>. If any fractional share of Common Stock would, except for the provisions hereof, be deliverable upon conversion
of this Note, the Company, in lieu of delivering such fractional share, shall pay an amount equal to the value of such fractional
share, as determined by the per share conversion price used to effect such conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
Costs</U>. The issuance of certificates for shares of capital stock issuable upon conversion of this Note shall be made without
charge to the Lender for any documentary stamp tax in respect thereof or other cost incurred by the Company in connection with
such conversion and the related issuance of such shares of Common Stock; <U>provided</U>, that the Company shall not be required
to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such certificate upon
conversion in a name other than that of the Lender so converted and the Company shall not be required to issue or deliver such
certificates unless or until the person or persons requesting the issuance thereof shall have paid to the Company the amount of
such tax or shall have established to the satisfaction of the Company that such tax has been paid. Upon conversion of this Note,
the Company shall take all such actions as are necessary in order to ensure that the Common Stock issuable with respect to such
conversion shall be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Laws and Regulations</U>. The Company shall take all such actions as may be necessary to assure that all shares of capital
stock issued upon conversion of this Note may be so issued without violation of any applicable law or governmental regulation or
any requirement of any domestic securities exchange upon which such shares of capital stock may be listed (except for official
notice of issuance which shall be immediately delivered by the Company upon such issuance).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Dividends, Subdivisions and Combinations</U>. Without limiting any provision of this Note, if the Company, at any time after the
date hereof, (1) pays a stock dividend on one or more classes of its then outstanding shares of Common Stock or otherwise makes
a distribution on any class of capital stock that is payable in shares of Common Stock, (2) subdivides (by any stock split, stock
dividend, recapitalization or otherwise) one or more classes of its then outstanding shares of Common Stock into a larger number
of shares or (3) combines (by combination, reverse stock split or otherwise) one or more classes of its then outstanding shares
of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of
which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator
shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause
(1) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to
receive such dividend or distribution, and any adjustment pursuant to clause (2) or (3) of this paragraph shall become effective
immediately after the effective date of such subdivision or combination. If any event requiring an adjustment under this paragraph
occurs during the period that an Exercise Price is used in any calculation hereunder, then in such calculation such Exercise Price
shall be adjusted appropriately to reflect such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
of Additional Shares of Stock</U>. In the event the Company shall at any time following the date hereof issue or sell any share
of Common Stock (otherwise than as provided in Section 5(g) hereof or pursuant to Common Stock Equivalents granted or issued prior
to the date hereof) (an &ldquo;<U>Additional Share of Stock</U>&rdquo;) at a price per share less than the Exercise Price then
in effect, or without consideration (in which case such Additional Shares of Stock shall be deemed to have been issued at a price
per share of $0.001 per share), the Exercise Price then in effect upon each such issuance shall be decreased to the price equal
to the consideration per share paid for such Additional Share of Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
or Modification of Common Stock Equivalents</U>. In the event the Company shall, at any time following the date hereof: (1) issue
or sell any Common Stock Equivalent with an exercise or conversion price less than the Exercise Price then in effect, or (2) modify
the conversion or exercise price of any Common Stock Equivalent issued prior to, on or after the date hereof, to an exercise or
conversion price less than the Exercise Price then in effect, the Exercise Price then in effect shall be decreased to the exercise
or conversion price of such Common Stock Equivalent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Issues Excepted</U>. Anything herein to the contrary notwithstanding, the Company shall not be required to make any adjustment
to the Exercise Price pursuant to Sections 5(h) or 5(i) hereof upon (1) securities issued (other than for cash) in connection with
a merger, acquisition, or consolidation, (2) securities issued pursuant to the exercise or conversion of Common Stock Equivalents
issued prior to the date hereof (but such exception shall not affect the obligation to decrease the Exercise Price if required
by Section 5(i)(2) hereof), (3) securities issued in connection with bona fide strategic license agreements or other partnering
arrangements so long as such issuances are not for the purpose of raising capital and (4) Common Stock issued or options to purchase
Common Stock granted, in each case, pursuant to the Company&rsquo;s stock option plans and employee stock purchase plans that have
been approved for adoption by the Company&rsquo;s board of directors and stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fundamental
Transactions</U>. Prior to the consummation of each Fundamental Transaction pursuant to which holders of shares of Common Stock
are entitled to receive securities or other assets with respect to or in exchange for shares of Common Stock (a &ldquo;<U>Corporate
Event</U>&rdquo;), the Company shall make appropriate provision to insure that the Lender will thereafter have the right to receive
upon conversion of this Note at any time after the consummation of the applicable Fundamental Transaction but prior to the repayment
in full of this Note, in lieu of the shares of the Common Stock (or other securities, cash, assets or other property) issuable
upon the conversion of this Note prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any
other property whatsoever (including warrants or other purchase or subscription rights) which the Lender would have been entitled
to receive upon the happening of the applicable Fundamental Transaction had this Note been converted immediately prior to the
applicable Fundamental Transaction (without regard to any limitations on the conversion of this Note). Provision made pursuant
to the preceding sentence shall be in a form and substance reasonably satisfactory to the Lender. The provisions of this Clause
(k) shall apply similarly and equally to successive Fundamental Transactions and Corporate Events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Affirmative
Covenants</U>. So long as any Obligations remain outstanding, the Company shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Laws</U>. Comply in all material respects with applicable laws, rules, regulations and orders, such compliance to include,
without limitations, paying before the same become delinquent all taxes, assessments, and charges imposed upon it or upon its property
by any Governmental Authority except for good faith contests for which adequate reserves are being maintained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information</U>.
Deliver to the Lender or cause to be delivered to the Lender, in form and detail satisfactory to Lender, the following financial
and other information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;written
notice of any of the following, promptly, and in any event within three (3) days after the Company actually becomes aware of any
of the following: (i) any proceeding being instituted or threatened by or against it involving a sum in excess of $25,000 in the
aggregate for all proceedings, (ii) any order, judgment or decree being entered against the Company or any of its properties or
assets involving a sum in excess of $25,000 in the aggregate for all such orders, judgments and decrees taken together, and (iii)
any actual or prospective change, development or event which has had or could reasonably be expected to have a Material Adverse
Effect; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
other statements, lists of property and accounts, budgets, forecasts, projections, reports, or other information as the Lender
may from time to time reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Litigation</U>. Provide to the Lender promptly after the commencement thereof, notice of all actions, suits, and proceedings
before any court or Governmental Authority affecting the Company, which, if determined adversely to the Company, could have a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Defaults and Events of Defaults</U>. Provide to the Lender, as soon as possible and in any event within three (3) days after
the occurrence thereof, with written notice of each event which either (i)&nbsp;is an Event of Default, or (ii)&nbsp;with the giving
of notice or lapse of time or both would constitute an Event of Default, in each case setting forth the details of such event and
the action which is proposed to be taken by the Company with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governmental
Approvals</U>. Use commercially reasonable efforts to promptly obtain and maintain any and all authorizations, consents, approvals,
licenses, franchises, concessions, leases, rulings, permits, certifications, exemptions, filings or registrations by or with any
Governmental Authority necessary for the Company to conduct its business and own (or lease) its properties or to execute, deliver
and perform the Transaction Documents, except where the failure to do so could not reasonably be expected to result in a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance</U>.
Promptly obtain and maintain in full force and effect at all times with responsible insurance companies such insurance covering
its assets and properties, in such amounts and against such risks and with such deductibles as an enterprise conducting a similar
business under similar business conditions as the Company would customarily maintain, except where the failure to do so could not
reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Continuance
of Business</U>. Maintain its legal existence, licenses and privileges in good standing under and in compliance with all applicable
laws and continue to operate the business currently conducted by the Company and its Subsidiaries. Without limiting the generality
of the foregoing, the Company shall do and cause to be done all things necessary to apply for, preserve, maintain and keep in full
force and effect all of its registrations of trademarks, service marks and other marks, trade names and other trade rights, patents,
copyrights and other intellectual property in accordance with prudent business practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>.
Pay and discharge (i)&nbsp;all federal and other material taxes, fees, assessments and governmental charges or levies imposed upon
it or upon its properties or assets prior to the date on which penalties attach thereto, and all lawful claims for labor, materials
and supplies which, if unpaid, might become a Lien (other than a Permitted Lien) upon any of its properties or assets; and (ii)&nbsp;all
other lawful claims which, if unpaid, would by law become a Lien upon its property not constituting a Permitted Lien.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Patents</U>. Following the date hereof, if the Company shall obtain rights to any new patents or otherwise acquires or becomes
entitled to the benefit of, or apply for registration of, any of the foregoing, the Company (i)&nbsp;shall promptly notify the
Lender thereof and (ii)&nbsp;hereby authorizes the Lender to modify, amend, or supplement <U>Exhibit A</U> and from time to time
to include any of the foregoing and make all necessary or appropriate filings with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Preservation
of Patents</U>. The Company shall (i) prosecute diligently all applications in respect of the Patents, now or hereafter pending;
(ii) make federal applications on all of its unpatented but patentable inventions; (iii) preserve and maintain all of its material
rights in the Patents and protect the Patents from infringement, unfair competition, cancellation, or dilution by all appropriate
action necessary in the Company&rsquo;s reasonable business judgment, including, without limitation, the commencement and prosecution
of legal proceedings to recover damages for infringement and to defend and preserve its rights in the Patents; and (iv) not abandon
any of the Patents necessary to the conduct of its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Negative
Covenants</U>. So long as any Obligations remain outstanding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liens</U>.
The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, create or suffer to exist any Lien (other
than the Liens granted hereunder, under the Captial Note and the Permitted Liens) on any assets of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Debt</U>.
The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, incur any Debt other than Permitted
Debt; prepay, redeem, purchase, defease or otherwise satisfy in any manner prior to the scheduled repayment thereof any Debt (other
than amounts due in respect of this Note); or amend, modify or otherwise change the terms of any Debt (other than this Note) in
a manner which would accelerate the scheduled repayment thereof or otherwise be adverse to the interests of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
of Subsidiary</U>. The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, sell, transfer, cause
to be sold or transferred, or otherwise dispose of, any interest in a Subsidiary of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Distributions</U>.
The Company shall not declare or pay any dividends or make any distribution of any kind on the Company&rsquo;s capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
of Organic Documents</U>. The Company shall not amend, supplement, or otherwise modify any of the provisions of the Company&rsquo;s
Organic Documents in a manner that would be materially adverse to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transaction
with Affiliates</U>. The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, transfer, sell,
assign or otherwise dispose of any of its assets to any Affiliate or enter into any transaction directly or indirectly with or
for the benefit of any Affiliate unless the monetary or business consideration arising therefrom would be as advantageous to the
Company or, as applicable, such Subsidiary, as the Company or such Subsidiary would obtain in a comparable arm&rsquo;s length transaction
with a Person not an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
of Collateral</U>. The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, sell, license, transfer
or otherwise dispose of any interest in any Collateral, except for licenses or sublicenses of rights in intellectual property on
a non-exclusive or other limited basis in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Changes
in Business</U>. The Company shall not enter into or engage in any business other than that carried on (or contemplated to be carried
on) as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accounting
Changes</U>. The Company shall not change its fiscal year or make or permit any change in accounting policies or reporting practices,
except as permitted by GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Proceeds</U>. The Company shall use the proceeds from this Note solely to fund the operations of the Company in the ordinary
course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Default</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Events
of Default</U>. For purposes of this Note, any of the following events which shall occur shall constitute an &ldquo;<U>Event of
Default</U>&rdquo;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
indebtedness under this Note is not paid when and as the same shall become due and payable, whether at maturity, by acceleration
or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
default shall occur in the observance or performance of (A) any covenant, obligation or agreement of the Company contained in <U>Sections
6</U>, <U>7</U> or <U>8</U>, or (B) any other provision of this Note, the Agreement or any Transaction Document and such default
shall continue uncured for a period of 5 days after the Company knew or should have known, exercising reasonable diligence, of
the event or circumstances giving rise to such default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
representation, warranty or certification made by the Company herein or in the Agreement or in any certificate, report, document,
agreement or instrument delivered pursuant to any provision hereof or thereof shall prove to have been false or incorrect in any
material respect on the date or dates as of which made;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall (A)&nbsp;apply for or consent to the appointment of a receiver, trustee, custodian or liquidator of itself or any
part of its property, (B)&nbsp;become subject to the appointment of a receiver, trustee, custodian or liquidator for itself or
any part of its property that is not discharged or stayed within 60 days after such appointment, (C)&nbsp;make an assignment for
the benefit of creditors, (D)&nbsp; or fail generally or admit in writing to its inability to pay its debts as they become due,
(E)&nbsp;institute any proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization,
receivership, insolvency or other similar law affecting the rights of creditors generally, or file a petition or answer seeking
reorganization or an arrangement with creditors to take advantage of any insolvency law, or file an answer admitting the material
allegations of a bankruptcy, reorganization or insolvency petition filed against it, or (F)&nbsp;become subject to any involuntary
proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization, receivership, insolvency
or other similar law affecting the rights of creditors generally that is not dismissed within 60 days after commencement, or have
an order for relief entered against it in any proceeding under the United States Bankruptcy Code that is not dismissed within 60
days of entry;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall (A) liquidate, wind up or dissolve (or suffer any liquidation, wind-up or dissolution), (B)&nbsp;suspend its operations
other than in the ordinary course of business, or (C)&nbsp;take any action to authorize any of the actions or events set forth
above in <U>Section 9(a)(iv)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
final judgment or judgments for the payment of money aggregating in excess of $50,000 shall be rendered against the Company which
judgments are not, within 30 days after the entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within
45 days after the expiration of such stay; <U>provided</U>, <U>however</U>, that any judgment which is covered by insurance or
an indemnity from a credit worthy party shall not be included in calculating such amount so long as the Company provides the Lender
with a written statement from such insurer or indemnity provider (which written statement shall be reasonably satisfactory to the
Lender) to the effect that such judgment is covered by insurance or an indemnity and the Company will receive the proceeds of such
insurance or indemnity within 30 days of the issuance of such judgment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
any Debt of the Company (other than this Note) shall not be paid at its stated maturity or shall be duly declared to be or shall
become due and payable prior to the stated maturity thereof, or (B) there shall occur and be continuing any event under any agreement
or instrument relating to any such Debt, the effect of which is to cause such Debt to become due prior to its stated maturity,
or (C) the holder or holders of such Debt, or any trustee, agent or other representative on behalf of such holder or holders, shall
have demanded or required, pursuant to the terms of any agreement or instrument relating to such Debt, that the Company redeem,
repurchase or otherwise acquire or retire such Debt for value at any time prior to its stated maturity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
occurrence or existence of any event or condition that, in the Lender&rsquo;s reasonable and good faith judgment, has had or would
have or result in a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
material impairment in the value of the Collateral or the priority of the Lender&rsquo;s Lien hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
levy upon, seizure or attachment of a material portion of the Collateral which shall not have been rescinded or withdrawn within
20 days after the date of such levy, seizure or attachment; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
the Company asserts that any Transaction Document is invalid or unenforceable, in whole or in part, or (B) the Lender shall cease
to have a perfected Lien in any of the Collateral (subject to Permitted Liens).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consequences
of Events of Default</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of any Event of Default, the Lender may declare any of the Obligations to be immediately due and payable and shall
have, in addition to all other rights and remedies granted to it in this Agreement or any other Transaction Document, all rights
and remedies of a secured party under the UCC and other applicable laws. Without limiting the generality of the foregoing, (w)
the Lender may, subject to the UCC and other applicable law, peaceably and without notice enter any premises of the Company, take
possession of any of the Collateral, remove or dispose of all or part of the Collateral on any premises of the Company or elsewhere,
and otherwise collect, receive, appropriate and realize upon all or any part of the Collateral, and demand, give receipt for, settle,
renew, extend, exchange, compromise, adjust, or sue for all or any part of the Collateral, as the Lender may determine; (x) the
Lender may require the Company to assemble all or any part of the Collateral and make it available to the Lender at any place and
time designated by the Lender; (y) the Lender may secure the appointment of a receiver of the Collateral or any part thereof (to
the extent and in the manner provided by applicable law); (z) the Lender may sell, resell, lease, use, assign, license, sublicense,
transfer or otherwise dispose of any or all of the Collateral in its then condition or following any commercially reasonable preparation
or processing (utilizing in connection therewith any of the Company&rsquo;s assets, without charge or liability to the Lender therefor)
at public or private sale, by one or more contracts, in one or more parcels, at the same or different times, for cash or credit,
or for future delivery without assumption of any credit risk, all as the Lender deems advisable; <U>provided</U>, however, that
the Company shall be credited with the net proceeds of sale only when such proceeds are finally collected by the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of enabling the Lender to exercise its rights and remedies under this Section 9 during the continuance of an Event
of Default, the Company hereby grants to the Lender an irrevocable, non-exclusive and assignable license (exercisable without payment
or royalty or other compensation to the Company) to use, license or sublicense any intellectual property Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Lender has no obligation to attempt to satisfy the Obligations by collecting them from any other Person liable for them, and the
Lender may release, modify or waive any Collateral provided by any other Person to secure any of the Obligations, all without affecting
the Lender&rsquo;s rights against the Company. The Company waives any right it may have to require the Lender to pursue any third
Person for any of the Obligations. The Lender may comply with any applicable state or federal law requirements in connection with
a disposition of the Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any
sale of the Collateral. The Lender may sell the Collateral without giving any warranties as to the Collateral. The Lender may specifically
disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness
of any sale of the Collateral. If the Lender sells any of the Collateral upon credit, the Company will be credited only with payments
actually made by the purchaser, received by the Lender and applied to the indebtedness of the purchaser. In the event the purchaser
fails to pay for the Collateral, the Lender may resell the Collateral and the Company shall be credited with the proceeds of the
sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cash proceeds actually received from the sale or other disposition or collection of Collateral, and any other amounts received
in respect of the Collateral the application of which is not otherwise provided for herein, shall be applied first, to the payment
of the reasonable costs and expenses of the Lender in exercising or enforcing its rights hereunder and in collecting or attempting
to collect any of the Collateral, and to the payment of all other amounts payable to the Lender; and second, to the payment of
the Obligations. Any surplus thereof which exists after payment and performance in full of the Obligations shall be promptly paid
over to the Company or otherwise disposed of in accordance with the UCC or other applicable law. The Company shall remain liable
to the Lender for any deficiency which exists after any sale or other disposition or collection of Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Lender shall also have any other rights which the Lender may have been afforded under any contract or agreement at any time and
any other rights which the Lender may have pursuant to applicable law. The Lender may exercise any and all of its remedies under
this Note, the Agreement and the other Transaction Documents contemporaneously or separately from the exercise of any other remedies
hereunder or under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lost,
Stolen, Destroyed or Mutilated Note</U>. In case this Note shall be mutilated, lost, stolen or destroyed, the Company shall issue
a new Note of like date, tenor and denomination and deliver the same in exchange and substitution for and upon surrender and cancellation
of any such mutilated Note, or in lieu of any such Note lost, stolen or destroyed, upon receipt of evidence satisfactory to the
Company of the loss, theft or destruction of any such Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Note is to be construed in accordance with and governed by the laws of the State of New York. The provisions of Section
5.3 of the Agreement relating to venue, submission to jurisdiction and the waiver of the right to jury trial are by this reference
incorporated herein, <I>mutatis mutandis</I>, as if set forth herein in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
and Waiver</U>. Any term of this Note may be amended and the observance of any term of this Note may be waived (either generally
or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Note
shall be made in accordance with Section 5.6 of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securities
Purchase Agreement</U>. This Note is issued pursuant to the terms of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
Upon payment and performance in full of all Obligations, the security interest created under this Note shall terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization.</U>
The Company hereby irrevocably authorizes the Lender (or its designee) at any time and from time to time to file in any jurisdiction
any financing or continuation statement and amendment thereto or any registration of charge, mortgage or otherwise, containing
any information required under the UCC or any applicable of any other applicable jurisdiction (in each case, without the signature
of the Company to the extent permitted by applicable law), reasonably necessary or appropriate in the judgment of the Lender to
perfect or evidence its first priority security interest in and Lien on the Collateral. The Company hereby irrevocably ratifies
and approves any such filing, registration or recordation in any jurisdiction by the Lender (or its designee) that has occurred
prior to the date hereof, of any financing statement, registration of charge, mortgage or otherwise. The Company agrees to provide
to the Lender (or its designee) any and all information required under the UCC or any applicable law of any other applicable jurisdiction
for the effective filing of a financing statement and any amendment thereto or any registration of charge, mortgage or otherwise
in connection with the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
If one or more provisions of this Note are held to be unenforceable under applicable law, such provision shall be excluded from
this Note and the balance of this Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
The Company shall not have the right to assign its rights and obligations hereunder or any interest herein. The Lender may at any
time assign or transfer all or part of its rights and/or obligations under this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies
Cumulative; Failure or Indulgence Not a Waiver</U>. The remedies provided in this Note shall be cumulative and in addition to all
other remedies available under this Note and any of the other Transaction Documents. No failure or delay on the part of the Lender
in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments</U>.
Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, such payment shall be made in lawful
money of the United States of America by a check drawn on the account of the Company and sent via overnight courier service to
such Person at such address as previously provided to the Company in writing (which address, in the case of the Lender as of the
date of issuance hereof, shall initially be the address for the Lender as set forth in the Agreement); <U>provided</U> that the
Lender may elect to receive a payment of cash via wire transfer of immediately available funds by providing the Company with prior
written notice setting out such request and the Lender&rsquo;s wire transfer instructions. Whenever any payment to be made shall
otherwise be due on a day which is not a Business Day, such payment shall be made on the immediately succeeding Business Day and
such extension of time shall be included in the computation of accrued interest. All payments received by the Lender after 5:00
p.m. shall be deemed received on the next succeeding Business Day and any applicable interest shall continue to accrue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Excessive
Interest</U>. Notwithstanding any other provision herein to the contrary, this Note is hereby expressly limited so that the interest
rate charged hereunder shall at no time exceed the maximum rate permitted by applicable law. If, for any circumstance whatsoever,
the interest rate charged exceeds the maximum rate permitted by applicable law, the interest rate shall be reduced to the maximum
rate permitted, and if the Lender shall have received an amount that would cause the interest rate charged to be in excess of the
maximum rate permitted, such amount that would be excessive interest shall be applied to the reduction of the principal amount
owing hereunder (without charge for prepayment) and not to the payment of interest, or if such excessive interest exceeds the unpaid
balance of principal, such excess shall be refunded to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Facsimile
Transmission of Signature Page</U>. The delivery of any executed signature page to this Note by telecopy or other electronic imaging
means shall be effective as delivery of a manually executed signature page to this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
and Restatement</U>. The Company and the Lender agree that: (a) the Obligations represent, among other things, the restatement,
renewal, amendment and modification of the &ldquo;Obligations&rdquo; (as defined in the Existing Note); (b) this Note is intended
to, and does hereby, restate, renew, amend, modify, supersede and replace the Existing Note in its entirety; and (c) the entering
into and performance by the Company and the Lender of their respective obligations under the Transaction Documents and the transactions
evidenced hereby and thereby do not constitute a novation nor shall they be deemed to have terminated, extinguished or discharged
the indebtedness under the Existing Note, all of which indebtedness shall continue under and be governed by this Note. All references
in the other Transaction Documents to the Existing Note shall henceforth include references to this Note, as may, from time to
time, be further amended, modified, extended, and/or renewed. To the extent permitted by applicable Law, any and all of the terms
and provisions of the other Transaction Documents are hereby amended and modified wherever necessary, even though not specifically
addressed herein, so as to conform to the amendments and modifications set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ratifications</U>.
The Company hereby (a) ratifies and confirms all provisions of the other Transaction Documents, and (b) ratifies and confirm that
all guaranties, assurances, and liens granted, conveyed, or assigned to the Lender under the Existing Note are not released, reduced,
or otherwise adversely affected by this Note and continue to guarantee, assure, and secure full payment and performance of the
present and future obligations of the Company under this Note and the Transaction Documents. The Company hereby acknowledges that
immediately prior to the execution and delivery of this Note, the outstanding principal balance of the Existing Note is $120,000
and the accrued but unpaid interest thereon is $1,163.84, which amount is and shall be payable in accordance with the terms hereof
and is in addition to the interest that accrues under this Note after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver
of Notice</U>. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices
in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Transaction Documents. In
addition, the Company hereby waives, to the fullest extent permitted by law, (a) any right of redemption with respect to the Collateral,
whether before or after sale hereunder, and all rights, if any, of marshalling of the Collateral or other collateral or security
for the Obligations; (b) any right to require the Lender (i) to proceed against any Person, (ii) to exhaust any other collateral
or security for any of the Obligations, or (iii) to pursue any remedy in the Lender&rsquo;s power; and (c) all claims, damages,
and demands against the Lender arising out of the repossession, retention, sale or application of the proceeds of any sale of the
Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><I>(Remainder of page
intentionally left blank; signature page follows)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Company has caused this Sixth Amended and Restated Secured Convertible Promissory Note to be duly executed by its officers,
thereunto duly authorized as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Address of the Company:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>NANO VIBRONIX, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">105 Maxess Road, Suite S124 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Harold Jacob</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Melville, NY&nbsp;&nbsp;11747</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Attn: ____________</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Harold Jacob</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Its:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Address of the Lender:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>GLOBIS OVERSEAS FUND LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">805 Third Avenue, 15th Floor</FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">New York, NY 10022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Paul Packer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Paul Packer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Its:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Managing Member of the General Partner of the Investment Manager </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit A to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Secured Convertible Promissory Note</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Important Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nanovibronix strategy was to create strong IP barrier for other
companies. Nanovibronix aimed to cover it's novel technology and devices world wide, because our attempts were to create valuable
company. The author of all ideas &ndash; Jona Zumeris, D.Sc. Nanovibronix is working with Pearl Cohen Zedek and Malina patent offices.
Annuity is being done through Dennemeyer&amp;Co</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 18%"><FONT STYLE="font-size: 10pt"><B><I>Exact&nbsp;Legal</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Name&nbsp;of&nbsp;Owner</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 29%"><FONT STYLE="font-size: 10pt"><B><I>Description&nbsp;of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Intellectual</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Property</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Country(ies)</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Number(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Office(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Date(s)</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7,393,501 B2</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May28,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jul1,2008</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">ZL03818327.7</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed May29,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Grant</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April29,2009</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">165422</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May28,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Aug18,2010</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Japan</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4504183</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Japan</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May28,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Apr.30,2010</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">India</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">246351</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">India</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May29,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Feb24,2011,</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Australia</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2003231892</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Australia</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May28,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Nov6,2008</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">European Union</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1511414 B</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">European Union</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(UK,Gr,Fr)</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed Dec9,2004</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Grant</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Aug8,2012</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 18%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Exact&nbsp;Legal</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Name&nbsp;of&nbsp;Owner</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 29%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Description&nbsp;of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Intellectual</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Property</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Country(ies)</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Number(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Office(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Date(s)</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Hong Kong</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr 05107834.0</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Hong Kong</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Allowed, but decision to abandon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Acoustic add-on device for biofilm prevention in urinary catheter</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7,829.029 B2</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May29,2007</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Nov9,2010</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Acoustic add-on device for biofilm prevention in urinary catheter</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr. 200780019732.3</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May29,2007</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">allowed</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Acoustic add-on device for biofilm prevention in urinary catheter</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">European Union</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr 07736150.9</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">European Union</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Fr,UK,Gr)</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed Mar29,2007</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">allowed</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for SAW treatment of medical devices</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">US nr. 11/710,616</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">US nr. 11/710,615</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">India</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">India</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Hong Kong</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr 09110611.9</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Hong Kong</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">European Union</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Appl.nr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">07861247.0</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">European Union</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr 2,643,423</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr. 2007/780014875.5</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 18%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Exact&nbsp;Legal</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Name&nbsp;of&nbsp;Owner</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 29%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Description&nbsp;of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Intellectual</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Property</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Country(ies)</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Number(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Office(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Date(s)</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr.193600</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method for friction reduction in medical tubing and applications using this method</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">US nr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">13/521,060</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filled Jul09,2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc. (Assignment from inventors to Nano Vibronix, Inc. has not yet been recorded.&nbsp;&nbsp;Each inventor to this patent is obligated per their employment agreement to assign these rights to NanoVibronix, Inc.)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nanovibration coating process for medical devices using multi vibration modes of thin piezo element</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7,892,191</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May18,2005</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Feb22,2011</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nanovibration coating process for medical devices using multi vibration modes of thin piezo element</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Russia</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2419395</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Russia</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May18,2005</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May27,2011</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nanovibration coating process for medical devices using multi vibration modes of thin piezo element</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">European Union</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Appl.nr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">05752180.9</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">European Union</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May18,2005</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nanovibration coating process for medical devices using multi vibration modes of thin piezo element</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Japan</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl..nr 2007-527384</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Japan</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May18,2005</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 18%"><FONT STYLE="font-size: 10pt"><B><I>Exact&nbsp;Legal</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Name&nbsp;of&nbsp;Owner</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 29%"><FONT STYLE="font-size: 10pt"><B><I>Description&nbsp;of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Intellectual</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Property</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Country(ies)</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Number(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Office(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Date(s)</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nanovibration coating process for medical devices using multi vibration modes of thin piezo element</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr. 179372</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May18,2005</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT> ( under licensing agreement with Piezo top)</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">A system and method for detection of motion</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6,964,640 B2</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed Jan22,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Nov.15, 2005</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT> ( under licensing agreement with Piezo top)</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">A system and method for detection of fetal heartbeat</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6,454,716 B1</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May23,2000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Sep24,2002</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT> ( under licensing agreement with Piezo top)</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Apparatus for sterilizing a liquid with focused acoustic standing waves</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7,431,892 B2</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed Sep.25,2002</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Oct7, 2008</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT> ( under licensing agreement with Piezo top)</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for sterilization of a liquid</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr. 12/188,302</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filled Aug8,2008</TD></TR>
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<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>5
<FILENAME>v367378_ex10-12.htm
<DESCRIPTION>EXHIBIT 10.12
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.12</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS SIXTH AMENDED AND RESTATED SECURED
CONVERTIBLE PROMISSORY NOTE AND ANY SECURITIES INTO WHICH THIS SIXTH AMENDED AND RESTATED SECURED CONVERTIBLE PROMISSORY NOTE IS
CONVERTIBLE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED
UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION
OR AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS SIXTH AMENDED AND RESTATED SECURED
CONVERTIBLE PROMISSORY NOTE AND ANY SECURITIES INTO WHICH THIS SECURED CONVERTIBLE PROMISSORY NOTE IS CONVERTIBLE ARE SUBJECT TO
RESTRICTIONS ON TRANSFER CONTAINED IN THAT CERTAIN SIXTH AMENDED AND RESTATED SECURITIES PURCHASE AGREEMENT, DATED AS OF FEBRUARY
6, 2014, BETWEEN THE COMPANY AND THE LENDER REFERENCED HEREIN, WHICH RESTRICTIONS ON TRANSFER ARE INCORPORATED HEREIN BY REFERENCE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIXTH AMENDED AND RESTATED<BR>
SECURED CONVERTIBLE PROMISSORY NOTE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">$560,000</FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">February 6, 2014</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>FOR VALUE RECEIVED,</B>
NANO VIBRONIX, INC., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), hereby promises to pay to the order of GLOBIS CAPITAL
PARTNERS, L.P. (together with its successors, representatives, and assigns, the &ldquo;<U>Lender</U>&rdquo;), the principal sum
of FIVE HUNDRED AND SIXTY THOUSAND DOLLARS ($560,000) with interest on the outstanding principal amount at the rate, except as
otherwise provided herein, of six percent (6.00%) per annum (computed on the basis of actual calendar days elapsed and a year of
365 or 366 days, as the case may be) or, if less, at the highest rate of interest then permitted under applicable law; <U>provided</U>,
<U>however</U>, that from and after an Event of Default (as defined below), all indebtedness hereunder shall accrue interest at
the rate of ten percent (10.00%) per annum (computed on the basis of actual calendar days elapsed and a year of 365 or 366 days,
as the case may be) or, if less, at the highest rate permitted by applicable law (the &ldquo;<U>Post-Default Rate</U>&rdquo;).
Interest shall commence with the date hereof and shall continue on the outstanding principal of this Sixth Amended and Restated
Secured Convertible Promissory Note (this &ldquo;<U>Note</U>&rdquo;) until paid or converted in accordance with the provisions
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to
the Sixth Amended and Restated Securities Purchase Agreement of even date herewith by and between the Company and the Lender, as
the &ldquo;<I>Investor</I>&rdquo; (the &ldquo;<U>Agreement</U>&rdquo;), which amends and restates the Existing SPA (as defined
in the Agreement). In connection with the Existing SPA, the Company issued to the Lender that certain Fifth Amended and Restated
Secured Convertible Promissory Note dated December 9, 2013 in the principal amount of $480,000 (the &ldquo;<U>Existing Note</U>&rdquo;).
The Company and the Lender desire to amend and restate the Existing SPA and the Existing Note to increase the principal amount
outstanding hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is also made
to the Sixth Amended and Restated Securities Purchase Agreement of even date herewith by and between the Company and Globis Overseas
Fund Ltd. (the &ldquo;<U>Overseas SPA</U>&rdquo;). In connection with the Overseas SPA, the Company issued to Globis Overseas Fund
Ltd. that certain Sixth Amended and Restated Secured Convertible Promissory Note dated February 6, 2014 in the principal amount
of $140,000 (the &ldquo;<U>Overseas Note</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
For purposes of this Note, the following terms shall have the following meanings (capitalized terms used herein but not otherwise
defined shall have the meanings provided therefor in the Agreement):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
shall mean with respect to any Person, any other Person (i)&nbsp;which directly or indirectly through one or more intermediaries
Controls, or is Controlled by, or is under common Control with, such first Person, (ii)&nbsp;which beneficially owns or holds 10%
or more of any class of the voting stock of such first Person, or (iii)&nbsp;whereby 10% or more of the voting stock (or in the
case of a Person which is not a corporation, 10% or more of the equity interest) of such other Person is beneficially owned or
held by such first Person or by a Subsidiary of such first Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Agreement</U>&rdquo; shall have
the meaning ascribed to such term in the recitals of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business
Day</U>&rdquo; means any day which is not a Saturday or Sunday or a legal holiday on which banks are authorized or required to
be closed in New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Collateral</U>&rdquo;
shall have the meaning ascribed to such term in <U>Section 2</U> of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Common Stock</U>&rdquo;
means the common stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Common Stock
Equivalent</U>&rdquo; means any Convertible Security or warrant, Option or other right to subscribe for or purchase any Additional
Shares of Stock or any Convertible Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Control</U>&rdquo;
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms &ldquo;Controlling&rdquo;
and &ldquo;Controlled&rdquo; (and the lower-case versions of the same) shall have meanings correlative thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Convertible
Securities</U>&rdquo; shall mean evidences of indebtedness, shares of stock or other securities or instruments (other than Options)
which are convertible into or exchangeable for shares of Common Stock, either immediately or upon the arrival of a specified date
or the occurrence of a specified event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Debt</U>&rdquo;
shall mean, with respect to any Person, all liabilities, obligations and indebtedness of such Person of every kind and nature,
including, without limitation: (i) indebtedness or liability for borrowed money, or for the deferred purchase price of property
or services (including trade obligations); (ii) obligations as lessee under any leases (including under any capital leases); (iii)
any reimbursement or other obligations under any performance or surety bonds or any letters of credit issued for the account of
such Person; (iv) all net obligations in respect of any derivative products; (v) all guaranties, endorsements (other than for collection
or deposit in the ordinary course of business), and other contingent obligations to purchase, to provide funds for payment, to
supply funds to invest in any other Person, or otherwise to assure a creditor against loss; and (vi) obligations secured by any
Lien on property owned by such Person, whether or not the obligations have been assumed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Default</U>&rdquo;
means an Event of Default or an event or condition which with notice or lapse of time or both would constitute an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exercise
Price</U>&rdquo; shall have the meaning ascribed to such term in <U>Section 5(a)</U> of this Note</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Fundamental
Transaction</U>&rdquo; means that (i) the Company or any of its subsidiaries shall, directly or indirectly, in one or more related
transactions, (1) consolidate or merge with or into (whether or not the Company or any of its subsidiaries is the surviving corporation)
any other Person, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its
respective properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange offer
that is accepted by the holders of more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares
of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the Persons making
or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other
Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company (not including
any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated or affiliated
with the other Persons making or party to, such stock or share purchase agreement or other business combination), or (5) reorganize,
recapitalize or reclassify the Common Stock, or (ii) any &ldquo;person&rdquo; or &ldquo;group&rdquo; (as these terms are used for
purposes of Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;)
and the rules and regulations promulgated thereunder) is or shall become the &ldquo;beneficial owner&rdquo; (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and
outstanding Voting Stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted principles of good accounting practice in the United States, consistently applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Governmental
Authority</U>&rdquo; shall mean any federal, state, local or other governmental department, commission, board, bureau, agency or
other instrumentality or authority, domestic or foreign, exercising executive, legislative, judicial, regulatory or administrative
authority or functions of or pertaining to government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lien</U>&rdquo;
shall mean any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory
or other), claim or other priority or preferential arrangement of any kind or nature whatsoever (other than a financing statement
filed by a lessor in respect of an operating lease not intended as security).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Material
Adverse Effect</U>&rdquo; shall mean (i)&nbsp;a material and adverse effect on the legality, validity or enforceability of any
Transaction Document, (ii)&nbsp;a material adverse effect on the results of operations, assets, business, condition (financial
or otherwise) or prospects of the Company and its direct or indirect Subsidiaries, taken as a whole on a consolidated basis, or
(iii)&nbsp;a material and adverse impairment of the Company&rsquo;s ability to perform fully on a timely basis its obligations
under any of the Transaction Documents to which such Person is party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Obligations</U>&rdquo;
shall mean all obligations of the Company to the Lender howsoever created, arising or evidenced, whether direct or indirect, joint
or several, absolute or contingent, or now or hereafter existing, or due or to become due, which arise out of or in connection
with this Note and the other Transaction Documents, including all costs and expenses incurred by the Lender in connection with
the enforcement of this Note or any other Transaction Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Options</U>&rdquo;
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Patents</U>&rdquo;
shall have the meaning ascribed to such term in <U>Section 2</U> of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted
Debt</U>&rdquo; shall mean, with respect to the Company and each of its direct and indirect Subsidiaries, any of (i) the Obligations,
(ii) trade accounts payable incurred in the ordinary course which are due no later than 90 calendar days after invoice, (iii) other
current liabilities incurred in the ordinary course of business and not incurred through the borrowing of money or the obtaining
of credit, (iv) obligations under long-term real property leases incurred in the ordinary course of business, (v) short-term lease
obligations or indebtedness incurred to finance the cost of tangible personal property (which was acquired after the date hereof)
in an amount that does not exceed an aggregate of $10,000 during any twelve month period, (vi) Debt in respect of taxes or other
governmental charges which is not yet due or which is being contested in good faith by appropriate proceedings, and (vii) Debt
in connection with the Overseas Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted
Lien</U>&rdquo; shall mean, as of any particular time with respect to the Company and each of its direct and indirect Subsidiaries,
(i) Liens of taxes, assessments or other charges of a Governmental Authority not then delinquent or which are being contested in
good faith by appropriate proceedings, (ii) Liens in favor of the Lender created pursuant to the Transaction Documents, (iii) any
mechanic&rsquo;s, worker&rsquo;s, repairer&rsquo;s, supplier&rsquo;s, vendor&rsquo;s or like Liens securing obligations arising
in the ordinary course of business (A) that are not mature and overdue, (B) that do not materially impair the value of the Collateral
provided to the Lender pursuant to the Transaction Documents and (C) that could not result in an aggregate liability in excess
of $10,000, (iv) Liens arising solely by virtue of any statutory or common law provision relating to banker&rsquo;s liens, rights
of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution,
provided that such deposit account is not a dedicated cash collateral account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
shall mean an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Subsidiary</U>&rdquo;
shall mean, with respect to any Person (herein referred to as the &ldquo;parent&rdquo;), any corporation, limited liability company,
partnership, association or other business entity (i) of which securities of other ownership interests representing more than 50%
of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time
any determination is being made, owned, controlled or held by the parent, or (ii) that is, at any time any determination is made,
otherwise Controlled by, the parent or one or more Subsidiaries of the parent and one or more Subsidiaries of the parent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>UCC</U>&rdquo;
means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Voting Stock</U>&rdquo;
of a Person means capital stock of such Person of the class or classes pursuant to which the holders thereof have the general voting
power to elect, or the general power to appoint, at least a majority of the board of directors, managers or trustees of such Person
(irrespective of whether or not at the time capital stock of any other class or classes shall have or might have voting power by
reason of the happening of any contingency).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Security Interest</U>. As collateral security for the prompt and complete payment and performance of all of the Company&rsquo;s
present or future Obligations, the Company hereby grants a security interest and mortgage to the Lender, as security, in and to
the Company&rsquo;s entire right, title and interest in, to and under the following intellectual property, now owned or hereafter
acquired by the Company or in which the Company now holds or hereafter acquires any interest (all of which shall collectively be
called the &ldquo;<U>Collateral</U>&rdquo; for purposes of this Note):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
letters patent of, or rights corresponding thereto in, the United States or any other country, all registrations and recordings
thereof, and all applications for letters patent of, or rights corresponding thereto in, the United States or any other country,
including, without limitation, registrations, recordings and applications in the United States Patent and Trademark Office or in
any similar office or agency of the United States, any State thereof or any other country; all reissues, continuations, continuations-in-part
or extensions thereof; all petty patents, divisionals, and patents of addition; and all patents to be issued under any such applications,
including without limitation the patents and patent applications set forth on <U>Exhibit &ldquo;A&rdquo;</U> attached hereto (collectively,
the &ldquo;<U>Patents</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
and all claims for damages by way of past, present and future infringement of any of the rights included above, with the right,
but not the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified
above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
licenses or other rights to use any of the Patents, and all license fees and royalties arising from such use to the extent permitted
by such license or rights;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amendments, renewals and extensions of any of the Patents; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty
payable in respect of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maturity</U>.
Unless sooner paid or converted in accordance with the terms hereof, the entire unpaid principal amount and all unpaid accrued
interest shall become fully due and payable on the earlier of (a) April 30, 2014, (b) the closing date of a financing, conducted
through a bona fide arm&rsquo;s length transaction, in which the Company (i) issues and sells for cash its capital stock to investor(s)
and/or (ii) issues indebtedness to lenders, in aggregate amount from the date hereof equal to or greater than Two Hundred and Fifty
Thousand Dollars ($250,000), or (c)&nbsp;the date of the acceleration of the maturity of this Note by the Lender upon the occurrence
of an Event of Default (such earlier date, the &ldquo;<U>Maturity Date</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form
of Payment</U>. All payments of interest and principal (other than payment by way of conversion) shall be in lawful money of the
United States of America to the Lender, at the address specified in the Agreement, or at such other address as may be specified
from time to time by the Lender in a written notice delivered to the Company. All payments made hereunder shall be applied first
to accrued interest, and thereafter to principal and any fees due and owing to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prepayment</U>.
Prepayment of principal or interest under this Note without the express prior written consent of the Lender is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
at the Option of the Lender</U>. At any time prior to the Maturity Date, the Lender may, in its sole discretion and upon 5 Business
Days&rsquo; prior written notice to the Company, convert all or a portion of the Debt of the Company outstanding on such date under
this Note into that number of shares of Common Stock which is equal to the quotient obtained by dividing (a) the sum of (i) the
outstanding principal amount of this Note elected by the Lender to be so converted and (ii) any accrued but unpaid interest thereon
elected by the Lender to be so converted by (b) $0.38 (subject to appropriate adjustments for any stock dividend, stock split,
stock combination, reclassification or similar transaction after the date hereof) (the &ldquo;<U>Exercise Price</U>&rdquo;). Any
accrued but unpaid interest not converted into shares of Common Stock as provided in the preceding sentence shall be paid in cash
on such date. Prior to the execution of this Note, the Company shall have reserved and set aside for issuance to the Lender such
number of shares of Common Stock as would be issuable upon conversion of the Note pursuant to this <U>Section&nbsp;5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
or Repayment Upon Maturity</U>. In the event that any Debt under this Note remains outstanding on the Maturity Date, then the principal
amount under this Note then outstanding and any accrued but unpaid interest thereon shall, at the option of the Lender, either
(a) become immediately due and payable on such date or (b) convert on such date into that number of shares of Common Stock which
is equal to the quotient obtained by dividing (i) the sum of (A) the then outstanding principal amount of this Note elected by
the Lender to be so converted and (B) any accrued but unpaid interest thereon elected by the Lender to be so converted by (ii)
$0.38 (subject to appropriate adjustments for any stock dividend, stock split, stock combination, reclassification or similar transaction
after the date hereof). Any principal and any accrued but unpaid interest not converted into shares of Common Stock as provided
in the preceding sentence shall be paid in cash on the Maturity Date. Prior to the execution of this Note, the Company shall have
reserved and set aside for issuance to the Lender such number of shares of Common Stock as would be issuable upon conversion of
the Note pursuant to this <U>Section&nbsp;5(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
of Certificates</U>. As soon as is reasonably practicable after a conversion has been effected (but in any event within five (5)
Business Days thereafter), the Company shall deliver to the Lender a certificate or certificates representing the number of shares
of Common Stock issuable by reason of such conversion in such name or names and in such denomination or denominations as the Lender
may specify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Fractional Shares</U>. If any fractional share of Common Stock would, except for the provisions hereof, be deliverable upon conversion
of this Note, the Company, in lieu of delivering such fractional share, shall pay an amount equal to the value of such fractional
share, as determined by the per share conversion price used to effect such conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
Costs</U>. The issuance of certificates for shares of capital stock issuable upon conversion of this Note shall be made without
charge to the Lender for any documentary stamp tax in respect thereof or other cost incurred by the Company in connection with
such conversion and the related issuance of such shares of Common Stock; <U>provided</U>, that the Company shall not be required
to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such certificate upon
conversion in a name other than that of the Lender so converted and the Company shall not be required to issue or deliver such
certificates unless or until the person or persons requesting the issuance thereof shall have paid to the Company the amount of
such tax or shall have established to the satisfaction of the Company that such tax has been paid. Upon conversion of this Note,
the Company shall take all such actions as are necessary in order to ensure that the Common Stock issuable with respect to such
conversion shall be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Laws and Regulations</U>. The Company shall take all such actions as may be necessary to assure that all shares of capital
stock issued upon conversion of this Note may be so issued without violation of any applicable law or governmental regulation or
any requirement of any domestic securities exchange upon which such shares of capital stock may be listed (except for official
notice of issuance which shall be immediately delivered by the Company upon such issuance).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Dividends, Subdivisions and Combinations</U>. Without limiting any provision of this Note, if the Company, at any time after the
date hereof, (1) pays a stock dividend on one or more classes of its then outstanding shares of Common Stock or otherwise makes
a distribution on any class of capital stock that is payable in shares of Common Stock, (2) subdivides (by any stock split, stock
dividend, recapitalization or otherwise) one or more classes of its then outstanding shares of Common Stock into a larger number
of shares or (3) combines (by combination, reverse stock split or otherwise) one or more classes of its then outstanding shares
of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of
which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator
shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause
(1) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to
receive such dividend or distribution, and any adjustment pursuant to clause (2) or (3) of this paragraph shall become effective
immediately after the effective date of such subdivision or combination. If any event requiring an adjustment under this paragraph
occurs during the period that an Exercise Price is used in any calculation hereunder, then in such calculation such Exercise Price
shall be adjusted appropriately to reflect such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
of Additional Shares of Stock</U>. In the event the Company shall at any time following the date hereof issue or sell any share
of Common Stock (otherwise than as provided in Section 5(g) hereof or pursuant to Common Stock Equivalents granted or issued prior
to the date hereof) (an &ldquo;<U>Additional Share of Stock</U>&rdquo;) at a price per share less than the Exercise Price then
in effect, or without consideration (in which case such Additional Shares of Stock shall be deemed to have been issued at a price
per share of $0.001 per share), the Exercise Price then in effect upon each such issuance shall be decreased to the price equal
to the consideration per share paid for such Additional Share of Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
or Modification of Common Stock Equivalents</U>. In the event the Company shall, at any time following the date hereof: (1) issue
or sell any Common Stock Equivalent with an exercise or conversion price less than the Exercise Price then in effect, or (2) modify
the conversion or exercise price of any Common Stock Equivalent issued prior to, on or after the date hereof, to an exercise or
conversion price less than the Exercise Price then in effect, the Exercise Price then in effect shall be decreased to the exercise
or conversion price of such Common Stock Equivalent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Issues Excepted</U>. Anything herein to the contrary notwithstanding, the Company shall not be required to make any adjustment
to the Exercise Price pursuant to Sections 5(h) or 5(i) hereof upon (1) securities issued (other than for cash) in connection with
a merger, acquisition, or consolidation, (2) securities issued pursuant to the exercise or conversion of Common Stock Equivalents
issued prior to the date hereof (but such exception shall not affect the obligation to decrease the Exercise Price if required
by Section 5(i)(2) hereof), (3) securities issued in connection with bona fide strategic license agreements or other partnering
arrangements so long as such issuances are not for the purpose of raising capital and (4) Common Stock issued or options to purchase
Common Stock granted, in each case, pursuant to the Company&rsquo;s stock option plans and employee stock purchase plans that have
been approved for adoption by the Company&rsquo;s board of directors and stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fundamental
Transactions</U>. Prior to the consummation of each Fundamental Transaction pursuant to which holders of shares of Common Stock
are entitled to receive securities or other assets with respect to or in exchange for shares of Common Stock (a &ldquo;<U>Corporate
Event</U>&rdquo;), the Company shall make appropriate provision to insure that the Lender will thereafter have the right to receive
upon conversion of this Note at any time after the consummation of the applicable Fundamental Transaction but prior to the repayment
in full of this Note, in lieu of the shares of the Common Stock (or other securities, cash, assets or other property) issuable
upon the conversion of this Note prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any
other property whatsoever (including warrants or other purchase or subscription rights) which the Lender would have been entitled
to receive upon the happening of the applicable Fundamental Transaction had this Note been converted immediately prior to the
applicable Fundamental Transaction (without regard to any limitations on the conversion of this Note). Provision made pursuant
to the preceding sentence shall be in a form and substance reasonably satisfactory to the Lender. The provisions of this Clause
(k) shall apply similarly and equally to successive Fundamental Transactions and Corporate Events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Affirmative
Covenants</U>. So long as any Obligations remain outstanding, the Company shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Laws</U>. Comply in all material respects with applicable laws, rules, regulations and orders, such compliance to include,
without limitations, paying before the same become delinquent all taxes, assessments, and charges imposed upon it or upon its property
by any Governmental Authority except for good faith contests for which adequate reserves are being maintained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information</U>.
Deliver to the Lender or cause to be delivered to the Lender, in form and detail satisfactory to Lender, the following financial
and other information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;written
notice of any of the following, promptly, and in any event within three (3) days after the Company actually becomes aware of any
of the following: (i) any proceeding being instituted or threatened by or against it involving a sum in excess of $25,000 in the
aggregate for all proceedings, (ii) any order, judgment or decree being entered against the Company or any of its properties or
assets involving a sum in excess of $25,000 in the aggregate for all such orders, judgments and decrees taken together, and (iii)
any actual or prospective change, development or event which has had or could reasonably be expected to have a Material Adverse
Effect; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
other statements, lists of property and accounts, budgets, forecasts, projections, reports, or other information as the Lender
may from time to time reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Litigation</U>. Provide to the Lender promptly after the commencement thereof, notice of all actions, suits, and proceedings
before any court or Governmental Authority affecting the Company, which, if determined adversely to the Company, could have a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Defaults and Events of Defaults</U>. Provide to the Lender, as soon as possible and in any event within three (3) days after
the occurrence thereof, with written notice of each event which either (i)&nbsp;is an Event of Default, or (ii)&nbsp;with the giving
of notice or lapse of time or both would constitute an Event of Default, in each case setting forth the details of such event and
the action which is proposed to be taken by the Company with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governmental
Approvals</U>. Use commercially reasonable efforts to promptly obtain and maintain any and all authorizations, consents, approvals,
licenses, franchises, concessions, leases, rulings, permits, certifications, exemptions, filings or registrations by or with any
Governmental Authority necessary for the Company to conduct its business and own (or lease) its properties or to execute, deliver
and perform the Transaction Documents, except where the failure to do so could not reasonably be expected to result in a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance</U>.
Promptly obtain and maintain in full force and effect at all times with responsible insurance companies such insurance covering
its assets and properties, in such amounts and against such risks and with such deductibles as an enterprise conducting a similar
business under similar business conditions as the Company would customarily maintain, except where the failure to do so could not
reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Continuance
of Business</U>. Maintain its legal existence, licenses and privileges in good standing under and in compliance with all applicable
laws and continue to operate the business currently conducted by the Company and its Subsidiaries. Without limiting the generality
of the foregoing, the Company shall do and cause to be done all things necessary to apply for, preserve, maintain and keep in full
force and effect all of its registrations of trademarks, service marks and other marks, trade names and other trade rights, patents,
copyrights and other intellectual property in accordance with prudent business practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>.
Pay and discharge (i)&nbsp;all federal and other material taxes, fees, assessments and governmental charges or levies imposed upon
it or upon its properties or assets prior to the date on which penalties attach thereto, and all lawful claims for labor, materials
and supplies which, if unpaid, might become a Lien (other than a Permitted Lien) upon any of its properties or assets; and (ii)&nbsp;all
other lawful claims which, if unpaid, would by law become a Lien upon its property not constituting a Permitted Lien.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Patents</U>. Following the date hereof, if the Company shall obtain rights to any new patents or otherwise acquires or becomes
entitled to the benefit of, or apply for registration of, any of the foregoing, the Company (i)&nbsp;shall promptly notify the
Lender thereof and (ii)&nbsp;hereby authorizes the Lender to modify, amend, or supplement <U>Exhibit A</U> and from time to time
to include any of the foregoing and make all necessary or appropriate filings with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Preservation
of Patents</U>. The Company shall (i) prosecute diligently all applications in respect of the Patents, now or hereafter pending;
(ii) make federal applications on all of its unpatented but patentable inventions; (iii) preserve and maintain all of its material
rights in the Patents and protect the Patents from infringement, unfair competition, cancellation, or dilution by all appropriate
action necessary in the Company&rsquo;s reasonable business judgment, including, without limitation, the commencement and prosecution
of legal proceedings to recover damages for infringement and to defend and preserve its rights in the Patents; and (iv) not abandon
any of the Patents necessary to the conduct of its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Negative
Covenants</U>. So long as any Obligations remain outstanding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liens</U>.
The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, create or suffer to exist any Lien (other
than the Liens granted hereunder, under the Overseas Note and the Permitted Liens) on any assets of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Debt</U>.
The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, incur any Debt other than Permitted
Debt; prepay, redeem, purchase, defease or otherwise satisfy in any manner prior to the scheduled repayment thereof any Debt (other
than amounts due in respect of this Note); or amend, modify or otherwise change the terms of any Debt (other than this Note) in
a manner which would accelerate the scheduled repayment thereof or otherwise be adverse to the interests of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
of Subsidiary</U>. The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, sell, transfer, cause
to be sold or transferred, or otherwise dispose of, any interest in a Subsidiary of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Distributions</U>.
The Company shall not declare or pay any dividends or make any distribution of any kind on the Company&rsquo;s capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
of Organic Documents</U>. The Company shall not amend, supplement, or otherwise modify any of the provisions of the Company&rsquo;s
Organic Documents in a manner that would be materially adverse to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transaction
with Affiliates</U>. The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, transfer, sell,
assign or otherwise dispose of any of its assets to any Affiliate or enter into any transaction directly or indirectly with or
for the benefit of any Affiliate unless the monetary or business consideration arising therefrom would be as advantageous to the
Company or, as applicable, such Subsidiary, as the Company or such Subsidiary would obtain in a comparable arm&rsquo;s length transaction
with a Person not an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
of Collateral</U>. The Company shall not, and shall not permit any of its direct or indirect Subsidiaries to, sell, license, transfer
or otherwise dispose of any interest in any Collateral, except for licenses or sublicenses of rights in intellectual property on
a non-exclusive or other limited basis in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Changes
in Business</U>. The Company shall not enter into or engage in any business other than that carried on (or contemplated to be carried
on) as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accounting
Changes</U>. The Company shall not change its fiscal year or make or permit any change in accounting policies or reporting practices,
except as permitted by GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Proceeds</U>. The Company shall use the proceeds from this Note solely to fund the operations of the Company in the ordinary
course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Default</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Events
of Default</U>. For purposes of this Note, any of the following events which shall occur shall constitute an &ldquo;<U>Event of
Default</U>&rdquo;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
indebtedness under this Note is not paid when and as the same shall become due and payable, whether at maturity, by acceleration
or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
default shall occur in the observance or performance of (A) any covenant, obligation or agreement of the Company contained in <U>Sections
6</U>, <U>7</U> or <U>8</U>, or (B) any other provision of this Note, the Agreement or any Transaction Document and such default
shall continue uncured for a period of 5 days after the Company knew or should have known, exercising reasonable diligence, of
the event or circumstances giving rise to such default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
representation, warranty or certification made by the Company herein or in the Agreement or in any certificate, report, document,
agreement or instrument delivered pursuant to any provision hereof or thereof shall prove to have been false or incorrect in any
material respect on the date or dates as of which made;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall (A)&nbsp;apply for or consent to the appointment of a receiver, trustee, custodian or liquidator of itself or any
part of its property, (B)&nbsp;become subject to the appointment of a receiver, trustee, custodian or liquidator for itself or
any part of its property that is not discharged or stayed within 60 days after such appointment, (C)&nbsp;make an assignment for
the benefit of creditors, (D)&nbsp; or fail generally or admit in writing to its inability to pay its debts as they become due,
(E)&nbsp;institute any proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization,
receivership, insolvency or other similar law affecting the rights of creditors generally, or file a petition or answer seeking
reorganization or an arrangement with creditors to take advantage of any insolvency law, or file an answer admitting the material
allegations of a bankruptcy, reorganization or insolvency petition filed against it, or (F)&nbsp;become subject to any involuntary
proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization, receivership, insolvency
or other similar law affecting the rights of creditors generally that is not dismissed within 60 days after commencement, or have
an order for relief entered against it in any proceeding under the United States Bankruptcy Code that is not dismissed within 60
days of entry;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall (A) liquidate, wind up or dissolve (or suffer any liquidation, wind-up or dissolution), (B)&nbsp;suspend its operations
other than in the ordinary course of business, or (C)&nbsp;take any action to authorize any of the actions or events set forth
above in <U>Section 9(a)(iv)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
final judgment or judgments for the payment of money aggregating in excess of $50,000 shall be rendered against the Company which
judgments are not, within 30 days after the entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within
45 days after the expiration of such stay; <U>provided</U>, <U>however</U>, that any judgment which is covered by insurance or
an indemnity from a credit worthy party shall not be included in calculating such amount so long as the Company provides the Lender
with a written statement from such insurer or indemnity provider (which written statement shall be reasonably satisfactory to the
Lender) to the effect that such judgment is covered by insurance or an indemnity and the Company will receive the proceeds of such
insurance or indemnity within 30 days of the issuance of such judgment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
any Debt of the Company (other than this Note) shall not be paid at its stated maturity or shall be duly declared to be or shall
become due and payable prior to the stated maturity thereof, or (B) there shall occur and be continuing any event under any agreement
or instrument relating to any such Debt, the effect of which is to cause such Debt to become due prior to its stated maturity,
or (C) the holder or holders of such Debt, or any trustee, agent or other representative on behalf of such holder or holders, shall
have demanded or required, pursuant to the terms of any agreement or instrument relating to such Debt, that the Company redeem,
repurchase or otherwise acquire or retire such Debt for value at any time prior to its stated maturity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
occurrence or existence of any event or condition that, in the Lender&rsquo;s reasonable and good faith judgment, has had or would
have or result in a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
material impairment in the value of the Collateral or the priority of the Lender&rsquo;s Lien hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
levy upon, seizure or attachment of a material portion of the Collateral which shall not have been rescinded or withdrawn within
20 days after the date of such levy, seizure or attachment; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
the Company asserts that any Transaction Document is invalid or unenforceable, in whole or in part, or (B) the Lender shall cease
to have a perfected Lien in any of the Collateral (subject to Permitted Liens).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consequences
of Events of Default</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of any Event of Default, the Lender may declare any of the Obligations to be immediately due and payable and shall
have, in addition to all other rights and remedies granted to it in this Agreement or any other Transaction Document, all rights
and remedies of a secured party under the UCC and other applicable laws. Without limiting the generality of the foregoing, (w)
the Lender may, subject to the UCC and other applicable law, peaceably and without notice enter any premises of the Company, take
possession of any of the Collateral, remove or dispose of all or part of the Collateral on any premises of the Company or elsewhere,
and otherwise collect, receive, appropriate and realize upon all or any part of the Collateral, and demand, give receipt for, settle,
renew, extend, exchange, compromise, adjust, or sue for all or any part of the Collateral, as the Lender may determine; (x) the
Lender may require the Company to assemble all or any part of the Collateral and make it available to the Lender at any place and
time designated by the Lender; (y) the Lender may secure the appointment of a receiver of the Collateral or any part thereof (to
the extent and in the manner provided by applicable law); (z) the Lender may sell, resell, lease, use, assign, license, sublicense,
transfer or otherwise dispose of any or all of the Collateral in its then condition or following any commercially reasonable preparation
or processing (utilizing in connection therewith any of the Company&rsquo;s assets, without charge or liability to the Lender therefor)
at public or private sale, by one or more contracts, in one or more parcels, at the same or different times, for cash or credit,
or for future delivery without assumption of any credit risk, all as the Lender deems advisable; <U>provided</U>, however, that
the Company shall be credited with the net proceeds of sale only when such proceeds are finally collected by the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of enabling the Lender to exercise its rights and remedies under this Section 9 during the continuance of an Event
of Default, the Company hereby grants to the Lender an irrevocable, non-exclusive and assignable license (exercisable without payment
or royalty or other compensation to the Company) to use, license or sublicense any intellectual property Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Lender has no obligation to attempt to satisfy the Obligations by collecting them from any other Person liable for them, and the
Lender may release, modify or waive any Collateral provided by any other Person to secure any of the Obligations, all without affecting
the Lender&rsquo;s rights against the Company. The Company waives any right it may have to require the Lender to pursue any third
Person for any of the Obligations. The Lender may comply with any applicable state or federal law requirements in connection with
a disposition of the Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any
sale of the Collateral. The Lender may sell the Collateral without giving any warranties as to the Collateral. The Lender may specifically
disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness
of any sale of the Collateral. If the Lender sells any of the Collateral upon credit, the Company will be credited only with payments
actually made by the purchaser, received by the Lender and applied to the indebtedness of the purchaser. In the event the purchaser
fails to pay for the Collateral, the Lender may resell the Collateral and the Company shall be credited with the proceeds of the
sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cash proceeds actually received from the sale or other disposition or collection of Collateral, and any other amounts received
in respect of the Collateral the application of which is not otherwise provided for herein, shall be applied first, to the payment
of the reasonable costs and expenses of the Lender in exercising or enforcing its rights hereunder and in collecting or attempting
to collect any of the Collateral, and to the payment of all other amounts payable to the Lender; and second, to the payment of
the Obligations. Any surplus thereof which exists after payment and performance in full of the Obligations shall be promptly paid
over to the Company or otherwise disposed of in accordance with the UCC or other applicable law. The Company shall remain liable
to the Lender for any deficiency which exists after any sale or other disposition or collection of Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Lender shall also have any other rights which the Lender may have been afforded under any contract or agreement at any time and
any other rights which the Lender may have pursuant to applicable law. The Lender may exercise any and all of its remedies under
this Note, the Agreement and the other Transaction Documents contemporaneously or separately from the exercise of any other remedies
hereunder or under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lost,
Stolen, Destroyed or Mutilated Note</U>. In case this Note shall be mutilated, lost, stolen or destroyed, the Company shall issue
a new Note of like date, tenor and denomination and deliver the same in exchange and substitution for and upon surrender and cancellation
of any such mutilated Note, or in lieu of any such Note lost, stolen or destroyed, upon receipt of evidence satisfactory to the
Company of the loss, theft or destruction of any such Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Note is to be construed in accordance with and governed by the laws of the State of New York. The provisions of Section
5.3 of the Agreement relating to venue, submission to jurisdiction and the waiver of the right to jury trial are by this reference
incorporated herein, <I>mutatis mutandis</I>, as if set forth herein in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
and Waiver</U>. Any term of this Note may be amended and the observance of any term of this Note may be waived (either generally
or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Note
shall be made in accordance with Section 5.6 of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securities
Purchase Agreement</U>. This Note is issued pursuant to the terms of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
Upon payment and performance in full of all Obligations, the security interest created under this Note shall terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization.</U>
The Company hereby irrevocably authorizes the Lender (or its designee) at any time and from time to time to file in any jurisdiction
any financing or continuation statement and amendment thereto or any registration of charge, mortgage or otherwise, containing
any information required under the UCC or any applicable of any other applicable jurisdiction (in each case, without the signature
of the Company to the extent permitted by applicable law), reasonably necessary or appropriate in the judgment of the Lender to
perfect or evidence its first priority security interest in and Lien on the Collateral. The Company hereby irrevocably ratifies
and approves any such filing, registration or recordation in any jurisdiction by the Lender (or its designee) that has occurred
prior to the date hereof, of any financing statement, registration of charge, mortgage or otherwise. The Company agrees to provide
to the Lender (or its designee) any and all information required under the UCC or any applicable law of any other applicable jurisdiction
for the effective filing of a financing statement and any amendment thereto or any registration of charge, mortgage or otherwise
in connection with the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
If one or more provisions of this Note are held to be unenforceable under applicable law, such provision shall be excluded from
this Note and the balance of this Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
The Company shall not have the right to assign its rights and obligations hereunder or any interest herein. The Lender may at any
time assign or transfer all or part of its rights and/or obligations under this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies
Cumulative; Failure or Indulgence Not a Waiver</U>. The remedies provided in this Note shall be cumulative and in addition to all
other remedies available under this Note and any of the other Transaction Documents. No failure or delay on the part of the Lender
in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments</U>.
Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, such payment shall be made in lawful
money of the United States of America by a check drawn on the account of the Company and sent via overnight courier service to
such Person at such address as previously provided to the Company in writing (which address, in the case of the Lender as of the
date of issuance hereof, shall initially be the address for the Lender as set forth in the Agreement); <U>provided</U> that the
Lender may elect to receive a payment of cash via wire transfer of immediately available funds by providing the Company with prior
written notice setting out such request and the Lender&rsquo;s wire transfer instructions. Whenever any payment to be made shall
otherwise be due on a day which is not a Business Day, such payment shall be made on the immediately succeeding Business Day and
such extension of time shall be included in the computation of accrued interest. All payments received by the Lender after 5:00
p.m. shall be deemed received on the next succeeding Business Day and any applicable interest shall continue to accrue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Excessive
Interest</U>. Notwithstanding any other provision herein to the contrary, this Note is hereby expressly limited so that the interest
rate charged hereunder shall at no time exceed the maximum rate permitted by applicable law. If, for any circumstance whatsoever,
the interest rate charged exceeds the maximum rate permitted by applicable law, the interest rate shall be reduced to the maximum
rate permitted, and if the Lender shall have received an amount that would cause the interest rate charged to be in excess of the
maximum rate permitted, such amount that would be excessive interest shall be applied to the reduction of the principal amount
owing hereunder (without charge for prepayment) and not to the payment of interest, or if such excessive interest exceeds the unpaid
balance of principal, such excess shall be refunded to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Facsimile
Transmission of Signature Page</U>. The delivery of any executed signature page to this Note by telecopy or other electronic imaging
means shall be effective as delivery of a manually executed signature page to this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
and Restatement</U>. The Company and the Lender agree that: (a) the Obligations represent, among other things, the restatement,
renewal, amendment and modification of the &ldquo;Obligations&rdquo; (as defined in the Existing Note); (b) this Note is intended
to, and does hereby, restate, renew, amend, modify, supersede and replace the Existing Note in its entirety; and (c) the entering
into and performance by the Company and the Lender of their respective obligations under the Transaction Documents and the transactions
evidenced hereby and thereby do not constitute a novation nor shall they be deemed to have terminated, extinguished or discharged
the indebtedness under the Existing Note, all of which indebtedness shall continue under and be governed by this Note. All references
in the other Transaction Documents to the Existing Note shall henceforth include references to this Note, as may, from time to
time, be further amended, modified, extended, and/or renewed. To the extent permitted by applicable Law, any and all of the terms
and provisions of the other Transaction Documents are hereby amended and modified wherever necessary, even though not specifically
addressed herein, so as to conform to the amendments and modifications set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ratifications</U>.
The Company hereby (a) ratifies and confirms all provisions of the other Transaction Documents, and (b) ratifies and confirm that
all guaranties, assurances, and liens granted, conveyed, or assigned to the Lender under the Existing Note are not released, reduced,
or otherwise adversely affected by this Note and continue to guarantee, assure, and secure full payment and performance of the
present and future obligations of the Company under this Note and the Transaction Documents. The Company hereby acknowledges that
immediately prior to the execution and delivery of this Note, the outstanding principal balance of the Existing Note is $480,000
and the accrued but unpaid interest thereon is $4,655.34, which amount is and shall be payable in accordance with the terms hereof
and is in addition to the interest that accrues under this Note after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver
of Notice</U>. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices
in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Transaction Documents. In
addition, the Company hereby waives, to the fullest extent permitted by law, (a) any right of redemption with respect to the Collateral,
whether before or after sale hereunder, and all rights, if any, of marshalling of the Collateral or other collateral or security
for the Obligations; (b) any right to require the Lender (i) to proceed against any Person, (ii) to exhaust any other collateral
or security for any of the Obligations, or (iii) to pursue any remedy in the Lender&rsquo;s power; and (c) all claims, damages,
and demands against the Lender arising out of the repossession, retention, sale or application of the proceeds of any sale of the
Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>(Remainder of
page intentionally left blank; signature page follows)&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Company has caused this Sixth Amended and Restated Secured Convertible Promissory Note to be duly executed by its officers,
thereunto duly authorized as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Address of the Company:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>NANO VIBRONIX, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">105 Maxess Road, Suite S124 </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Harold Jacob</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Melville, NY&nbsp;&nbsp;11747</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Attn: ____________</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Harold Jacob</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Its:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Address of the Lender:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>GLOBIS CAPITAL PARTNERS, L.P.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">805 Third Avenue, 15th Floor</FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">New York, NY 10022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Paul Packer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Paul Packer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Its:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Managing Member of the General Partner </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit A to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Secured Convertible Promissory Note</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Important Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nanovibronix strategy was to create strong IP barrier for other
companies. Nanovibronix aimed to cover it's novel technology and devices world wide, because our attempts were to create valuable
company. The author of all ideas &ndash; Jona Zumeris, D.Sc. Nanovibronix is working with Pearl Cohen Zedek and Malina patent offices.
Annuity is being done through Dennemeyer&amp;Co</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 18%"><FONT STYLE="font-size: 10pt"><B><I>Exact&nbsp;Legal</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Name&nbsp;of&nbsp;Owner</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 29%"><FONT STYLE="font-size: 10pt"><B><I>Description&nbsp;of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Intellectual</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Property</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Country(ies)</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Number(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Office(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Date(s)</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7,393,501 B2</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May28,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jul1,2008</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">ZL03818327.7</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed May29,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Grant</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April29,2009</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">165422</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May28,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Aug18,2010</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Japan</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4504183</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Japan</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May28,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Apr.30,2010</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">India</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">246351</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">India</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May29,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Feb24,2011,</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Australia</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2003231892</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Australia</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May28,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Nov6,2008</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">European Union</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1511414 B</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">European Union</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(UK,Gr,Fr)</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed Dec9,2004</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Grant</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Aug8,2012</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 18%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Exact&nbsp;Legal</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Name&nbsp;of&nbsp;Owner</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 29%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Description&nbsp;of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Intellectual</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Property</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Country(ies)</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Number(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Office(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Date(s)</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method, apparatus and system for treating biofilms associated with catheters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Hong Kong</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr 05107834.0</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Hong Kong</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Allowed, but decision to abandon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Acoustic add-on device for biofilm prevention in urinary catheter</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7,829.029 B2</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May29,2007</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Nov9,2010</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Acoustic add-on device for biofilm prevention in urinary catheter</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr. 200780019732.3</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May29,2007</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">allowed</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Acoustic add-on device for biofilm prevention in urinary catheter</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">European Union</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr 07736150.9</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">European Union</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Fr,UK,Gr)</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed Mar29,2007</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">allowed</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for SAW treatment of medical devices</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">US nr. 11/710,616</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">US nr. 11/710,615</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">India</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">India</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Hong Kong</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr 09110611.9</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Hong Kong</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">European Union</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Appl.nr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">07861247.0</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">European Union</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr 2,643,423</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Canada</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr. 2007/780014875.5</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
</TABLE>
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<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 18%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Exact&nbsp;Legal</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Name&nbsp;of&nbsp;Owner</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 29%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Description&nbsp;of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Intellectual</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Property</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Country(ies)</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Number(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Office(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Date(s)</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for surface acoustic waves treatment of skin</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr.193600</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filed Feb26,2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Method for friction reduction in medical tubing and applications using this method</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">US nr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">13/521,060</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filled Jul09,2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc. (Assignment from inventors to Nano Vibronix, Inc. has not yet been recorded.&nbsp;&nbsp;Each inventor to this patent is obligated per their employment agreement to assign these rights to NanoVibronix, Inc.)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nanovibration coating process for medical devices using multi vibration modes of thin piezo element</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7,892,191</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May18,2005</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Feb22,2011</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nanovibration coating process for medical devices using multi vibration modes of thin piezo element</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Russia</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2419395</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Russia</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May18,2005</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May27,2011</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nanovibration coating process for medical devices using multi vibration modes of thin piezo element</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">European Union</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Appl.nr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">05752180.9</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">European Union</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May18,2005</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nanovibration coating process for medical devices using multi vibration modes of thin piezo element</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Japan</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl..nr 2007-527384</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Japan</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May18,2005</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 18%"><FONT STYLE="font-size: 10pt"><B><I>Exact&nbsp;Legal</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Name&nbsp;of&nbsp;Owner</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 29%"><FONT STYLE="font-size: 10pt"><B><I>Description&nbsp;of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Intellectual</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Property</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Country(ies)</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>of</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Number(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Office(s)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-size: 10pt"><B><I>Application&nbsp;or</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Registration</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>Date(s)</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Nanovibration coating process for medical devices using multi vibration modes of thin piezo element</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr. 179372</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Israel</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May18,2005</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT> ( under licensing agreement with Piezo top)</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">A system and method for detection of motion</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6,964,640 B2</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed Jan22,2003</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Nov.15, 2005</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT> ( under licensing agreement with Piezo top)</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">A system and method for detection of fetal heartbeat</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6,454,716 B1</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed May23,2000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Sep24,2002</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT> ( under licensing agreement with Piezo top)</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Apparatus for sterilizing a liquid with focused acoustic standing waves</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7,431,892 B2</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">filed Sep.25,2002</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">reg.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Oct7, 2008</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nano Vibronix, Inc.</FONT> ( under licensing agreement with Piezo top)</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">System and method for sterilization of a liquid</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Appl.nr. 12/188,302</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">USA</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Filled Aug8,2008</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>v367378_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the reference to our firm
under the caption &quot;Experts&quot; and to the use of our report dated November 12, 2013, in the Registration Statement (Form
S-1) and related prospectus of Nano Vibronix Inc. dated February 6, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: left; direction: rtl; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ KOST FORER GABBAY &amp; KASIERER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tel-Aviv, Israel</FONT></TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">KOST FORER GABBAY &amp; KASIERER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 6, 2014</FONT></TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A Member of Ernst &amp; Young Global</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
